Lancaster student property firm faces liquidation

HMRC has issued a winding up order to LPNM
HMRC has issued a winding up order to LPNM

A winding up petition has been issued against a Lancaster student lettings company.

HM Revenue & Customs has issued the notice to Lancaster Property Network (Management) Ltd (LPNM), based in Penny Street.

A hearing was due to take place in the High Court in London on August 17, but it has now been postponed for four weeks.

A winding up order is a Court order that forces an insolvent company into compulsory liquidation – a process in which the Court appoints an Official Receiver (OR) to liquidate all of the company’s assets in order to repay creditors.

Lancaster Property Network (Management) Ltd is run by Lancaster businessman John Sanderson, and provides managed accommodation for students on behalf of landlords in the Lancaster area. LPNM was set up in 2011. The company’s assets in 2013 were £1,250,176. Its liabilities were £1,633,622.