A luxury property developer has failed in its bid to challenge its removal as development manager of a failed residential scheme in
Last Friday, the high court rejected an application by BLV Realty to remove PricewaterhouseCoopers as administrator of the project at 3-10
BLV was appointed development manager by owning company Zegna III in 2007. However, it was removed from that role in July this year when Zegna defaulted on a £146.5m facility it had with Royal Bank of
BLV argued that PwC’s removal of it as development manager had unfairly harmed its interests as a creditor to the scheme.
PwC claimed that BLV “was not sufficiently competent to complete the redevelopment”.
Dismissing BLV’s application, Justice Norris ruled it had not established that the agreement was wrongfully terminated.
The judgment clears the way for PwC to appoint a new development manager.
Christian Candy’s CPC Group is thought to be its preferred partner.
