Loch Orchy Ltd. (SC315531): administration
- Status
- Administration ended
- Administration began
- 2016-02-29
- Administrators
- Francis Graham Newton, James Bernard Stephen
- Administrators' firm
- BDO
- Formerly
- Exchangelaw (411) Limited
- Incorporated
- 2007-01-29
- Location
- Glasgow
- 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- Funding withdrawn / unable to refinance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 29 January 2007. The Company operated as a residential buy to let landlord with a portfolio of properties.
> The Company was funded by loans secured over the properties that were provided by Clydesdale Bank ple (‘the Bank’). We understand that in 2012 Clydesdale Bank plc made a strategic decision to reduce its exposure to commercial real estate tending and the Company was advised that they should seek to refinance or made arrangements to repay the borrowings from the Bank on maturity of the facilities. The loan facilities expired on 20 July 2014. The Bank sold a portfolio of loans and assigned the rights to the securities it held to Promontoria (Henrico) Limited.
> We understand that the Director made attempts to refinance the Company but was unsuccessful.
Administrators' statement of proposals (2016-04-12) · Companies House register