Signature Living Coal Exchange Limited (“the Company”) – Formerly in Administration
We can confirm that with effect from 12:40pm on 05/08/20, Kelly Burton and Lisa Hogg have resigned from their position as Joint Administrators of the Company and the Administration has now ended.
The former Joint Administrators resigned from their position due to funding for the holdings costs associated to the Company’s principal asset, namely the Exchange Hotel in Cardiff (“the Hotel”), being withdrawn. This meant that the former Joint Administrators would be unable to achieve the statutory purpose of Administration.
The former Joint Administrators have made every endeavour to achieve a sale of the Hotel and this is reflected in the huge amount of time they and their team have spent on the case. The decision to vacate office was not taken lightly and it is with regret that a better outcome could not be achieved for the Company’s creditors. That being said, we are hopeful the Official Receiver or any subsequent Liquidator will be able to achieve a better result for the Company’s creditors.
With regards to further investigation work, we will make every effort to assist the subsequent office holder with their investigations into the Company’s insolvency.
Finally, I can confirm that the former Joint Administrators have had no involvement with regards to the reopening of the Hotel or the application for a licence to sell alcohol.