Hall Wood Forest Developments Ltd (12351925): administration
- Status
- Administration ended
- Administration began
- 2023-07-21
- Formerly
- Tipzter Ltd
- Incorporated
- 2019-12-06
- Location
- Grimsby
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of the proposals has been prepared based on information provided by the Board of Directors ("the Board") of the Company and not from our personal knowledge as Joint Administrators.
HNW appointed the Administrators as they had insufficient repayment plans provided by the Company in respect to their arrears and indebtedness. The administration enables consideration of how best to consider realising the value of these premises and / or their development, so was the chosen process. There is usually discussion about potential refinancing and a site sale between the Company and HNW, all being possible alternatives to resolve matters, but nothing was concluded to the satisfaction of all parties.
The company owns property at Pelynt, near Looe, Cornwall, PL13 2LG, which has the benefit of planning permission for its development. There was insufficient progression of the development to satisfy the concerns of HNW as to when this would be progressed to enable the funding commitments to be adhered to.
Administrators' statement of proposals (2023-09-16) · Companies House register