RH04 Ltd (SC586853): administration
- Status
- Administration ended
- Administration began
- 2021-04-05
- Administrators
- Donald Mckinnon
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2018-01-26
- Location
- Glasgow
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company was set up with the purpose of purchasing the former Queens Residential Home, Ashburn Gate, Gourock, and converting it into flats. It is understood that planning permission was obtained to change the use of the building, but that it may now have lapsed. Lending was provided by C&M Wealth Global Limited and Ms Xingron Hu (‘the Lenders’) in order to facilitate the purchase, who hold a standard security over the property. The property was purchased in August 2018 for £220,000, and the renovation development commenced shortly thereafter.
The Company was ultimately unable to meet its commitments in respect of the Standard Security and Bond and Floating Charge. As a result, the Company was unable to obtain further funding from the lenders to complete the required works. Unfortunately, at that time, much of the interior of the property had been removed, including some of the floors. Furthermore, part of the roof had been removed, which has left the property exposed to the elements. The property has been left largely unattended for a considerable period of time and has fallen into a state of disrepair. There are no other known assets.
Administrators' statement of proposals (2021-08-17) · Companies House register