Old House Group Limited (11815801): administration
- Status
- Administration ended
- Administration began
- 2024-05-31
- Administrators
- Michael Kiely, Andrew Andronikou
- Administrators' firm
- Quantuma
- Incorporated
- 2019-02-08
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
Quantuma was first contacted by the Joint Receivers, KSEYE, and solicitors at Hill Dickinson LLP (“HD”) on 29 May 2024, who were seeking professional advice regarding the Company’s financial position as a result of the winding up petition hearing schedule for 4 June 2024 and the options available to KSEYE, as the secured creditor and holders of a qualifying floating charge, in respect of its secured lending.
From these discussions it was advised that no suitable proposal was received from the director to rectify the position and it was resolved that KSEYE should appoint Joint Administrators in order to protect the funding agreement with the GLA and MHCLG in order to protect the value of the Property and the secured lending against it.
Quantuma were engaged on 31 May 2024 and provided advice regarding suitable procedures to protect the interest of the Company’s creditors as a whole.
Administrators' statement of proposals (2024-07-26) · Companies House register