(MTAS844) DEFAULT of Student Development in Plymouth (Consol

It was all one lot FH with 4 apartments. Deposit paid before you bid and legally binding contracts signed immediately auction concludes.

My wild guess would be 25% recovery. Say 50k sold price for 39 units, less 900k building costs and 500k rent guarantee, it would leave us 500k vs a 2mn loan balance.

Somewhat out of date but you can use the figures in the last admin report to compare - 25% is probably the top, 20% the more likely. Admin had £600k on account, freehold proceeds will probably cover outstanding admin fees, then you have to knock off the trading loss produced by the rent guarantee c£70k and any further costs which makes £500k probably the top return to investors. 

Thanks for that mw.  Co number is 10424502 if anyone else want to look it up.   

Do I conclude from the report that: 1. The sale of the remaining assets was completed in September 2021 (para 2.3) 2. The administraors plan to file to liquidate the company on or before 22 Feb 2022 (para 6) 3. £2m+ is owed to MT and a further £185k to another secured creditor (para 3.1) and 4. £559k is available for distribution (appendix 1) ?

Perhaps someone is more familar with adminstration would check if this is right.

Have all admin fees been paid in the costs shown or it this to be deducted from the £559k?

It appears so. Assuming no wrinkles, this will have had the beneficial effect of determining the otherwise ongoing rent guarantees payable by the administrators.


That was the position at the start of the administration.


No.

There remains the question of the administrators' fees. Only £130,000 has been paid to date. I read Appendix VI as suggesting that the total payable will be c. £280,000, while noting that £400,000 (at scale rates) has been incurred to August.

The proceeds of the freehold sale (less associated costs) have yet to come into the figures. And, no doubt, a number of other matters to be settled up.

I don't know why there is £169k of the £559k sitting in a "suspense" account. How will that turn into cash ?

I'm not sure what lies behind the payment of an intergroup loan of £208,200. We possibly see (substantially) an other side of this in Prestbury Property Developments Ltd. Anything to come back in here ? I don't know.

There are potential claims against third parties outstanding which the administrators are duty bound to pursue if they may realise a return to creditors. Next report is due this week so maybe become clearer once that is released (expect a little sheep will share it ahead of CH)

Yeah, not quite sure why I had it realising more than GDV. Late night

Its not double counting as the loan is included in income as well so the net expenditure is interest plus build costs