Emira Developments Ltd (13908017): administration
- Status
- Administration ended
- Administration began
- 2023-11-06
- Administrators
- Benjamin John Wiles, Robert Armstrong
- Administrators' firm
- Kroll
- Incorporated
- 2022-02-10
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Parent or group failure
From the administrators' statement
Following the appointment of Administrators over CLDL, as a result of a member of the Inland Group breaching its loan covenants, the Directors held discussions with the Joint Administrators to discuss the impact on and viable options available to the Company.
Inland provided the development proposals and planning expertise for the Site under an operating agreement, and as a result of the Inland Group Administrations, the Directors concluded that Inland was unable to fulfil its obligations.
The Directors were of the impression the value of the Cheshunt Lakeside Development could be maximised, for the benefit of the creditors, if the Joint Administrators had control of the whole Cheshunt Lakeside Development. The Directors subsequently held a board meeting to place the Company in Administration to protect the value of the Company and its remaining assets.
Administrators' statement of proposals (2023-12-31) · Companies House register