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LATEST NEWS & EVENTS RBS put London site into administration  The Royal Bank of Scotland (RBS) has placed a London Blackfriars property into administration, which may interest those worried over insolvency and restructuring. Mirax and the Beetham Organisation backed the site, which was set to incur building expenses of £500 million before being transformed into the mixed-use project One Blackfairs Road. RBS instigated administration proceedings "following the breakdown of the relationship between RBS and Beetham's Russian partners", according to a spokesperson for the Beetham Organisation. The estate agents Knight Frank has been assigned to work on behalf of Beetham and Mirax, whereas CB Richard Ellis is working for RBS. Other properties may also be face with future threats of administration, as over 123,000 British companies are burdened with debts valued at an accumulated total of £58 billion, according to research by Begbies Traynor. The professional services company also revealed that 123,361 companies experienced "significant" or "critical" financial distress in the third quarter of 2010, suggesting that many companies are threatened by potential insolvency or restructuring. Posted by Gaby Hamerton 
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