14 June 2013
Acting for Deloitte LLP, the joint administrators to the four companies that hold the 35 property strong “Gemini” securitised property portfolio. The application was brought on behalf of special servicer CBRE. The application was made after the borrowers to the portfolio, which had been built up and managed by Propinvest Group Limited, failed to repay a £950m loan after accelerated demands from CBRE.
The administration application was further complicated by the need to application to restore one of the four companies before placing it into administration as that company had previously been struck off the Register. In addition to the administration orders themselves, letters of request were sought and issued seeking the assistance of the High Court in England and the Court of Session in Scotland for ancillary administration orders to be made in the UK. We continue actively to advise the administrators on the matter covering a diverse range of issues that arise.