Thurso Bay Trading Company Limited (SC072348): administration
- Status
- Administration ended
- Administration began
- 2016-06-14
- Administrators
- Stuart Preston
- Administrators' firm
- Grant Thornton
- Formerly
- Royal Hotel (Caithness) Limited
- Incorporated
- 1980-08-13
- Location
- Glasgow
- Industry
- 41201 Construction of commercial buildings
From the administrators' statement
From our discussions with the Company's directors, we understand that the Company was unable to service its liabilities to Promontoria as they fell due. The Company, acting through one of its directors, had been in discussions with an agent of the secured lender with a view to reaching a consensual solution. However, no such position was agreed upon.
After considering the options available, the secured creditor considered it was necessary to appoint administrators and on 14 June 2016 made the direct appointment of the Joint Administrators in accordance with Paragraph 14 of Schedule B1 to the Insolvency Act 1986.
Prior to our appointment as Joint Administrators, neither we nor our firm had any dealings with the Company, or the directors, which could preclude us from acting as Joint Administrators of the Company.
Administrators' statement of proposals (2016-08-03) · Companies House register