Macarthur Holdings Limited (SC379454): administration
- Status
- Administration ended
- Administration began
- 2016-02-29
- Administrators
- Brian William Milne
- Administrators' firm
- Quantuma
- Formerly
- Agrimarine Falklands Limited
- Incorporated
- 2010-06-01
- Location
- Glasgow
- Industry
- 42220 Construction of utility projects for electricity and telecommunications
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The company was incorporated on 01/06/2010. Its registered office was 10 Balephuil, Scarinish, Isle of Tiree, PA77 6UE. However, as the nature of its business was the “Construction of utility projects for electricity and telecommunications’, its main location of trade was on construction sites, predominantly in the West of Scotland.
At the time of appointment the company employed 3 people.
Prior to insolvency, the company had disputed the value of work done on a particular contract with one of its clients. The value of the contract varied substantially, however was valued conservatively and was sufficient to maintain the company as solvent on a balance sheet basis. In order to resolve the dispute, both parties entered into an adjudication process. However, the adjudication process took substantially longer than the director had anticipated and as a result he could not maintain the company’s solvency on a cashflow basis. There was substantial creditor pressure that built up through the adjudication process, which resulted in the floating chargeholder seeking the appointment of an Administrator.
Administrators' statement of proposals (2016-04-27) · Companies House register