Eight months after taking control of Bardsley Construction, administrators Duff & Phelps said they are unable to estimate how much of the £45m owed to creditors will be paid.
The Dukinfield-based £80m turnover business collapsed in December after running into trouble on three major projects that caused a £3.2m hit.
The company made all 200 staff redundant. Duff & Phelps said former employers, owed £200,000, would get their money in full. Bardsley was owed £11m on 11 live projects at the time of filing for administration. So far, £1.4m has been recovered from three clients, Trafford Housing, Onward Homes and Regenda Group. A further £1.2m is outstanding from trade debts. The company had £1.3m in the bank before appointing administrators. There were inter-company loans of £13m. Duff & Phelps said the company’s tangible assets were “not significant” and totalled just £86,000.
The administrators said while there was uncertainty about the level of payment to creditors it did expect some claims to be met. The administrator’s report filed this week at Companies House said: “As things stand, the joint administrators are unable to accurately state what the level of creditor claims are. There are so many uncertainties here notwithstanding the fact that creditors have still yet to prove their claims to be adjudicated by the joint administrators.”
A complex £685,000 land sale by Bardsley at Dukinfield Golf Club halted at the time administrators were appointed and is now proceeding.
Bardsley is one of a string of mid-sized contractors to fail in the North West after running into trouble on problem jobs, without sufficient cash to continue.