Property development group goes into adminstration
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A property development group based in Huddersfield has fallen into administration.
Jamie Miller and Damian Webb of RSM Restructuring Advisory have been appointed joint administrators of Mederco Block A Limited and Mederco (Huddersfield) Limited.
The principal assets of the companies are purpose-built student accommodation blocks based on Manchester Road in Huddersfield.
The joint administrators are reviewing all aspects of the businesses, including the investment structure, to establish all secured and unsecured creditors.
Jamie Miller, partner and joint administrator, said: “It’s at an early stage, and we are currently in the process of reviewing the financial position of the businesses and working with our advisors to determine the optimal sales strategy to maximise returns for creditors.
“We are also looking to identify all creditors of the Companies and would ask any parties with an interest to get in touch with RSM’s Leeds office as soon as possible. We understand that a significant number of third parties have provided monies seeking to purchase individual units in the properties and encourage those parties to provide the full particulars of their claims to us.”