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 in cash transferred on the first day, joint administrators believe there may be enough to deliver a dividend 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 funds are released.
- Up to 16 firms, represented by solicitors, have signalled possible claims, including cladding and Building Liability Order claims, but have not yet established their value.
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Author's summary: Administrators report on Ardmore Construction's financial status.