Catalyst Securities in administration
The Manchester-based independent provider of bridging finance to private individuals and small property developers has been placed into administration.
The company ceased trading to new customers around two years ago and has since been winding down its operations and collecting out the loan book.
Paul Dumbell and Brian Green of KPMG LLP were appointed joint administrators of Catalyst Securities on 21 April 2011.
At the date of appointment, there was one employee who has since been made redundant.
The loans within the book are all in default and the company has or is in the process of exercising its security to take possession of the properties. The properties will be marketed for sale by the administrators.
The portfolio of properties consists of a mixture of commercial, residential and development opportunities and are located in England, Wales and Scotland.
