Sector developments and company hires

BUMF 6 application discontinued

A notice of discontinuance from Greencoat Investments has been received by Business Mortgage Finance 6, purporting to discontinue its application for an administrative order with respect to the issuer, which had been listed to be heard before a High Court Judge at the beginning of July (SCI 16 April). This hearing has now been vacated and the application struck out with judgment, since the applicant failed to transfer £350,000 by way of security for the issuer's costs. The issuer will be seeking its costs to date in contesting the application from the applicant on an indemnity basis. The notice of discontinuance follows a purported enforcement notice from Greencoat Holdings and Portfolio Logistics, who claimed to have been appointed - on behalf of the class A noteholders - as trustees of the notes, and an out-of-court appointment of a receiver of the issuer. The issuer, in turn, informed noteholders that it considers each of these actions to be entirely spurious, invalid and of no effect and that it will be taking steps in court in relation to them.