Maritime Street Ltd (SC691963): administration
- Status
- In administration
- Administration began
- 2025-03-12
- Administrators
- Donald Iain Mcnaught, Graeme Norman Bain
- Administrators' firm
- Invocas Business Recovery and Insolvency
- Formerly
- Balnacraig Homes Ltd
- Incorporated
- 2021-03-11
- Location
- Edinburgh
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
I have been advised by the director, Gordon Thomson, that the build costs at the development had increased more than had been anticipated. It appears that the Company had been reliant on facility drawdowns being made available by Lendinvest as the development progressed, however, the Company was coming under increasing pressure from creditors, including the main contractor, in relation to outstanding debts for which it had insufficient cash resource.
LendInvest subsequently sought repayment of its debt and, in the absence of a sale or funding to enable development of the site, the Company was unable to repay the sums due. Lendinvest subsequently took steps to appoint Joint Administrators to the Company as a qualifying floating charge holder. On 12 March 2025, Graeme Bain, and Donald McNaught of Johnston Carmichael LLP were appointed Joint Administrators of the Company by Notice of Appointment lodged at the Court of Session by Lendinvest as the qualifying floating charge holder.
No Moratorium under Part Ai of the Act has been in force for the Company at any time within the period of 2 years ending with the day on which it entered Administration.
Administrators' statement of proposals (2025-05-08) · Companies House register