Two Home REIT tenants enter creditors' voluntary liquidation
Redemption Project CIC’s liquidation marks the second tied to Gurpaal Singh Judge
The liquidation of Redemption Project CIC, representing 11% of rent demanded in June and a tenant of 152 properties, will be overseen by Begbies Traynor Group, while Serenity Support CIC, representing 1% of rent demanded in June and a tenant of ten properties, will be liquidated by Cornerstone Business Recovery.
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Redemption Project CIC's liquidation marks the second tied to Gurpaal Singh Judge, who is listed as a director of the vehicle and was also a director of Lotus Sanctuary CIC, which entered a creditors' voluntary liquidation in March 2023.
In a stock exchange announcement released this morning (2 August), Redemption Project CIC and Serenity Support CIC were described as «non-performing» and it was revealed that discussions for other prospective tenants to take on new leases for the affected properties were underway.
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«The creditors' voluntary liquidation[s] unlock the ability for the company to re-tenant the properties or to carry out other asset management initiatives as soon as possible,» the update read. «The company is working with the respective liquidators to ensure a smooth handover in an attempt to minimise any potential disruption to underlying occupants and to stabilise the portfolios going forwards.
»It should be noted that while discussions with prospective tenants are ongoing, arrangements are being made for existing care and support services for the underlying residents to continue."
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