Three administrators of an Essex-based contractor that has gone into administration have launched a brand new firm that has acquired the failed enterprise and its property.
Groundwork specialist Colwin Development appointed directors from Leeds-based Lewis Enterprise Restoration and Insolvency on 19 March.
Nevertheless, the agency and its property had been acquired by newly launched firm Colwin Group for £70,000, in line with a report launched this week by Lewis Enterprise Restoration.
The deal was accomplished on the identical day the directors had been formally appointed. Three males – Ben Meagher, John Howell and Trevor Schofield – are listed as administrators of each corporations on Corporations Home. “The purchaser is taken into account a related celebration by the use of mutual administrators,” the report stated.
Just one supply was obtained for Colwin Development and its property, in line with the administrator’s report.
Lewis Enterprise Restoration was “initially engaged” by Colwin Development on 18 February.
Colwin Group was integrated on 14 March, in line with Corporations Home information, and has the identical buying and selling tackle as Colwin Development.
Sixteen out of Colwin Development’s 19 workers transferred to the brand new firm by means of TUPE, the directors report stated.
A complete of 162 collectors are listed with the overall quantity owed practically £3.7m.
The directors report confirmed Colwin Development owing HMRC practically £800,000, which incorporates unpaid VAT and unpaid workers’ PAYE and Nationwide Insurance coverage contributions.
The report added that based mostly on present estimates, it’s anticipated there might be a distribution to “preferential collectors”.
It stated: “The quantum and timing of any distribution might be confirmed with collectors within the subsequent required progress report.”
HMRC is a secondary preferential creditor.
Unsecured creditor claims are estimated to be round £1.7m.
Nevertheless, the directors report stated that “based mostly on present estimates, there might be inadequate funds to allow a distribution to the corporate’s unsecured collectors”.
Colwin Group’s web site lists its specialities as underpinning, superstructure repairs and residential enhancements.
The directors have been contacted for remark.
