Case Study: Swadlincote LPA

Sky view of apartment blocks in Swadlincote
Published on: 10th September 2014

SW was appointed by the secured lender in relation to a stalled development of 24 apartments in two attached blocks on the fringe of the town centre. A serious arson attack had stopped the development and delays in processing an insurance claim meant that the lender’s customer was unable to comply with the terms of its loan.

SW took control of the property as LPA Receivers and assessed the end value of the scheme when completed, the costs to complete and the state of compliance with statutory requirements, eg town planning and building regulations etc. The insurance claim was costed then finalised and a cash settlement (rather than physical reinstatement) was negotiated with the insurer.

An exit for the secured lender was achieved by a sale of the incomplete property in its existing state to another residential developer with the benefit of the insurance claim retained for the vendor.

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Insolvency Practitioners

Sanderson Weatherall has been active in the mainstream corporate recovery and turnaround sector for many years and acts for Insolvency Practitioners (“IPs”) of all sizes from members of the “Big Four” to small niche practitioners. We provide advice on both property and plant and machinery assets to:   Administrators Administrative Receivers Liquidators Supervisors and Trustees Fixed Charge/Law of Property Act Receivers (where an IP is appointed) This advice encompasses initial appraisal of the assets, be this pre or post formal insolvency proceedings, and follows through to associated specialist advice on all aspects of real property, culminating is disposal of the asset(s) by the most appropriate method. Our senior personnel are all RICS Registered Valuers able to provide fully compliant formal valuation advice.   We have developed a property costs audit service specifically for Insolvency Practitioners aimed particularly (but not exclusively) at leasehold property portfolios where our team of specialists will examine in a forensic manner the property related outgoings of an occupier in order to determine whether savings can be recovered. This service is typically self-financing with our fees funded out of savings recovered. The realisation phase of any case is critical and this stage is handled by our Asset Advisory & Recovery teams, liaising as appropriate with our agency specialists, in order to maintain the important working link with the IP or their case manager. All of our senior personnel have extensive “hands on” experience of asset realisations of all kinds of property and are able to provide a reliable and effective route to market for the assets involved. Contact Us

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