Administrations

A glazing and aluminium facade specialist had no net cash when administrators were appointed six months ago. Architectural Glass and Aluminium Ltd (ARGLA), which went under in April, held cash in the bank. But it owed a Coronavirus Bounce Back loan, which cancelled out its entire cash pot. In its…

Nine major construction firms could be missing crucial internal audit functions that are key to identifying financial risks to firms and the industry itself, a leading auditing body has said. Of the top 30 firms in the UK construction sector, nine “may be operating without internal audit capabilities”, the chief…

Administrators have estimated ISG's fit out business owes £111.4m to the supply chain, bringing the total across the firm to more than £301m. Companies House today (28 October) published a statement of affairs relating to ISG Fit Out Ltd – the final of the six ISG subsidiaries which went into…

An ISG lighting subcontractor has gone under, with administrators blaming the collapse of the main contractor. Seventynine Lighting appointed Mark Boughey and Rebecca Dacre of Forvis Mazars as joint administrators on 14 October. A statement from Forvis Mazars on Friday (25 October) said that 30 staff would be made redundant…

A family-run mechanical and electrical (M&E) specialist has appointed administrators after reporting losses for two years running. HBS Southern, founded in 1950, appointed administrators from RSM UK last week (16 October), according to the official record. HBS Southern was run by founder Harry Bull’s son Kevin, who worked alongside his…

A 143-year-old cladding firm was toppled by a multimillion pound bill for allegedly defective work done 11 years previously, its administrator has said. M Price Group, which filed for administration in August, struggled with Covid and inflation before a £7.8m claim from Barratt Homes sent it over the edge, according…

A replacement has been named on a part-completed leisure centre where ISG had been main contractor. North East Derbyshire Council announced this week that its development partner Alliance Leisure had appointed Nottingham-headquartered Universal Civils & Build to finish the Clay Cross Active scheme in Chesterfield. The job, estimated to be…

'Former employees' of ISG are owed at least £72.3m by the collapsed contractor, administrators for the collapsed firm have calculated. Statements of affairs for seven of the eight ISG subsidiaries that entered administration in September were published on Companies House this weekend. They also show that HMRC is owed £54.4m…

Construction remains the worst-affected industry for insolvencies, according to the latest official monthly figures. Data released today (18 October) by the Insolvency Service revealed the construction industry continues to see the biggest number of administrations and liquidations by sector, with 4,310 firms collapsing in the 12 months to 31 August…

Administrators of a £68m-turnover collapsed fit-out specialist have suspended their collection of outstanding debts following months of painstaking work. Following “several months of pursuing the remaining debts with no significant developments”, administrators for fit-out specialist Twenty 1 Construction have decided to suspend that work after advice that it would not…