LP Riddoch Limited (SC199441): administration
- Status
- Administration ended
- Administration began
- 2011-11-08
- Administrators
- Kenneth Wilson Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- Nessplaid Limited
- Incorporated
- 1999-09-01
- Location
- Edinburgh
- Industry
- 7487
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Despite a number of requests, the director of the Company has failed to provide us with details of the events leading up to the appointment of the Administrators or reasons surrounding the failure of the Company.
From our initial investigations however, we note that the Company traded as a property management company with a number of residential and commercial investment properties in its portfolio. The Company's lender, Dunfermline Building Society (in Building Society Special Administration) (“DBS”), holds security over the Company and all of the properties in the form of standard securities and mortgages.
As the portfolio suffered from a number of voids, many of which were due to being unfit for habitation, this had a detrimental impact on the rental income generated by the Company. Additionally, the Company has suffered losses as a result of two commercial tenants entering into insolvency. Consequently, this impacted upon the ability of the Company to meet its repayment obligations to DBS and other creditors.
Administrators' statement of proposals (2012-01-09) · Companies House register