Subbies Spared in Ardmore Construction Administration
Administrators have reported that only £1.26m is owed to trade suppliers, while potential claims against the supply-chain could reach £204m.
No secured or employee preferential claims were found, and HMRC's £148,000 bill will be paid in full. With £2.8m cash transferred on the first day, joint administrators believe a dividend can be delivered to unsecured creditors, depending on the resolution of final claims and outstanding safety actions.
- Retention creditors are exposed to around £15m, subject to potential defect notifications and deductions before any funds are released.
- Up to 16 firms, represented by solicitors, have signalled possible claims, but not yet established their value, related to cladding and Building Liability Order claims.
No specific quotes available in this report.
Author's summary: Administrators report limited debt to trade suppliers.