# Empire Special Situations 2 Limited (13290399)

> Why UK company 13290399 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/13290399

- **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- Funding withdrawn / unable to refinance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 1 Limited (“ESS1”), 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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/13290399/filing-history/MzQ0MjIzNDcyMmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/13290399

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.