N2 Ferntown 2 Limited (SC334326): administration
- Status
- Administration ended
- Administration began
- 2011-10-17
- Administrators
- Paul Dounis, Kenneth Wilson Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- York Place (No. 458) Limited
- Incorporated
- 2007-11-22
- Location
- Glasgow
- Industry
- 4545
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company operated as a property developer and was developing a site within the grounds of The Renaissance Golf Club, East Lothian, EH39 SHS. The development site had planning consent for four exclusive properties, of which one plot has progressed to foundations stage, the other three remaining undeveloped.
Each plot was to be provided with an exclusive debenture to the Renaissance Golf Club on completion provided all annua! subscription arrears have been paid. The directors had been attempting to refinance to generate development funding as the secured creditor was not prepared to continue to fund following the collapse in property values, the resulting loan to value (LTV) ratio led to a breach in facilities and increased tisk for the Bank.
The reasons for the Company's insolvency are mainly due to the directors being unable to provide satisfactory refinancing proposals or satisfactory repayment proposals to the Bank.
Administrators' statement of proposals (2011-12-19) · Companies House register