Stargale Limited (SC304216): administration
- Status
- Administration ended
- Administration began
- 2012-08-24
- Administrators
- Paul Dounis, David M Menzies
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-06-19
- Location
- Edinburgh
- Industry
- 41100 Development of building projects
From the administrators' statement
The appointment of the Joint Administrators was made by Clydesdale Bank plc ("the Bank’) as the holder of a qualifying floating charge.
The company operated as a property developer and had developed a site known as Strathbeg Court in Airdrie. This site is the only known property asset at the time of appointment and consists of a portfolio of 10 flats, all of which are currently tenanted. The units produce an annual rental income of £63,300.
The former director of Stargale Limited, Robert Wilson is a Trustee of a Discretionary Trust (“the Trust’) which owns a further two units within the Airdrie development. Stargale Limited provided a corporate guarantee supported by a standard security and a floating charge in respect of funding provided by the Bank to the Trust. The Trust was in default of its payments and as a consequence of the guarantee, the Bank appointed us as Administrators of the Company.
Administrators' statement of proposals (2012-10-16) · Companies House register