# Mountcove Properties Limited (SC216424)

> Why UK company SC216424 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/SC216424

- **Status:** Administration ended
- **Administration began:** 2013-10-14
- **Administrators:** Paul Dounis, Kenneth W Pattullo
- **Administrators' firm:** Begbies Traynor
- **Formerly:** Modelsweet Limited
- **Incorporated:** 2001-03-06
- **Location:** Glasgow
- **Industry:** 68100 Buying and selling of own real estate

## Why it went into administration

- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Property / lease costs

## From the administrators' statement

Mountcove Properties Ltd (“MPL”) was incorporated on 6 March 2001.

The company operated as a property investment business and had a residential portfolio (17 properties) in Glasgow and a commercial unit in the west end of Glasgow, in Partick Bridge Street, which trades as a bar/restaurant.

In common with many property companies, the business was over-geared, with net rental income insufficient to cover capital and interest costs. In addition, the residential properties, when revalued, indicated that the Bank was likely to realise a loss on the sale of the portfolio were it to come to the market.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/SC216424/filing-history/MzA5MTEyMjkzMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/SC216424

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.