Bayscape Residential (Number 2) Limited (12119310): administration
- Status
- Administration ended
- Administration began
- 2022-05-19
- Administrators
- Gary Paul Shankland, Irvin Milton Cohen, Huw Powell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2019-07-24
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 24 July 2019 by the director, Christopher Odling-Smee. Drew McDonald was later appointed as a director on 14 May 2020. At the time of our appointment as Administrators, the Company was the owner of a portfolio of 10 leasehold properties comprising the Waterford House Apartments and the Whitewater House Apartments.
HTB has the benefit of first ranking fixed charges registered over each of the Waterford House Apartments and the Whitewater House Apartments (collectively “the Properties”) together with a floating charge. These charges secure the Company’s indebtedness to HTB which, as at 25 April 2022 (when formal demand was issued by HTB to the Company), was understood to total (i) £2,019,600.00 under the First Facility Agreement (“Facility 1”) and (ii) £336,600.00 under the Second Facility Agreement (“Facility 2”).
There are subsequent fixed charges registered over the Properties which we understand rank behind HTB in terms of priority by virtue of the fact that these were registered after HTB’s security. The second ranking fixed charges are in favour of JCF. We understand that the Company's indebtedness to JCF as at 20 May 2022 totalled £1,404,164.53.
Administrators' statement of proposals (2022-07-20) · Companies House register