UK's Cadenza plunges into liquidation

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The UK property firm Cadenza has been put into voluntary liquidation by its owner following the Icelandic banking meltdown.

Tony Pidgley Jr, who is son of Berkley Group founder Tony Pidgley, told London's the Times that his company had run into funding problems during the fallout of the Landsbanki collapse.

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Mr Pidgley Jr told the newspaper: "We were in a very difficult situation where our bank was unable to fulfil its funding commitments.

"The bank's administrators ripped up our agreements. I tried to refinance with a number of other banks, but you just can't refinance."

The restructuring firm Begbies Traynor earlier this year estimated that the number of commercial property insolvencies in the UK could reach 1,600 by the end of 2009.