Barryrange Limited (SC220564): administration
- Status
- Administration ended
- Administration began
- 2012-04-10
- Administrators
- David K Hunter, Derek Forsyth
- Administrators' firm
- Azets
- Incorporated
- 2001-06-25
- Location
- Glasgow
- Industry
- 7011
From the administrators' statement
The Company was incorporated on 25 June 2001 and its principal activity was development of property. At the date of administration, the Company’s assets comprised of three vacant tenement buildings in Port Bannatyne, four residential investment properties in the Glasgow and Paisley area which were occupied, a plot of land in Ayrshire and a property in Hamilton comprising of commercial and residential units.
The director has attributed the insolvency of the Company to a combination of difficulty with financing the completion works on the development at Port Bannatyne, and difficulties at the Hamilton site in relation to the registration of the title deeds which ultimately led to sales of the Hamilton properties not completing putting pressure of the financial position of the Company.
In light of the Company’s financial position, Clydesdale Bank Plc, one of the secured creditors and holder of a qualifying floating charge, considered the options available and decided to place the Company into administration. Notification of our appointment was lodged at the Court of Session on 10 April 2012.
Administrators' statement of proposals (2012-06-06) · Companies House register