A contentious Receivership
Quantuma oversee a contentious Property Receivership involving a land owner.
Overview:
- A land owner had raised a bridging loan to acquire a ransom strip that was critical to the success of a wider development project
- Senior secured debt, c.£2m
Outcomes:
- The facility was in default and successive promises to repay had been broken. Quantuma were therefore appointed as Receiver on a hostile basis
- The land owner initially refused to engage with Quantuma and then claimed to be living in a derelict house on the site. Quantuma believed this was an attempt to establish residential tenure rights and thus frustrate a sale
- Quantuma appointed investigators to monitor the derelict house over a period of a week and, establishing it was vacant, took full control
- Although the appointing lender’s security only covered a proportion of the wider development site, the planning master plan would not have been capable of implementation without Quantuma’s cooperation
- Quantuma used this position to persuade the borrower to accelerate a refinance
- Quantuma’s appointing lender was repaid in full within 4 weeks of our appointment
For more information on Receivership, please click here
