Monday, 2. June 2008
Lee Manning and Carlton Siddle of Deloitte were appointed as Joint Administrators of UKLI Limited (the Company) on 22 April 2008.
UKLI was involved in ‘landbanking’, the purchase of large areas of undeveloped land which were then subdivided into plots and sold on to private investors, with UKLI retaining some of the land itself. UKLI would then seek to gain planning permission on the sites although, to date, planning permission has not been obtained on any site.
The circumstances leading to the Administration followed a petition to wind the Company up by the Financial Services Authority (“FSA”), on the grounds of public interest as UKLI had operated as a collective investment scheme without FSA authorisation.
(Via creditman.biz. To read the full story, click here)