Groundworks Direct Limited (07119726): administration
- Status
- In administration
- Administration began
- 2024-03-18
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Incorporated
- 2010-01-08
- Location
- Sale
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 The Company approached KBL Advisory Limited on 5 March 2024. A review of the Company’s financial position was carried out it was established that the Company had limited working capital to continue to trade. The Company was in significant arrears with trade creditors and had fallen into arrears on numerous hire purchase agreements.
3.2 Options were considered by the director, and it was concluded that a wind down administration was considered to be the preferred course of action and the director
proceeded to formally engage KBL Advisory Limited to assist with this process on 8 March 2024. A wind down administration allowed for immediate control of assets (mainly large plant and machinery) across multiple sites and the moratorium provided protection from the imminent threat of a winding up petition.
Administrators' statement of proposals (2024-05-18) · Companies House register