Administration · 23 November 2021
Countesswells Development
Housebuilder · Witney · South East England
What happened
COUNTESSWELLS DEVELOPMENT LIMITED (company number 09106146), incorporated in 2014, entered administration on 23 November 2021. Its status at Companies House is now: administration.
Why it failed
Oil and gas issues and Covid-19 weakened Aberdeen house prices and sales, extending the project and raising costs; parent could not inject funds and no external funding was available.
- Main reason: Market downturn
- Covid-19
- Cash flow
- Funding withdrawn
- Group company failed
Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.
An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
30 June 2019
Last accounts filed were made up to this date
2 years later
23 November 2021
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to its lenders, Administrators' proposals
- £87.1m
- Expected return to unsecured creditors: about 4p in the pound (prescribed part only, estimated at the 600,000 maximum)
- Administrators' proposals
The last accounts filed were group accounts made up to 30 June 2019, 29 months before it went into administration. Private companies have nine months after their year end to file, so a gap of more than 21 months usually means the next accounts were overdue, one of the warning signs worth checking for.
The full filing history, including any late filings, charges and director changes, is on Companies House.
Lessons learned report
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