Russian sanctions force Calecore into administration

Russian sanctions force Calecore into administration

Insolvency practitioners from Price Bailey called in as Calecore, a firm specialising in offshore site investigations, enters administration

ADMINISTRATORS from Price Bailey have been called in to Calecore after the specialist in offshore site investigations entered administration to protect its assets.

Matt Howard and Paul Pitman were appointed joint administrators on 23 March after the offshore firm, which has operations in Russia, Norway and Singapore encountered difficulties as a result of US and EU sanctions against Russia.

The sanctions resulted in later and smaller payments on a large project in the Kara Sea for Exxon & Rosneft. This was compounded when a 50% shareholder in the business withdrew the majority of its loans upon final collection of the Russian funds.

Price Bailey said that 50 staff employed by the company will be made redundant but that 17 core admin staff, together with a number employees with experience in relation to the operational side of the business will be retained.

The administrators have begun to contact Calecore’s creditors regarding any claims and hope to sell at least part of the business on an ongoing concern basis.

Matt Howard joined Price Bailey from BDO last month.

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

4m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

5m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

6m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

6m

Related Articles

Late payments like "crack cocaine" for large businesses

Business Recovery Late payments like "crack cocaine" for large businesses

3m Tom Lemmon
More bad news for Debenhams

Business Recovery More bad news for Debenhams

10m Emanuela Hawker, Reporter
Insolvency and corporate governance

Business Recovery Insolvency and corporate governance

10m Chris Laughton
Impact of Brexit on restructuring and insolvency

Business Recovery Impact of Brexit on restructuring and insolvency

1y Emma Smith, Managing Editor
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

1y Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

2y Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

2y Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

2y Emma Smith, Managing Editor