Daniel Francis Butters and William Kenneth Dawson were appointed Joint Administrators of Your Space Limited (Formerly Your Space plc) and Workspace (North West) Limited on the 26 March 2010. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability.
All Insolvency Practitioners of Deloitte LLP are licensed in the UK.
On 16 November 2009, YS, and WSNW entered interlocking Creditors Voluntary Arrangements ("CVAs") with their creditors due to the downturn in activity and asset values in the property market. Unfortunately, since the CVAs, the Group has been unable to sell either of its freehold properties and thus generate cash to be able to complete the construction contracts. This had the effect of not being able to increase its income in the serviced office business, which meant that the condition of voluntary contributions to the Supervisor could not be met.
Therefore, without additional funding the Group could not continue. The directors attempted to raise additional funds from the Group's shareholders and secured creditors, however when this failed, they took steps to place the Companies into Administration.
It is the Administrators' intention to provide all statutory information to creditors by use of this website in accordance with new legislation introduced by the Insolvency (Amendment) Rules 2010.
All known creditors will be advised each time a new document has been uploaded to the website and the documents will remain on the website for the duration of the Administration and for three months after the Administration has ended.