Registered in Manchester, the company was the developer of ‘The Quadrant’, a block of 252 apartments for student accommodation in Shaw Street, Liverpool. As a special purpose vehicle for the building’s development, it had no direct employees.

The apartments were sold off-plan to individual investors, the majority of whom are based overseas. Deposits were taken on exchange of those sales, which were held by a buyers’ company, Quadrant Buyers (Liverpool) Ltd. These were used to fund the company’s development of The Quadrant, on behalf of the buyers’ company.

However, building work on site ceased following the administration of the main building contractor, PHD1 Construction Ltd, on 1 April 2016. With insufficient funds available to complete the build and with no development finance strategy available that was to the satisfaction of all stakeholders, the building has remained unfinished.

Paul Flint, associate partner at KPMG and joint administrator said: ‘With work on site being at a standstill for more than 18 months, and with no development finance options available, the creditors had no alternative but to petition to place the company into administration. During the coming days and weeks, we will be exploring the options that are available to maximise the return to the buyers’ company and other creditors.’

Report by Pat Sweet