NRI Civils Ltd (08211974): administration
- Status
- In administration
- Administration began
- 2023-11-14
- Administrators
- Gary Steven Pettit
- Administrators' firm
- PBC Business Recovery & Insolvency
- Incorporated
- 2012-09-12
- Location
- Northampton
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
From the administrators' statement
The company traded successfully for many years. The last year has been challenging as it has been for many in the construction industry.
Earlier this year the company became subject to a dispute with a major house builder with that builder terminating its contract and refusing to pay a considerable amount owed. This left the company with a large hole in its cash flow and the loss of a major contract going forward, together with the loss of other work as a result. This left the directors no alternative but to seek advice in relation to the amount owed.
The advice was that a strong claim existed and they should proceed to adjudication. The directors entered into liaisons with its secured creditor as to whether the company could continue to trade and maximise realisations to all stakeholders in the interim period. This would also allow the adjudication to progress. However, it soon became clear this was not possible as creditor pressure became too great for trade to continue.
Administrators' statement of proposals (2024-01-09) · Companies House register