Dissington Lending Company Limited (11620117): administration
- Status
- Administration ended
- Administration began
- 2022-06-30
- Administrators
- Peter David Dickens, Jane Steer
- Administrators' firm
- PwC
- Incorporated
- 2018-10-12
- Location
- Leeds
- Industry
- 64929 Other credit granting n.e.c.
Why it went into administration
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 12 October 2018. The Company’s registered office prior to entering administration was 10 Gloucester Place, Portman Square, London, WiU 8EZ. The Company’s sole purpose has been to provide secured lending to LDEL, a related party of the Company. We are not aware of any trading activity for the Company. A group structure is provided at Appendix A, the Company forms part of a wider group of three subsidiaries and one parent.
The lending to LDEL was funded by the Company's secured lender, BFI, a Canadian private debt lender. This charge is secured by a debenture dated 26 October 2018. This security gives BFI a fixed and floating charge over the Company’s assets. In April 2021, the Canadian regulator, OSC, took steps to appoint PwC Canada as Receivers of BFI. BFl’s outstanding debt from the Company was CAD c.$52m, as at the date of our appointment.
The BFI loan was provided to the Company and subsequently used to acquire the debt of LDEL’s previous secured lender, Topland, on 26 October 2018. The original loan was made by Topland to LDEL in 2016 and is secured over the business and assets of LDEL, including the Estate, a 2,500 acre area of land North West of Ponteland, referred to locally as the “Dissington Estate”. As such, the Company has security over the business and assets of LDEL, including the Estate, which was confirmed by independent legal counsel to BFI, prior to our appointment as Joint Administrators.
Administrators' statement of proposals (2022-08-31) · Companies House register