A meeting of creditors of Development House – connected to the Sunningdale House companies which have had administration notices filed with the High Court – will take place on Friday (August 25).
The creditors notice published yesterday (August 21) says the meeting convened by managing director David Pownceby, wil take place at 11am at Quantuma Advisory Limited, in London.
A meeting of shareholders has been called and will be held prior to the meeting of creditors to consider passing a resolution for voluntary winding up of the company.
The resolutions to be taken at the creditors’ meeting may include the appointment of liquidators.
Andrew Watling and Jamie Taylor are to act as Insolvency Practitioners in relation to Development House Ltd.
Seven administration applications were filed to the High Court this month against Sunningdale House companies and HF Developments.
Applications for winding up petitions and notice to appoint an administrator are also listed as being lodged.
Six High Court applications for administrative orders have been made by West One Loan Limited which has charges against the companies in relation to loans.
It is understood West One Loan Limited is one of three secured charge holders, who are taking steps to “trigger” the insolvency process.
The applications are being made against:
- Sunningdale House Developments (Sandgate) Limited
- Sunningdale House Developments (Walmer) Ltd
- Sunningdale House Developments (North Foreland) Limited
- HF Developments Limited
- Sunningdale House Developments (Plover Road) Limited
- Sunningdale House Developments (Evans Fields) Limited
Sunningdale House Developments (St Nicholas) and (Minster) are not listed although both have outstanding charges with Lendinvest Security Trustees Limited and St Nicholas also has one with West One Loan Ltd.
A further application has been lodged for notice to appoint an administrator to Sunningdale House Developments (TW One) Limited. The applicants are listed as United Trust Bank Limited which has charges on the company; with Cadwallader, Alex David and Deyes, Philip Jeffrey Ritson – of Brecher.
There is also an application for administration which was filed on August 9 against Sunningdale House (Heritage Farm Three) Ltd by Paragon Development Finance Limited.
Sunningdale House Developments Ltd is also listed as applying for notice to appoint an administrator on August 4.
Applications for winding up petitions were made by Omega PLC on July 27 in relation to Sunningdale House Developments (Walmer) Limited and Sunningdale House Developments (Sandgate) Limited.
An adjudication enforcement claim has also been brought in relation to Sunningdale House Development (TW One) Ltd by Red Key Concepts Design & Build Limited. This was first listed on January 31 with an order by the Judge listed the following month.
Sunningdale House Developments has sites across the south of England including in St Nicholas at Wade, Broadstairs, Monkton and Minster.
However, the sites have been and workmen reportedly stopped carrying out snagging work earlier this month.
Sunningdale House Developments formed in 2014 and was originally based in Sandwich but relocated to Manston in 2022. It was headed by David Pownceby who formerly was a director of Lilybrook Developments which was dissolved in 2013.
Sunningdale has a number of different registered companies related to different sites. Mr Pownceby has resigned from all Sunningdale House named companies.
According to Companies House Mr Pownceby resigned, as of July, from companies including Sunningdale (North Foreland) Sunningdale (St Nicholas), Sunningdale (Dover Road Walmer) Sunningdale (Sandgate) Sunningdale (Minster) Sunningdale (Maidstone) Sunningdale House Developments (TWONE) Sunningdale (Eastry).
A further resignation by Mr Pownceby is registered for August 4 from Sunningdale House Development Ltd (09323682)
The new director of some of the developments is listed as Robert John Locker.
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What a mess, is this a sign of property development going bust nationally? There is a large development in Chatham Street, Ramsgate in the former grounds where Farley’s furniture store used to be (relocated to St Lawrence some years ago) This site has not been worked on for some months, and my guess is perhaps 40 to 50 flats are still not completed! It may be some people have lost their deposits,just guessing!
Banks getting jittery and pulling the plug all over the place. Farleys was only ever 23 units. The developers wanted to do the right thing and make a great job of it but huge delays with KCC over Eagle Hill and unexpected additional works slowed the project down beyond their long-stop date. The banks should just have extended but they have bankers too and their money was being called in. All a big house of cards. With regard to Sunningdale… No comment…. I hope not too many local trades get taken to the cleaners.
your right Jon, some of the Chatham Street development appear to be terraced houses, not flats. In the mid 70’s and again the late 80’s when there was a property collapse, the latter running at a 1,000 homes a week at one time, of people handing their keys back to banks, and building societies. Some Housing Associations stepped in and bought up bankrupt developments, and finished them for occupation. I am surprised this hasn’t happened, perhaps it will!
In the late ’90’s this man was bankrupt to the tune of £34 Mill..
He and others like him should be made to repay the money he’s made by walking away just before it folds under. Got his money then runs off saying I’m ok. Time and time again these people get away with making massive profits and then fold up and a few years later do exactly the same. We need this process stopped he’s making honest people’s lives a misery as do most building firms controlling how we live. Build less when prices drop a little but make massive profits away
It seems to be a national problem, and will probably soon be an international one, when developers price themselves out of the market, ain’t capitalism wonderful? This is just a repeat of the mid 70’s when the housing market collapsed, as it did in the late 80’s. Remember Blair’s No more Boom and Bust when he got into power in 1997, what happened to that idea?