Joint administrators have been appointed to handle the collapsed Inspired Asset Management Ltd and Inspired Developments (London) Plc, two property companies which failed following the jailing of their chief executive for driving and drug offences
Mick Sanders and Georgina Eason, partners from MHA MacIntyre Hudson’s specialist restructuring and recovery team, have been appointed to handle the administration.
Inspired are specialist property investors, developers and asset managers, who focus on developing and refurbishing residential housing in emerging locations across inner, greater and commuter London.
The company pioneered the concept of so-called ‘micro homes’, which offer smaller size apartments, often in properties which have been converted from office to residential use.
The company collapsed after CEO and founder Martin Skinner was sent to jail for driving offences. He crashed his Porsche into a tree while under the influence of cocaine in August 2018.
Police reported that the impact was so great that the entire engine of the car was ejected from the vehicle. Skinner tested positive for cocaine at the roadside but subsequently refused to provide a further sample for evidence.
He was two hours late for his trial, arriving in a McLaren sports car, where he faced charges of careless driving and failure to provide a specimen. Skinner was given a 22 months prison sentence by Worthing Magistrates Court and was disqualified from driving until May 2022.
Sanders and Eason will now lead the administration process for the two companies, starting with a review of their potential assets of £100m.
By Pat Sweet