JLB Construction (Groundworks) Ltd (10382173): administration
- Status
- Administration ended
- Administration began
- 2017-10-06
- Administrators
- Yiannis Koumettou, Ninos Koumettou
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-09-17
- Location
- London
- Industry
- 43120 Site preparation
Why it went into administration
- Bad debts / customer insolvency
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Loss-making contracts / project overruns
- Management failings / irregularities
From the administrators' statement
The Company was incorporated on 17 September 2016, following the failure and subsequent Liquidation of the director's previous company, JLB Construction (Kent) Ltd (“Kent”), which had traded successfully for circa 9 years but had been forced to cease following underpayments & bad debts incurred on works undertaken by that company. These works were carried out for various companies which were all under the control of one individual.
Upon taking professional advice, the director, Jonathan Leatherbarrow, set up two separate new companies to take over from Kent. These were the Company and JLB Construction (Developments) Ltd (‘Developments’). The Company was intended as a holding company to own the assets, whilst Developments was to take the contracts and carry out all the works for customers.
No assets, goodwill or business were bought from the Liquidator of Kent but the Company’s vans and excavators, which were previously held under finance through Kent, were all taken over by the Company who novated the finance agreements in relation to the Plant but cleared the finance on the vans.
Administrators' statement of proposals (2017-12-04) · Companies House register