2000 Construction Ltd (04167966): administration
- Status
- Administration ended
- Administration began
- 2012-11-26
- Incorporated
- 2001-02-26
- Location
- Colchester
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Weather / natural events
From the administrators' statement
The Company was incorporated on 26 January 2001 and was set up by its existing director, Ralph Daff Its principal activity was that of civil engineers and groundworkers It traded from premises owned by Mr Daff at Gresham Farm, Harwich Road, Great Bromley, Essex Its client base ranged from small individual developers to larger regional and national construction companies, largely based in East Anglia
The Company was severely htt by a bad debt of in the region of £186k following the Administration of one of its mayor clients in 2003 This was compounded in 2004 with two further bad debts totalling £50k The director introduced personal funds into the Company and sought further funding from the Banks The Company managed to recover from these set backs, although cash flow was tight, and traded successfully for some years Details of the Company's financial accounts are included in Appendix B together with statutory tnformation
In 2012 the effects of the general economic climate impacted on the Company with a significant loss of turnover Instructions on contracts were delayed and this, together with bad weather, caused a serious reduction in the level of work The director reduced overheads as far as possible and a number of redundancies were made In order to alleviate the cashflow pressures, additional working capital was sought and the Company obtained a loan for £100k from FE Loan Management Limited ("FE Loan’) in August 2012 This loan was secured by a debenture granting a Fixed and Floating charge over the Company's assets which was registered on 30 August
Administrators' statement of proposals (2013-01-09) · Companies House register