Group of seven administrations

Quantuma tackle seven SPV ‘s each with residential developments.

Overview:

  • Seven SPV ’s (Special Purpose Vehicles) each with residential developments at various stages of completion
  • The developments comprised a large number of built and part-built residential properties
  • Developments placed into Administration due to unsecured creditor pressure
  • Indebtedness – £10.9m

Outcomes:

  • Fixed charge recovery of £8.8m in addition to repayment of post administration facilities to the Bank of £7.2m
  • Approach ensured that each area of expertise was handled by the relevant parties, ensuring that administration fees were minimised whilst management of the developments was maintained
  • Significant enhanced value was achieved by continuing development post-administration rather than disposal of sites on distressed ‘as seen’ basis
  • Negotiated continued assistance of management (who held personal guarantees) to ensure smooth running of developments
  • Administrators worked with the Bank and Quality Surveyor to investigate the potential for funding build out through administration
  • Realisation strategy agreed with an overdraft facility provided to the administrators over the seven cases totalling circa £7.2 million
  • Completed properties marketed and sold individually or as part of a disposal of the whole development

 

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