Property development company – case study

Ongoing property development company

We were engaged by a large listed investment Group to complete a complex Members’ Voluntary Liquidation.
The investors had acquired the shares of a property development company that was undertaking the development of 315 build to rent units.
Once the development was completed to a certain stage, the client wanted the Company to be placed into Members’ Voluntary Liquidation and then the development distributed to shareholders without having to be sold, which is allowable in insolvency law.

Given the risks involved, a significant amount of due diligence had to be undertaken to complete the immediate distribution of the development on day one of the Members’ Voluntary Liquidation, which was important from the client's perspective so as to allow the development process to continue.

Our due diligence work involved the review of complex agreements to ensure that all matters that could impact on the Liquidation process were considered, especially as regards the company’s potential liabilities.
The Company was placed into Members’ Voluntary Liquidation in line with the client's requirements and the development was distributed to the shareholders on day one of the Members’ Voluntary Liquidation.

The development could continue with no delays due to the planning and due diligence we undertook prior to our appointment as liquidators.
The Liquidation completed within 12 months.

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