Empire Special Situations 1 Limited (13289617): administration
- Status
- Administration ended
- Administration began
- 2024-09-11
- Administrators
- Georgina Marie Eason, Steven Illes
- Administrators' firm
- MHA
- Incorporated
- 2021-03-24
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Rising costs / inflation
- Parent or group failure
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my Proposals has been prepared based on information provided to me by the Director of the Company, and not from my personal knowledge as Joint Administrator.
The Company was incorporated on 24 March 2021, with its registered office at Empire House 92-98 Cleveland Street Doncaster DN1 3DP. The Company, as well as another entity, Empire Special Situations 2 Limited (“ESS2”), which is also in Administration, of which | am appointed Joint Administrator, formed part of a larger Empire Group (“the Group”) comprising a series of Special Purpose Vehicles (“SPV”) wholly owned by the Director. The Group's business model centred around the primary aim of acquiring unused or underutilised, commercial properties and converting them into residential apartments using funding from lenders and by issuing Corporate Bonds to potential investors, which are secured through floating charges, registered at Companies House, under BWC, as Security Trustee. Under the agreement with the Bondholders, the Company was due to provide a return on the investments either; upon maturity of the bond, or, through interest paid on a bi-annual basis, based on the specific terms of the bond purchased.
BWC, in its role as Security Trustee, was responsible for holding the security on behalf of the Bondholders and ensuring the Company’s compliance with its financial obligations under the agreement with the Bondholders. For acting as Security Trustee, BWC applied a management fee payable by the Company on an annual basis.
Administrators' statement of proposals (2024-11-12) · Companies House register