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Business rescue saves jobs

In May 2013 we were approached by the director of a general building and civil engineering company that was experiencing cash flow problems due to incurring significant bad debts. The company had three ongoing contracts of significant value that were at risk of being terminated if the company entered into Liquidation.

There were also significant retention payments due that would have been more difficult to recover in a Liquidation if the contracts were terminated. The decision was taken to use a pre-pack administration sale to transfer the business and certain assets to the director via a newly formed company on the recommendation of an independent valuer.

The jobs of all 10 staff were safeguarded and the new company was able to continue with the contracts.

We have advised and assisted Byrne Associates in respect of construction matters for many years. In this time all staff have demonstrated their in depth knowledge of insolvency procedures Terry Blazey (TFB Associates )

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  • Head Office: Suite 3 Farleigh House, Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
  • Tel: 01275 464 038
    Fax: 01275 462 937
  • info@byrneassociates.co.uk

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