Wed, 05 Feb 2014 | ADMINISTRATION
Administrators are seeking buyers for the assets of a pair of property companies in Liverpool.
Linenhall Property Investments Ltd and its subsidiary Moorfields Property Ltd both suffered a decline in the market value of their properties, located in Liverpool, Chester and Bootle, Insolvency News has reported.
Kerry Bailey and Graham Newton of BDO were brought in as the joint administrators on 21 January 2014. Ms Bailey commented: “The joint administrators are seeking buyers for the assets of the company, and are working to maximise value for the benefit of the creditors.”
Accounts for the two businesses for the year ending 31 March 2013 indicated a fall in market value of the properties, a decrease in occupancy and a breach of bank covenants.
The accounts, posted at the start of the year reveal that Linenhall has outstanding bank loans of £500,000, while Moorfields owe £9.3 million.
The property firm’s owner Paul Rooney, also a solicitor, had placed £755,000 as a personal guarantee on the bank loans.
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