5 Churchill Place Management Company Limited - administration

5 Churchill Place Management Company Limited, the owner of 5 Churchill Place in Canary Wharf, the London building once occupied by Bear Stearns, and then by JP Morgan, entered administration on 23 May. In March, it was reported that Lloyds Banking Group was attempting to sell a loan secured against the Canary Wharf building. More recently, it has been reported that both the property manager and asset manager will remain in place to ensure the smooth running of the site. Ali Khaki, Andrew Johnson and Matthew Callaghan of FTI Consulting were appointed Joint Administrators. Lloyds Bank continues to have an outstanding charge against the company.