Classicon Limited (SC245022): administration
- Status
- Administration ended
- Administration began
- 2013-05-17
- Administrators
- Gary Steven Fraser, Blair Carnegie Nimmo
- Administrators' firm
- KPMG
- Incorporated
- 2003-03-04
- Location
- Edinburgh
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 4 March 2003. The Company bought and let out residential properties in Glasgow. The Company traded relatively profitably for a number of years, however, with the fall in property values, the Company breached its bank facility covenants and its facility came to an end. In particular, the value of the properties owned by the Company was materially below the level of its bank debt. As a result, the Company was unable to trade and the Director took the steps to appoint Administrators. On 17 May 2013, Blair Carnegie Nimmo and Gary Steven Fraser were appointed Joint Administrators of the Company.
At the date of our appointment, the Company owned 22 residential properties, the majority of which were tenanted. The Company had no employees on our appointment.
Administrators' statement of proposals (2013-07-15) · Companies House register