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Financial advisory firm Interpath has been appointed joint administrator to affordable housing business RPA1 Limited after the company was unable to meet its liabilities.
Managing directors Jim Tucker and Steve Absolom were appointed joint administrators on 29 June and have assumed control of the Milton Keynes-based company’s operations and property portfolio.
RPA1 acquires newly built affordable homes from developers before leasing them to registered social housing providers across England. The administration applies only to RPA1, with its parent company, Rentplus-UK, unaffected by the insolvency proceedings.
Interpath said existing tenancy arrangements between registered housing providers and residents will continue as normal while the administration process is underway. The joint administrators are working with stakeholders across the housing sector to maintain day-to-day operations and minimise disruption for tenants.
The administrators will also assess the long-term future of the business and its property portfolio while supporting the existing housing arrangements.
Jim Tucker, managing director at Interpath, said: "We would like to reassure tenants and the underlying occupants of properties connected to RPA1 that it is business as usual. Occupants do not need to take any new action as a result of our appointment, and all existing arrangements remain in place. We are committed to ensuring continuity and minimising disruption throughout the process."
