Charworth Homes Limited (10351441): administration
- Status
- In administration
- Administration began
- 2024-02-02
- Administrators
- Charles Howard Ranby-Gorwood
- Administrators' firm
- CRG Financial Recovery
- Incorporated
- 2016-08-30
- Location
- Grimsby
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
Creditors should note. that, uniess otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
A first meeting with the director and the secured lender, One Stop Business Finance Limited (“One Stop”), took place on 11th January 2023, and discussed the Company's financial circumstances and potential options. There were also discussions about the potential implications on the director's personal circumstances as a result of the Company's financial position, without actually advising the Director personaily. It was clear that the indebtedness to the suppliers and other creditors could lead to a potential cessation of trading, and that this would have a significant effect on ability of the Company to realise its asset value, if suitable arrangements were not made for the contro! of the Company and completion of its work in progress.
it was also apparent that some planned property sales may be delayed due to discussions with certain creditors not progressing sufficiently, to enable an exchange of contracts. It was apparent that formal insolvency proceedings were almost inevitable, so these delays in property sales were the matter that made the final decision as to the appointment of an Administrator to the Company. Supplier pressure was also expected imminently, both due to the level of indebtedness and particular creditors pursuing their indebtedness, so it was considered appropriate by the Company, not to take further credit, and commence formal insolvency proceedings.
Administrators' statement of proposals (2023-03-28) · Companies House register