Essex based M&E specialist South Eastern Electrical (SEE) owed more than £4m to suppliers and subcontractors when it collapsed in October.
A report by administrators Begbies Traynor revealed that SEE owed cash to 230 trade creditors.
The book value of the firm’s contracts when it went down was nearly £8m including £2.23m held in retentions.
The company was working on 14 live contracts and they were sold by the administrators to SEE Rail Ltd for £1.25m
SEE Rail is an associated company of SSE sharing common directors and offices.
The report said that SSE ran into problems when its cash-flow was hit by delays and long-running insurance claims on a number of contracts.
South Eastern Electrical had been run by CEO Scott Baker since he joined the firm from ISG in January 2017.
Baker has recently been appointed as director of Jones Engineering UK.
from Construction Enquirer http://www.constructionenquirer.com/2019/01/15/south-eastern-electrical-went-down-owing-4m-to-suppliers/
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