Huw Powell, Katrina Orum and Paul Wood were appointed joint administrators of the Companies on 28 October 2022.
The Joint Administrators act as agents of the Companies and without personal liability.
A – An administration is an insolvency process used by companies that are unable to pay their debts as they fall due. A moratorium has been placed over the Companies as a result of our appointment. This means that no creditor can take legal action against the Companies except with leave of the court.
The role of the Joint Administrators is to realise assets for the benefit of creditors and to make distributions to creditors where available.
A – Letters to employees explaining how they can make a claim against the Redundancy Payments Service will be sent to all employees that were made redundant on 21 October as soon as possible – it is currently expected they will be issued on 31 October 2022. Any employees who have not received their letter by 4 November should review these FAQs to establish if an update has been provided, or should email email@example.com to ensure we have your contact details.
A – The Joint Administrators have the consent of former employees to provide them with details of potential new employers. Please email details of any roles to firstname.lastname@example.org so that these can be passed on as appropriate.
A – You will have a claim in the relevant administration, notice of which will be sent under separate cover within seven days of our appointment together with a proof of debt form. If you have not received a copy of this notice after seven days of our appointment, please contact the Joint Administrators via email at email@example.com to ensure we are aware of your contact details.
A – The directors of Jehu Civils Limited; Waterstone Estates Limited; and Abode Waterstone Limited are currently collating information and seeking advice from Begbies Traynor. It is anticipated that these companies will enter Creditors’ Voluntary Liquidation (CVL) rather than administration in the coming days. The companies that are proposed to enter CVL are: Jehu Civils Limited; Waterstone Estates Limited; and Abode Waterstone Limited.
If you are a creditor of these companies, you will have a claim in the relevant CVL, notice of which is expected to be sent under separate cover by 11 November 2022. If you have not received a copy of this notice by 16 November 2022, please contact the proposed liquidators via email at firstname.lastname@example.org to ensure we are aware of your contact details.
No other group companies are currently proposed to enter any form of insolvency.
A – This will be dependent on asset realisations, in particular the collection of debtor and retention monies (in relation to JPS and WH). The Joint Administrators will be working hard with various stakeholders to achieve the best outcome available and will provide an update to creditors within eight weeks of their appointment when their proposals are sent to creditors.
We appreciate that the failure of the Companies will create an extremely difficult time for all parties involved and so we will endeavour to provide update to these FAQs if the likely outcome becomes clear sooner.
A – Your first port of call should be to contact the Joint Administrators via email to email@example.com to make us aware of your assets and the location they were supplied.
Please provide a copy of any agreement with the Companies so that the Joint Administrators and their agents can review the documentation. We will then seek to liaise with customers to provide access to sites as appropriate.
A – Your first port of call should be to contact the Joint Administrators via email to firstname.lastname@example.org to make us aware of your potential claim and the location that you supplied stock.
These claims need to be dealt with quickly so you will be issued with a questionnaire to complete so you can provide evidence of supply and the retention of title clause. The claim will then be assessed by the Administrators for validity and we will then seek to liaise with customers to provide access to sites as appropriate.
A – Please do not fulfil any orders placed by the Companies before our appointment unless you receive our written confirmation that the goods or services are still required.
With effect from the date of our appointment, the Companies will not be responsible for any payment for goods and services delivered to it except against orders which bear the Joint Administrators’ signatures, or one of their authorised representatives. All such authorised orders will be paid for in accordance with your normal trade terms, unless otherwise agreed with you.
A – As the Companies have ceased to trade and completing works on existing sites is not considered viable (an in any event contracts could only be assigned with the consent of the customer), the Joint Administrators do not propose to proactively market the Companies’ business or seek discussions with interested parties as the prospect of any sale is considered highly speculative.
If any party is interested in the Companies’ brand or intellectual property, they should email email@example.com with details of their interest.
An independent review of the viability of completing works on existing sites by the Joint Administrators concluded that that it would not be viable to do so. As a result, the sites have been handed back to customers, who will make their own arrangements with regard to completing works.
A – The administrators are not aware if any plans from the directors to establish a new company to complete the Companies’ projects and are not in any negotiations to transfer any of the Companies’ business.
A – The Joint Administrators have appointed independent agents, Gavel Auctioneers to sell the Companies’ chattel assets and these will be available for sale on their website, https://gavelauctioneers.com/ in due course.
The Companies’ property assets are subject to fixed charges in favour of secured creditors. A strategy to realise these assets will be agreed with the secured creditors in due course. It should be noted that based on current estimates, it is not expected that the secured creditors will be repaid in full from assets subject to their fixed charges.
More Begbies Traynor News
Contact Begbies Traynor Group