From the administrators' statement

The business was highly geared from the outset, with lending on an interest only basis. Debt servicing was marginal and the Bank had noted that there was a significant reduction in the amount of rental income collected.

The Bank had agreed with the directors a debt reduction plan, predicated on regular property sales and the continuing payment of all bank interest. The Company was unable to uphold this agreement after property values failed to recover post 2008.

The Bank's debt was acquired by Promontoria (Chestnut) Limited (“the Secured Creditor’) in late 2015. Management were unable to present acceptable proposals for either debt refinance or repayment and a decision was taken to appoint Administrators to the Company in December 2015.

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KJ Ventures Limited (SC298337)

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