Palacecraig Street Coatbridge Limited (SC286972): administration
- Status
- Administration ended
- Administration began
- 2016-09-30
- Administrators
- Simon Robert Thomas, Arron Simon Kendall
- Administrators' firm
- Moorfields
- Formerly
- DMWS 726 Limited
- Incorporated
- 2005-07-04
- Location
- Edinburgh
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was formed in 2005 with the specific purpose of acquiring the property in Coatbridge, near Glasgow. Due to the depressed nature of the property market resulting in adverse capital movements, the directors were unable to execute its disposal strategy in relation to the Company's assets. Following extensive discussion in the last twelve months, the directors were unable to reach a refinancing agreement beyond 30 September 2016 of the secured loan charged to Promontoria (Ram 2) Limited (“the lender” or “the charge holder’) as assigned by The Co-Operative Bank PLC. The directors therefore gave notice of intention to appoint an administrator.
The lender as holder of a qualifying floating charge granted on 13 December 2005 securing all sums due and to become due by the Company to the lender, subsequently appointed an administrator on 30 September 2016. A summary of the Company’s recent trading performance is shown below. Management Statutory Accounts Accounts as at 30 To 31 June 2016 January £ E
Turnover 64,065.29 175,154 Cost of Sales (5,315.29) (46,870)
Administrators' statement of proposals (2016-11-15) · Companies House register