Cornerstone Building Services Limited (04533466): administration
- Status
- Administration ended
- Administration began
- 2023-05-02
- Administrators
- Robert Christopher Keyes, David Ronald Taylor
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2002-09-12
- Location
- Reading
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Property / lease costs
- Sustained trading losses
- Parent or group failure
From the administrators' statement
Following the return to work directive issued by the Government, the group sought to reinstate the work in progress and recommence the contracts that it had post pandemic. It can be seen above that the group overall was seriously financially disadvantaged by the crown set off of the VAT under the time to pay arrangement against VAT reclaims, which would, if paid, have assisted the company financially in what was a very difficult trading period given the backdrop of the pandemic. Added to this a number of customers reduced work commitments and scaled down operations with the group companies which meant with the primary fixed overheads of salaries and rent and the existing balance sheet liabilities it became increasingly difficult to cover them on reduced levels of turnover. The company sought the advice of KRE Corporate Recovery Limited in March of this year and it was envisaged that with a revised payment plan from HMRC and a number of “informal” arrangements with trade creditors that it could potentially trade out of the existing financial difficulty. However, the main trading companies within the group were unable to secure a revised time to pay plan from HMRC and coupled with a …
No Moratorium under Part A1 of the Act has been in force for the Company at any time within the period of 2 years ending with the day on which it entered Administration.
Attached at Appendix Ill is an account of the work undertaken prior to the Joint Administrators’ appointment and the costs associated with that work.
Administrators' statement of proposals (2023-06-30) · Companies House register