Subbies Spared in Ardmore Construction Administration
Administrators have confirmed 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, the 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.
- Up to 16 firms have signalled possible claims, but not yet established their value, related to cladding and Building Liability Order claims.
No specific quotes available in the text.
Author's summary: Administrators manage Ardmore Construction's finances.