# Alburn (Newport 2) Limited (SC259609)

> Why UK company SC259609 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/SC259609

- **Status:** Administration ended
- **Administration began:** 2012-11-27
- **Administrators:** Shelley Bullman, Simon Robert Thomas
- **Administrators' firm:** Moorfields
- **Formerly:** SDG (Newport 2) Limited
- **Incorporated:** 2003-11-21
- **Location:** Edinburgh
- **Industry:** 68100 Buying and selling of own real estate

## Why it went into administration

- Funding withdrawn / unable to refinance

## From the administrators' statement

The Company was incorporated on 21 November 2003 and is part of a group of 24 companies (“the Group”) financed under a cross-company guarantee.

The Company’s principal business interest is that of property investment.

In April 2012 a strategic independent restructuring review of the Group was completed following a failed negotiation to extend the loan out to the final legal maturity date of the securitised bonds. This re-valued the portfolio at a substantial discount to the original 2006 valuation. N M Rothschild, the primary servicer, upon advice, decided to accelerate the repayment of the defaulted loan and pursue a managed and structured disposal strategy for the portfolio through the appointment of Fixed Charge Receivers and Administrators.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/SC259609/filing-history/MzA3MTgyMTQxM2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/SC259609

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