Universal Starbox Ltd. (SC184996): administration
- Status
- Administration ended
- Administration began
- 2015-12-01
- Administrators
- Francis Graham Newton, James Bernard Stephen
- Administrators' firm
- BDO
- Incorporated
- 1998-04-20
- Location
- Glasgow
- Industry
- 41202 Construction of domestic buildings
From the administrators' statement
The company was incorporated on 20 April 1998. The Company operated from the head office in Invergowrie and operated as residential property developers.
The Company developed a number of residential sites over the years but ran into financial difficulties when the economic downturn occurred in 2007/08, depressing the availability of finance for house purchases. It had developed a number of high specification units at Archerfietd, near Edinburgh, which, as a result of the market changes, decreased significantly in value. The assets did not provide sufficient income to service borrowings and the Directors supported the business for a period of time via the injection of funds as Directors loans. We understand that the Directors also granted personat guarantees to Clydesdale Bank pic (“the Bank”) in respect of the Company’s borrowings and that a consensual exit strategy was agreed with the Bank. { The Directors worked through this consensual exit strategy with the Bank and sold the remaining units at Archerfield. This left the development land near Kinbuck, which had planning permission for 11 residential units. Unfortunately this lapsed before finance for construction could be secured. The Directors had been marketing the site for some time prior to the Joint Administration appointment with the expectation that all proceeds would go …
However, the Bank sold a portfolio of impaired property debt to Promontoria (Henrico) Limited in 2015 and assigned its rights to the debt and security. .
Administrators' statement of proposals (2016-02-18) · Companies House register