S & I Groundworks Limited (09362546): administration
- Status
- In administration
- Administration began
- 2023-01-23
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Formerly
- S&I 2015 Limited
- Incorporated
- 2014-12-19
- Location
- Sale
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Loss-making contracts / project overruns
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Company’s external accountants, DJH Mitten Clarke, referred the directors to Insolvency Practitioners at KBL Advisory Limited on 24 December 2022. A physical meeting took place on 4 January 2023, at which 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 short to medium term without worsening the creditor position.
Options were considered by the Directors and a pre-pack administration was considered to be the preferred course of action and the directors proceeded to formally engage KBL Advisory Limited to assist with this process on 9 January 2023.
On 10 January 2023 a Notice Of Intention To Appoint Administrators was sworn by the directors. This document was filed in the High Court of Justice Business and Property Courts of Manchester, and served on Aldermore Bank Plc, NPIF NW Debt LP, MEIF WM Debt LP and S&I Holdings Limited who are all qualifying floating charge holders.
Administrators' statement of proposals (2023-03-23) · Companies House register