Bayfields Limited (SC157061): administration
- Status
- Administration ended
- Administration began
- 2011-08-24
- Administrators
- John Bruce Cartwright, Alan Alexander Brown
- Administrators' firm
- PwC
- Formerly
- Protectus Mortgage Shield Limited
- Incorporated
- 1995-03-31
- Location
- Glasgow
- Industry
- 7487
From the administrators' statement
The Company purchased the Properties, using funding provided by the Bank, prior to the economic downturn and subsequent fall in residential property prices. The income generated through the rental of the Properties was insufficient to service the interest and repayment of the facilities.
Follow an event of default, the Bank issued a notice demanding repayment of all monies due to it. The Company was unable to meet this demand and as a result the Bank filed a notice of appointment of an administrator on 24 August 2011 appointing Alan A Brown and J Bruce Cartwright as Joint Administrators of the Company.
The manner in which the Company’s affairs and business have been managed and financed
Administrators' statement of proposals (2011-10-18) · Companies House register