Managing agents
Frequently asked questions for managing agents
| What does ‘going into administration’ mean? | Going into administration means the companies are being taken under the management of an administrator (a licensed insolvency practitioner). The administrator assumes control of the Companies from the current directors. Administration is one of a number of insolvency processes. |
| What is an administrator? | An administrator is a licensed insolvency practitioner, an officer of the Court and is qualified to manage the affairs of a business when it is insolvent. It is their role to take control of a company’s affairs when it is in financial difficulty and try to find a longer-term solution for it. The administrators act as agents of the Companies and without personal liability. |
| Who are the administrators? | HH No.1 New Holdings Limited ('HH1NH'), HH No.1 Holdings Limited ('HH1H') and HH No.1 Limited ('HH1') The administrators are David Baxendale, Peter Dickens and Iain Boot of PricewaterhouseCoopers LLP. HH No. 5 Limited (‘HH5’) The administrators are David Baxendale, Edward Williams and Alison Grant of PricewaterhouseCoopers LLP. |
| What does it mean that the Companies have gone into insolvency? | It means the Company that owns part of the shared ownership homes cannot pay its debts and is going through a legal process to deal with its finances. A specialist person (an administrator in this instance) has been appointed to manage the Company’s affairs. Their job is to protect value and decide what happens next. |
| Who do I contact now? | You should contact your usual point of contact at Heylo. |
| Who is authorised to give instructions? | Day-to-day property management remains delegated to you under the existing agreement. Any health and safety matters, or communication into buildings safety act obligations in relation to the Companies needs to be reported both Resimanagement and the Joint Administrators. Emails can be sent to uk_hhpod1queries@pwc.com or uk_hhpod5queries@pwc.com and a member of the team will contact you. |
Major Works Will major works continue? |
Essential or works required for the purposes of health and safety should proceed but please make us aware of this by emailing uk_hhpod1queries@pwc.com or uk_hhpod5queries@pwc.com.
Non-essential discretionary works may be reviewed, please let us know what that is by emailing uk_hhpod1queries@pwc.com or uk_hhpod5queries@pwc.com. |
Sale of the Freehold Is a sale anticipated? |
Yes, we expect to market the portfolio for sale in due course. |
| Regulatory Position | The Regulator of Social Housing has been notified. We are working cooperatively with them. While the Companies we have been appointed over are not regulated entities, we have notified the regulator of our appointment. |
Health & Safety / Compliance Who is responsible during administration? |
This will remain as set out in the contractual agreements in place. Please contact Heylo if you have any concerns or questions at customercare@heylohousing.com. |
David Baxendale, Peter Dickens and Iain Boot have been appointed as Joint Administrators of HH No.1 New Holdings Limited ('HH1NH'), HH No.1 Holdings Limited ('HH1H') and HH No.1 Limited ('HH1') to manage their affairs, business and property as agents and without personal liability. David Baxendale, Edward Williams and Alison Grant have been appointed as Joint Administrators of HH No. 5 Limited (‘HH5’) to manage its affairs, business and property as agents and without personal liability.
The Joint Administrators are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The Joint Administrators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
The Joint Administrators may act as controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Joint Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Administrators appointment. Further details are available in the privacy statement on the pwc.co.uk website or by contacting the Joint Administrators.
