Eldacrest Construction (London) Limited (05629823): administration
- Status
- Administration ended
- Administration began
- 2018-05-18
- Administrators' firm
- Arc Insolvency
- Incorporated
- 2005-11-20
- Location
- London
- Industry
- 43290 Other construction installation
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
We were introduced to the Board of the Company by Messrs Brian G Lonis & Co, the Company's accountants on 12 February 2018 when an initial meeting was held with the directors Mark Welch (“MW”) and Frederick Welch (“FW”), to discuss the financial affairs of the Company. Prior to the commencement of the Administration | advised the Board as a whole, acting on behalf of the Company, about the Company's financial difficulties and provided advice about the options available to the Company to help determine an appropriate course of action to take. No advice was given to the individual directors regarding the impact of the insolvency of the Company on their personal financial affairs. Whilst not formally in office at that time, | was still required to act in my dealings with the Company in accordance with the Insolvency Code of Ethics.
It was initially envisaged that the Company was insolvent and it should be placed into Creditors Voluntary Liquidation. MW advised that his father FW, who was the other director of the Company, was suffering from ill health and it was proposed that the decision dates for the liquidation be held on 30 April 2018, to enable sufficient time for information to be provided and this used to prepare statutory documents to issue to creditors.
Agents were instructed to carry out a valuation of the business and assets. The Company’s tangible assets comprising of Contractors’ plant, office furniture & equipment and motor vehicles were valued by Mark Humphrey of Key Appraisal Limited and the contracts were valued by Vince Rolandi (“VR”) of Leslie Keats.
Administrators' statement of proposals (2018-07-27) · Companies House register