Joeswood Estates Ltd (SC539589): administration
- Status
- Administration ended
- Administration began
- 2021-07-15
- Administrators
- Judith Howson, David Mcginness
- Administrators' firm
- Aab Business & Tax Advisory
- Incorporated
- 2016-07-05
- Location
- Glasgow
- Industry
- 41202 Construction of domestic buildings
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of our proposals has been prepared based on information provided by the director of the Company, the qualifying floating charge holder and publicly available information and not from our personal knowledge as Joint Administrators.
The Company was incorporated on 5 July 2016 and the nature of business is Construction of domestic buildings. The Company owns a 143.89 acre plot of land at Gartloch Farm, Gartloch, Glasgow (“the Land”). A standard security in favour of Route Finance Limited (“RFL”), a wealth management company, was created on 16 February 2017 over the Land. In addition, a floating charge in favour of RFL (as Security Trustee for the Loan Noteholders) over all property and undertaking of the Company was created on 25 January 2017.
The Company purchased the Land with a view to obtaining planning consent for a significant residential development. The Company would then proceed to sell the land with the planning in place, allowing RFL to be re-paid and the members to benefit from any surplus. However, planning did not progress as anticipated and the Company did not propose a satisfactory exit route to RFL. As a result RFL, as qualifying floating charge holder, filed the necessary documentation in terms of paragraph 14 of Schedule B1 of the Insolvency Act 1986, to place the Company into Administration. On 15 July 2021, Eileen Blackburn and David McGinness were appointed Joint Administrators and took over responsibility from the Board for the management of the affairs, business and property of the Company. Validity of the appointment was confirmed by appointed solicitors, Burness Paull (“BP”).
Administrators' statement of proposals (2021-09-03) · Companies House register