🚨 Critical Residents’ Bulletin

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TTMC Faces Statutory Demand
23 September 2025

Dear Leaseholders and Members,

We want to update you on a significant development affecting Twelve Trees (Bromley-by-Bow) Management Company Ltd (TTMC).

Pre-insolvency proceedings have now commenced.

Today, TTMC was formally served with a Statutory Demand under section 123 of the Insolvency Act 1986.
This demand gives TTMC 21 days to pay £17,295.79 to a creditor for work carried out at Maltings Close in 2022 — a debt that has remained unpaid for nearly three years.

đź“Ś Key Dates

  • Debt owed: ÂŁ17,295.79 (principal, statutory interest and costs)
  • Deadline for payment: 14 October 2025
  • If not paid: The creditor has confirmed it will immediately file a winding-up petition at court

⚖️ What This Means for Leaseholders

  • If TTMC does not pay the debt by the deadline, the creditor can apply to Court to have TTMC wound up (liquidated).
  • Once a winding-up petition is advertised in the Gazette, other creditors can “join” the petition. We know TTMC currently owes close to ÂŁ300,000 to other creditors who are likely to support the action.
  • If TTMC is wound up:
    • Its bank accounts will be frozen.
    • The Insolvency Service or an appointed liquidator will take control.
    • Any money in TTMC’s accounts — including unspent service charges — may be used to pay creditors.

🏛 What Happens if TTMC Ceases to Exist?

  • TTMC would cease to trade and its directors’ powers would end immediately.
  • A liquidator (or the Official Receiver) would take control of TTMC’s affairs.
  • TTMC would no longer be able to manage the building or collect service charges.

Legal back-stop: Under the leases, the freeholder (Chime Properties) is contractually obliged to step in and manage the development until a new management company is appointed.

We have already written to Chime Properties, who confirmed they will step in to manage the building if TTMC ceases to exist.
👉 This means essential services should continue without interruption while the Maltings Close Residents Management Company Limited (MCRMC) progresses its takeover.

💰 Important – Payments into TTMC’s Service-Charge Account

Because TTMC may soon be liquidated, any funds paid into TTMC’s bank accounts could be frozen and used by the liquidator to satisfy TTMC’s creditors — rather than being spent on running the building.

We strongly recommend residents exercise caution before making further payments into TTMC’s service-charge account.

  • If you have a standing order or direct debit in place, you may wish to seek advice on pausing or redirecting payments until management is formally transferred to Chime Properties or MCRMC.

We raise this now to protect leaseholders’ funds and ensure money intended for upkeep is safeguarded.

đź“Ł Next Steps

  • We will monitor TTMC’s response to the Statutory Demand and whether payment is made by 14 October 2025.
  • If a winding-up petition is issued, it will be published in the Gazette — we will circulate the link so residents can see the filing themselves.
  • We will advise on the legal and financial implications for leaseholders and options to protect service charge monies.

❤️ Reassurance

We understand how concerning this news may be.
Please rest assured that the Residents’ Association is already seeking specialist advice to protect residents’ interests and will keep you informed every step of the way.

With best regards,
Maltings Close Residents Association (MCRA)

📧 chairman@maltingsclose.org

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