Simon Halabi’s Buckingham Securities Holdings has been wound up.
A filing at Companies House revealed that Paul Clark and Paul Williams, partners of restructuring specialist MCR were appointed to liquidate the business on 21 August.
In June, Estates Gazette revealed that the future of Buckingham Securities was hanging in the balance when accounts for the previous year raised questions over the ability of the company to continue as going concern.
The firm’s directors said: “”The rapid erosion of property values has resulted in serious liquidity issues, not only for the company but for our client companies, which have found it almost impossible to obtain bank funding for their projects”
The group said that this – coupled with the inability to collect debts of £4.4m, plus around £4m in costs – had combined to represent “a material uncertainty that casts significant doubt on the company’s ability to continue as a going concern”.
It added: “The company is dependent on funding from its shareholder for continued operation. Requests made to the shareholder for the funding of monthly office operating costs are being met, and the directors have been informed that this will continue.
“However, the directors have not received a written undertaking from the shareholder that ongoing support will be provided to enable the company to continue in business for a period of 12 months from the date of these financial statements.”
Buckingham Securities is Halabi’s major UK-based property business. The firm acts as the advisory business for the Halabi family’s property assets, which are held in an offshore trust called Chesterfield.
A spokesman for MCR confirmed Paul Clark and Paul Williams, partners at MCR, were appointed as liquidators to Buckingham Security Holdings on Friday 21 August 2009.
He said the company has since ceased all trading activity and is being liquidated and added: “At this stage MCR can only confirm that while it is at an early stage, chattel assets of around £350,000 may be associated with the company.”
