Park First Freeholds Limited (11033422): administration
- Status
- Administration ended
- Administration began
- 2019-07-04
- Administrators
- Adam Henry Stephens, Clare Lloyd, Henry Anthony Shinners
- Administrators' firm
- S&W Partners
- Incorporated
- 2017-10-26
- Location
- London
- Industry
- 52219 Other service activities incidental to land transportation, n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Regulatory change or action
From the administrators' statement
The
Due to the level of Buy-Back creditors, it became clear that PFF and HMPG were unable to meet their financiat obligations to the Buy-Back creditors as they fell due and professional advice was sought by the Companies’ directors. They were advised that the directors should take inta account that to make any further payments to Buy-Back creditors may result in preferential treatment of one creditor over another and, taking into account the liabilities and contingent liabilities of the Companies, that the Companies were insolvent under the terms of the Insolvency Act 1986 and that they should be placed into administration to provide protection for their creditors, whilst restructuring proposals were developed in order to maximise returns to their creditors.
in order to find a solution going forward and fund returns to, among others, Buy-Back creditors, the GFG group has pledged certain proceeds (circa £32m) from the sale of a Luton car park, which had been owned by one of its group companies, and the ultimate shareholder of GFG group has pledged a further £1million cash.
Administrators' statement of proposals (2019-09-07) · Companies House register