Administration · 23 March 2022
Olympius Developments
Housebuilder · London · Greater London
What happened
OLYMPIUS DEVELOPMENTS LIMITED (company number 10594675), incorporated in 2017, entered administration on 23 March 2022. Its status at Companies House is now: liquidation.
Why it failed
Covid-19 sharply cut sales of its converted apartments, so the highly leveraged developer could not service its secured debt, and a connected company's administrators then applied for its administration.
- Main reason: Covid-19
- Market downturn
- Group company failed
Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.
An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
31 December 2018
Last accounts filed were made up to this date
3 years later
23 March 2022
Administration started
12 months later
23 March 2023
Administration ended
23 March 2023
Administration started
3 years later
18 March 2026
Winding-up petition presented
20 March 2026
Administration ended
20 March 2026
Winding-up order made by the court
AccountsPayment reportInsolvency
Before it failed
Key figures
The last accounts filed were full accounts made up to 31 December 2018, 39 months before it went into administration. Private companies have nine months after their year end to file, so a gap of more than 21 months usually means the next accounts were overdue, one of the warning signs worth checking for.
The full filing history, including any late filings, charges and director changes, is on Companies House.
Lessons learned report
We're writing plain-English reports on major construction failures: who was involved, why it happened, the warning signs and how long they were visible, and what to look out for next time.
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