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Propinvest Group Ltd vows to fight administration

By James Wallace Paul Norman - Monday, November 07, 2011 10:35

Propinvest Group Limited, a part of Glenn Maud’s Propinvest, went into administration on Friday.

PGL said in a statement it intends to vigorously contest the ruling and added that PGL is a “non-trading single company out of a group consisting of over 100 companies and other companies within the Group are unaffected by this decision and continue to trade as normal”.

Insolvency practitioners Jamie Toynton and Malcolm Shierson of Grant Thornton have been appointed as joint administrators, after the Royal Court of Guernsey granted an administration order.

On Saturday, Grant Thornton confirmed the administration order to CoStar News and Toynton and Shierson’s appointment over Propinvest Group Limited.

The ruling against Propinvest Group Limited (PGL) concerns the application for an administration order filed by DnB Norbank (DnB) against PGL originally in July 2011.

PGL said in a statement it had leave to appeal and will therefore appeal the decision on the basis that the factual conclusions reached by the court are “perverse and wrong as a matter of law”. 

The administration order  - lodged by DnB NOR Bank, Norway’s largest investment bank - affects a portfolio of predominantly retail Scandinavian properties. The portfolio comprises 64 properties, principally in Norway, but aslo in Sweden and Finland.

In statement PGL said: “In PGL’s view the decision lacks merit and is wholly unjustified as it is not supported by the factual and legal evidence in the case, in particular:

“DnB is not and will not ever become a creditor of PGL.  The entirety of the alleged debt was and remains vigorously disputed; PGL contends that assets it consensually and in good faith transferred by agreement to  DnB in May 2011 consisting of the shares of all its Scandinavian subsidiaries which own the valuable 64 property portfolio in Scandinavia are of more than sufficient value to settle any liability to DnB.

“PGL intends to imminently seek a stay of execution of the Royal Court’s order preventing it taking effect pending determination of the appeal.”

PGL is part of a group of companies trading under the name ‘Propinvest’ involved in international real estate investment that owns a multi-billion euro portfolio of commercial property assets throughout Europe, predominantly in the UK.

jwallace@costar.co.uk and pnorman@costar.co.uk