Ogier obtains administration order against company holding student accommodation

An Ogier team led by Mathew Newman and Alex Horsbrugh-Porter appeared in court and obtained an administration order in respect of Residentia Limited, a company holding student accommodation in Newcastle which owed loans that could not be repaid.

The accommodation was owned by two UK companies which were in turn owned by a Guernsey company.

The application was to place the company into administration in order to allow the debts to be restructured and trade the underlying the companies so the under-lying companies could be sold to a third party.

The application was initially resisted but was granted by the Court following an application.