Wattlehurst Developments Ltd (11758674): administration
- Status
- Administration ended
- Administration began
- 2021-10-01
- Administrators
- Andrew Knowles, Steven Muncaster
- Administrators' firm
- Kroll
- Incorporated
- 2019-01-09
- Location
- Manchester
- Industry
- 68100 Buying and selling of own real estate
From the administrators' statement
Kroll were approached by the Secured Creditors solicitor on 16 August 2021, who were acting on behalf of their client TIL. As detailed above, the Company had not made payments in line with the settlement agreement and therefore TIL believed that this constituted a default and sought advice on the options available to them via their solicitor.
Kroll discussed the options available to TIL in their capacity as the holder of a floating charge over the assets of the Company. The advice consisted of a strategic review and ultimately advice on how an Administration would work in the circumstances and the likely outcome for them as a Secured Creditor.
Following the advice from Kroll, TIL formed the opinion that by placing the Company into Administration, they could preserve their position in respect of their outstanding liability and may ultimately recover some, or all, of their debt from asset realisations. It was also considered that the intended strategy for the Administration would likely result in a better outcome for the creditors of the Company as a whole than would be likely in the other formal insolvency procedures.
Administrators' statement of proposals (2021-11-24) · Companies House register