P & B Construction Management Limited (09097715): administration
- Status
- Administration ended
- Administration began
- 2019-04-03
- Administrators
- Mark Richard Phillips, Daniel Allen
- Administrators' firm
- Partnership Invoice Finance
- Incorporated
- 2014-06-23
- Location
- Rochester
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
We were first contacted by the Director on i April 2019 and gave initial advice in relation to the effect the potential outcomes in the event that FS declared the facility in default.
It will be noted that we had already been appointed as Administrators of another entity owned and controlled by the Director, Abergo Limited, following demand being made by FS against that Company, which is involved in a separate building project. There are no cross guarantees or other mutual securitisation for borrowings in the respective entities, but the Director has provided personal guarantees in respect of both facilities.
It was apparent that the Company was unable to meet its liabilities as and when they fell due and was insolvent on a cash flow basis.
Administrators' statement of proposals (2019-06-12) · Companies House register