Can't Repay Bounce Back Loan? Get Free Advice

Require Immediate Support? Free Director Helpline: 0800 644 6080

Real Business Rescue

Free Director Helpline: 0800 644 6080

Construction Firm Continues Trading following Administration Procedure - Case Study

Share:

Published:

Administration allows continuation of trade for cladding company

Harley Curtain Wall was a cladding firm established in 1996 based in Crowborough, East Sussex. It specialised in windows, doors, structural glazing and rain-screen cladding systems. Projects included high and low-rise apartment and office complexes with a number of high-profile clients.

The company began to experience financial problems due to issues with a major contract which saw a customer refusing to release the relevant funds. Harley dealt with this in the short term by using its cash reserves but after six months of below-cost payments, the reserves started to dwindle. Also, the dispute with the customer was taking up a lot of the management’s time and focus – with a knock-on effect of operational malaise in other areas. When the dispute escalated and the customer claimed £428,000 against Harley Curtain Wall in September 2015, Harley was unable to meet its liabilities and was deemed insolvent.

Received a Bounce Back Loan?

Don't Worry - There are thousands of other company directors going through the same process. No matter what position you are in and need looking for options, speak to a member of the Real Business Rescue team. It's Free & Confidential.
The team are available now -  0800 644 6080

Julie Palmer, regional managing partner at Real Business Rescue (part of the Begbies Traynor Group), said: “Unfortunately, after reviewing all options we were left with little choice but to close the business. The firm had entered difficulty due to cash flow problems.”

Harley entered administration on 8 September and a total of 11 staff members were made redundant and various assets of the business were sold to Harley Facades Ltd. Despite the regrettable redundancies, the continuation of trade was achieved for the business as a whole.

Contact the RBR Team Today


Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY
Dots
Free download

Free Insolvency Report

Claim Your Free Business Review

Simply search your Limited Company Name or Company Number

Next Steps

We provide free confidential advice with absolutely no obligation.
Our expert and non-judgemental team are ready to assist directors and stakeholders today.