88 ST James's Street Limited Liability Partnership (OC309912): administration
- Status
- Administration ended
- Administration began
- 2011-05-20
- Administrators
- Robert James Harding, Carlton Malcolm Siddle
- Administrators' firm
- Deloitte
- Formerly
- Carmelite 5 Limited Liability Partnership
- Incorporated
- 2004-11-04
- Location
- London
From the administrators' statement
Given the relatively short (48 year) tenure remaining on UK Limited’s leasehold interest in the Property, the directors of UK Limited had, for sometime been investigating the options available in respect of maximising value to the Group’s stakeholders
Following independent advice from the professional advisors, UK Limited’s directors concluded that value for all stakeholders 1s likely to be maximised through discussions with the freehoider, TCE to extend the term of the lease
Discussion progressed with TCE focussing on a potential extension of the lease to 125 year duration but an impasse was reached due to the value share agreement between TCE and the LLP The impasse was not resolved and on 17 May 2011, recognising the insolvent position of the LLP, on a balance sheet basis, the Designated Members invited the Bank, as qualifying floating charge holder, to appoint Joint Administrators over the LLP Form 2 6B, Notice of appointment of administrators by a holder of a qualifying floating charge, was filed at Court on 20 May 2011
Administrators' statement of proposals (2011-07-05) · Companies House register