Subcontractors owed millions following the collapse of Lakehouse Contracts are calling for a change in administrator at the crashed company.
Lakehouse went into administration on March 11 following months of complaints from suppliers over unpaid bills.
CMB & Associates were appointed administrators.
But some creditors are calling for rival insolvency specialist Duff & Phelps to be appointed
The Enquirer understands subcontractors have formed an action group and are planning to voice their demands at a creditors’ meeting.
The demise of Lakehouse follows a turbulent seven months since it was sold last August for £500,000 to a company called Mapps Group Limited.
The ex-owners are rebranded company Sureserve who set aside £2.5m in their latest results to cover possible claims on contracts carried-out by their divested business.
The £2.5m is “for costs of claims under parent company guarantees and bonds which are considered probable following risk assessment of all outstanding parent company guarantees and bonds.”
One source close to the situation said: “Creditors are rightly demanding to know exactly what has gone on at this company before, during and since its sale.
“There are a lot of questions being asked following the fall of Lakehouse and I’m sure some people are going to face an uncomfortable few months.”
from Construction Enquirer http://www.constructionenquirer.com/2019/03/25/lakehouse-creditors-call-for-change-of-administrator/
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