Spence Developments Limited (SC142058): administration
- Status
- Administration ended
- Administration began
- 2019-04-04
- Administrators
- Derek Forsyth, Blair Milne
- Administrators' firm
- Azets
- Incorporated
- 1993-01-13
- Location
- Renfrew
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
The Company was incorporated on 13 January 1993. The principal activity of the Company was the refurbishment and letting of property.
The Company acquired various properties which were refurbished prior to sale. These projects were funded by the Royal Bank of Scotland PLC (“the Bank”). Due to a downturn in the property market, the Company was unable to repay the borrowing secured against the properties. Unable to realise sufficient value to repay the Bank, and with no potential for further funding to be secured, the Company could not maintain the repayments to the Bank. Following various discussions with the Directors over a period of time and having regard to the Company’s financial position, the Bank determined to place the Company into administration in order to achieve the maximum possible recovery.
On 4 April 2019, Blair Milne and I were appointed by the Bank, as Joint Administrators of the Company. The appointment permits the Joint Administrators to take any actions required, either jointly or individually. Prior to our appointment as Joint Administrators we had no professional dealings with the Company.
Administrators' statement of proposals (2019-05-31) · Companies House register