SC Letting Ltd (SC324404): administration
- Status
- Administration ended
- Administration began
- 2014-08-21
- Administrators
- Brian William Milne, Eileen Blackburn
- Administrators' firm
- Quantuma
- Incorporated
- 2007-05-25
- Location
- Glasgow
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
The company was incorporated on 25 May 2007 and operated as a property management and Jetting Company in respect of residential real estate of which the Company is the proprietor.
The director of the Company, Colin McGaffney (“the Director”) has advised that at the time of appointment the Company did not have any employees.
The director has provided a brief background to the Company’s trading history and the events leading up to the appointment of the Joint Administrators. At the outset, the majority of initial funding was obtained through two lending facilities with the Clydesdale Bank plc (“the bank”). The bank provided 80% capital, with the remaining 20% invested by both the director and the former director, Sally McGaffney. Over a period of time the Company built up a mixed portfolio of residential homes ranging from houses to flats, owning 7 properties at its peak, with a maximum borrowing of c£695,000. These properties were then let to tenants, and the income derived from rental payments covered on-going liabilities such as Council Tax, property management fees and existing !ending facilities in place with the bank. The director advises no income was ever drawn from the business, and that the Company was set up as a long term investment for both he and the former director, the view being that over time the value of the properties would increase and generate equity, which could be drawn at a later date. The director has advised that repayments towards the lending facilities with the bank were on …
Administrators' statement of proposals (2014-10-14) · Companies House register