GSE Construction Limited (03919776): administration
- Status
- Administration ended
- Administration began
- 2012-12-17
- Administrators
- Anne Clare O'Keefe, Kevin James Coates, Fraser James Gray
- Administrators' firm
- AlixPartners
- Formerly
- G S E Design and Build Limited
- Incorporated
- 2000-02-04
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
The Company was a construction contractor employed to build a range of properties and 1s part of the GSE Holdings (Kent) Limited group of compames (the Group) The Group comprises two main sub-groups, the construction group and the property group The Company 1s in the construction sub-group
Dunng 2012, the Group expenenced cash flow difficulties and was in the process of winding down the Company In June, HM Revenue & Customs (HMRC) threatened to take action agaist the Company 1n respect of unpaid habilities The Group lent the Company £230,000 to settle tins debt and avoid litigation and the potential compulsory winding-up of the Company However, in November, the Company had a bad debt of £700,000 and it became clear to the directors that a solvent wind-down of the Company would not be possible
By this time the Company only had two live contracts, both although moderately profitable had significant execution risks attached The directors reviewed the costs relating to these contracts and determined that the resulting income would be insufficient to meet the Company’s ongoing liabilities
Administrators' statement of proposals (2013-02-05) · Companies House register