Ecore Construction Ltd (08236479): administration
- Status
- Administration ended
- Administration began
- 2018-09-28
- Incorporated
- 2012-10-02
- Location
- Handforth
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
During the financial years 2016 and 2017, the Company was engaged in a number of development projects. In relation to two of these projects, by the end of 2017, the Company was due payments in excess of £600,000.00, which the respective developers had not paid due to cash flow issues and their inability to finance the projects. Despite concerted efforts to collect in these debts, the debts remain outstanding and are unlikely to be recovered.
In addition to this, a further two projects commenced in 2017 subsequently proved to be unprofitable for the business. This caused significant financial difficulties for the Company. The Company was subject to significant creditor pressure from various creditors. Indeed, a winding up petition was presented against the Company by Yard Supplies Limited on 21 August 2018, which was listed for hearing on 15 October 2018.
A review of the Company's cash-flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the medium term in order for a purchaser to be found.
Administrators' statement of proposals (2018-11-08) · Companies House register