MS Construction Group Ltd (12362907): administration
- Status
- Administration ended
- Administration began
- 2021-06-28
- Administrators
- Andrew Knowles, Stephen Gerard Clancy
- Administrators' firm
- Kroll
- Formerly
- North East Construction Group Limited; N,E Construction & Groundworks Limited
- Incorporated
- 2019-12-13
- Location
- Manchester
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Kroll were approached by Bibby prior to the Appointment Date in order to discuss the recovery options available to them with respect to their outstanding liability.
Bibby provided an invoice finance facility to the Company but had encountered difficulties in collecting the outstanding ledger in the period prior to the Appointment Date. In addition, Bibby had been unable to contact the Director and therefore had concerns as to the recoverability of their debt.
Kroll discussed the options available to Bibby in their capacity as the holder of a floating charge over the assets of the Company. After considering the advice provided, Bibby formed the opinion that by placing the Company into Administration, they could preserve their position in respect of their outstanding liability and may ultimately recover some, or all, of their debt from asset realisations.
Administrators' statement of proposals (2021-08-30) · Companies House register