Twenty member companies of commercial property developer the Parkridge Group that were given a final opportunity to repay their debts to HM Revenue & Customs (HMRC) three weeks ago have been given a further two weeks to avoid being wound up.
Registrar Baister adjourned the winding-up petitions brought against the companies by HMRC for a fourth time until 10 August – taking the total adjournment to seven weeks – after hearing that the multi-national group reorganisation is almost complete.
Jeremy Richmond, counsel for the group, said that documents are due to be signed today that will lead to funds being released to pay the £660,000 debt plus costs on 29 July. He said that the “complex multi-jurisdiction transaction” will increase the group’s balance sheet by £19m and that the adjournment application had the support of two of the company’s creditors, which are owed €60m.
HMRC had sought a compulsory winding-up order and wanted the registrar to mark the adjournment as final, meaning that should the debt not be cleared, the companies will almost certainly be wound up, unless exceptional reasons are given.
The petitions concerned: Parkridge UK Business Centres, Parkridge Holdings, Parkridge Developments, Parkridge Development Company, Parkridge (Weston Park Farm), Parkridge (Milton Ham), Parkridge (Droitwich B), Parkridge (Coalville), Parkridge (Aviation) , Parkridge Retail, Parkridge Gate Developments, Parkridge Development Land, Parkridge Aviation Services, Parkridge (Shires Gateway), Parkridge (Droitwich M), Parkridge (Cradle Bridge), Parkridge (Bedford), Brighton Marina Commercial, Parkridge Securities and Parkridge Land (Coventry).
