Subbies Spared in Ardmore Construction Administration
Just £1.26m is owed to trade suppliers, while administrators are eyeing potential £204m claims against the supply chain.
Administrators have confirmed that there are no secured or employee preferential claims, with HMRC's £148,000 bill to be paid in full.
A total of £2.8m in cash was transferred on day one, leading the joint administrators to believe that there should be enough to deliver a dividend to unsecured creditors, depending on the resolution of final claims and outstanding safety actions.
- No secured or employee preferential claims
- HMRC's £148,000 bill to be paid in full
- £2.8m cash transferred on day one
However, retention creditors are exposed to around £15m, with these retention balances subject to potential defect notifications, which could lead to deductions before any funds are released.
Up to 16 firms, represented by solicitors, have signalled possible claims but not yet established their value.
Autor's summary: Ardmore Construction administration owes £1.26m to suppliers.
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