Cheetwood Estates Limited (13825667): administration
- Status
- Administration ended
- Administration began
- 2023-07-26
- Administrators
- Ian Robert, Christopher Purkiss
- Administrators' firm
- Moore Kingston Smith & Partners
- Incorporated
- 2022-01-04
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Cheetwood Estates Limited was incorporated on 4 January 2022. Prior to the administration, the Company’s assets consisted of a claim assigned to it by of the Estate of the late Peter Nolan (the “Estate”) to Ringfenced funds held by Secure Mortgage Corporation Limited — In Administration, of c£1.4m (the “Assigned Claim”). The other disclosed asset of the Company was a charge registered against the assets of Palador Property Investments Limited — In Compulsory liquidation (the “Charge”).
The sole director, David Rose, advised that he had personally funded the significant legal expenses involved in pursuing the Assigned Claim, and was unable to continue to meet these costs. The director had, however secured in principle support from litigation funders Apex Litigation. Continuing the action was contingent on securing an extension to a Deed of Assignment of 18 February 2022 (the “Deed”) of the Assigned Claim, which was due to expire on 18 August 2023.
In June 2023, Apex Litigation introduced the director to Christopher Purkiss of Moore Kingston Smith & Partners LLP. The creditor position as advised by the director and the prospects in relation the Assigned Claim and the Charge indicated that the Company could be restored to solvency if these assets continued to be pursued.
Administrators' statement of proposals (2023-09-25) · Companies House register