Bristol builders enter liquidation after London job goes sour
Simon Rowe appointed liquidator at builder after failing to be paid for Regency London townhouse renovation
A Bristol-based building firm that lost out when a £15m London housing
development struggled, has entered liquidation.
Insolvency practitioners from
Milsted
Langdon were appointed to Spiller Builders as liquidators.
The Bristol firm took on the redevelopment of a Regency townhouse in London
in 2007, but falling property prices upon its completion in 2008 saw its value
drop.
With Spiller not expected to receive any of its £800,000 payment for its
work, plus the lack of work in the building industry, Milsted Langdon partner
Simon Rowe was appointed liquidator. The builder’s 16 staff will lose their
jobs.
“Although the company’s records show that former customers owe it several
hundreds of thousands of pounds, construction debts are notoriously difficult to
collect once a builder has ceased to trade as customers allege that work was
inadequate or simply refuse to pay,” said Lowe.
He added that he would be “working hard” to maximise creditors’ returns.
Further reading:
Highland
Airways should be dissolved, suggest PwC administrators
Mercer
administrators called to Maple Leaf Consulting
Vergo
Retail administrators hold sale to fund business