Subbies Spared in Ardmore Construction Administration
Just £1.26m is owed to trade suppliers, while administrators consider potential £204m claims against the supply chain.
Administrators have confirmed there are no secured or employee preferential claims, with HMRC's £148,000 bill to be paid in full.
A total of £2.8m in cash was transferred on the first day, leading joint administrators to believe there should 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 have signaled possible claims, but not yet established their value, related to cladding and Building Liability Order claims.
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Author's summary: Administrators eye £204m claims against supply chain.