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Davenham Finance Enters Administration

Enable Finance — Tue, 04 Oct 2011 11:43:20 +0000

Davenham is to appoint administrators and has its shares suspended on AIM.

Davenham refers to its announcement on 28 March 2011 in which the company confirmed that, in order to extend the steady platform from which to continue the run-off of the group’s loan book for the benefit of the group’s banking syndicate, the banking syndicate had extended the maturity of the group’s on demand bank facility from 31 March 2011 to 30 September 2011.

Following discussions between the banking syndicate and the company, the banking syndicate has (following the expiry of the term of that facility on 30 September 2011) informed the company that it will not be extending or renewing that facility and has demanded immediate repayment.

Given that the group is unable to repay the amounts due to the banking syndicate following the expiry of the term of the facility, the board has concluded that it should appoint administrators.

The administrators will work with the existing management team to complete the run-off of the group’s loan book in a prudent and orderly manner. The run-off to date has seen the group meet (or exceed) the financial milestones set by the banking syndicate as part of the run-off process.

If you have a finance agreement with davenham finance please contact us and we will do our best to explain what your options are.

Business Bankruptcy For Connect Services Group

Enable Finance — Thu, 06 Jan 2011 14:18:59 +0000

Connect Services Group has ceased trading and is to be placed into administration.

The mortgage website mortgage strategy has just released this article confirming that Connect Mortgage Group has gone bust. Apparently, A message on the firm’s switchboard says it has ceased trading and has appointed Portland Business and Financial Solutions as administrators. Administration is the correct insolvency terminology for business bankruptcy.

Connect Mortgage Group website states that the Company is the following: We are the first company in the UK that concentrates all its efforts on increasing the profits of directly authorised mortgage intermediaries through outsourcing. Its website says that over the last four years it has grown into one of the UK’s largest mortgage distributors with its members arranging over £4bn in lending during 2006.

The firm was financially backed by Venture Capital firms MMC Ventures.

Bridging Lender Excel Securities Goes Into Administration

Enable Finance — Tue, 30 Mar 2010 13:28:46 +0000

Last week Excel Securities the Manchester based Bridging Finance Lender filed a notice of an intention to appoint administrators at the city’s High Court. The directors now have 10 days to appoint an insolvency practitioner, which is expected to be Begbies Traynor.

Although Excel Securities had not been actively lending in the bridging market in for a few months now, the news will still come as a shock to those in the bridging Loan sector.

According to the regional business news site, The Business Desk, at the end of 2009, Excel Securities owed its funders over £23 million, with £10 million of this to be paid to NatWest and the rest due to the Israeli Discount Bank and Bank Leumi (UK) plc.

Corporate Insolvency; Thresher Goes Into Administration

Enable Finance — Fri, 30 Oct 2009 13:10:33 +0000

First Quench Ltd which owns brands, Threshers, The Local, Wine Rack and Haddows, had to go into administration on Thursday after struggling in the recession.

Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG have been appointed joint administrators to First Quench. KPMG said 81 redundancies had been made at the firm’s head office in Welwyn Garden City, and warned that more jobs were likely to go.

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