Hounslow Property Development Limited (12300680): administration
- Status
- In administration
- Administration began
- 2023-09-28
- Administrators
- Robert Armstrong, Benjamin John Wiles
- Administrators' firm
- Kroll
- Formerly
- Inland Developments Ltd
- Incorporated
- 2019-11-06
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
In accordance with the sale agreement and further supplemental agreements, HPDL was under an obligation to meet certain payments to a registered charge holder. HPDL was unable to make the scheduled payments and faced potential enforcement action from the charge holder.
Under the Planning and Management Services Agreement with Inland Limited, Inland Limited provided management, development, planning and promotion services to the Companies and also provided funding to cover the holding costs for the Site.
Following the news that companies within the Inland group were facing financial difficulties and had given notice to appoint Administrators, the Directors of the Companies concluded that Inland Limited was unable to fulfil its obligations under the Planning and Management Services Agreement.
Administrators' statement of proposals (2023-11-21) · Companies House register