Brierstone Limited (05032555): administration
- Status
- Administration ended
- Administration began
- 2023-01-19
- Administrators
- Colin David Wilson, Louise Williams
- Administrators' firm
- Opus Restructuring
- Formerly
- Legacy Developers Limited
- Incorporated
- 2004-02-03
- Location
- Milton Keynes
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
3.1 Based on the last set of accounts provided by the Director as at 31 August 2021, The company is actually book solvent in excess of £1.3 million. However with what has transpired since the submission of the accounts, the company cannot continue to trade as explained earlier in relation to a number of contract issues and adjudication matters on completed contracts a and contingent liabilities are likely to fall due.
In particular regarding the adjudication, the Company entered into a contract for one of the sites, Summerwood/Omskirk. The basis of the adjudication was for works to be carried at the site within an agreed timeframe. Unfortunately, due to issues with the respondent, (“Summerwood Country Homes Limited”), in timings of works to be carried out and requests by the Company for extensions, proceedings were brought by the Company. A hearing was originally scheduled for 29 December 2022 in relation to the adjudication, however, the Respondents declined to attend. Due to the refusal to attend, this delayed the adjudicator’s decision to 15 January 2023. The Adjudicator ruled within the Company’s favour during the hearing decision.
The Company is experiencing significant creditor pressure and has insufficient cash available to meet its debts. The balance sheet as at 19th December 2022, shows a deficit of c£570k. However, this includes an asset figure for ongoing claims and
Administrators' statement of proposals (2023-03-23) · Companies House register