From the administrators' statement

The Company has experienced a number of issues, both financially and practically since its onset, which has resulted in significant overrun on both cost and timing relating to the Development.

The Directors of the Company sought further financial investment for the Development in an attempt to ease cash flow pressures on the Company.

The Secured Creditors throughout this period agreed to provide funding to the Company on several occasions so that the Development could continue as planned. However, the Company’s financial difficulties showed no signs of improving and a lack of progress had been made on the Development considering that significant funding had already been advanced by the Secured Creditors to the Company.

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Blakesley Estates (Hayle CT) Ltd (13891519)

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