LOK Developments 06 Limited (11857437): administration
- Status
- In administration
- Administration began
- 2022-06-10
- Administrators
- Arron Simon Kendall, Michael Stephen Elliot Solomons
- Administrators' firm
- Moorfields
- Incorporated
- 2019-03-04
- Location
- London
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
From the administrators' statement
The construction works on the Development endured significant time and cost overruns. In accordance with the terms of the facility agreement, the QFCH has the power to appoint an Administrator over the Company in the event that any sums owed under the facility agreement are due and payable. The QFCH had lost confidence in the ability of the Company to complete the Development and subsequently proceeded to issue a demand for repayment of the facility on 7 June 2022. This succeeded events of default which had occurred in breach of the terms of the facility. The demand was sent to the director of the Company, notifying them that the facility was cancelled, and all outstanding amounts were immediately due and payable. The facility has not been
2.4
repaid and, as such, the qualifying floating charge is enforceable in accordance with paragraph 16 Schedule B1 of the Act.
Administrators' statement of proposals (2022-07-20) · Companies House register