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Administration · 6 September 2024

Glenevin

Civil engineering · London · Greater London

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What happened

GLENEVIN LTD (company number 08397690), incorporated in 2013, entered administration on 6 September 2024. Its status at Companies House is now: insolvency proceedings.

Why it failed

Poor contracts caused losses, with work finishing and little new work to cover overheads; the bank, directors and shareholders refused further funding, leaving it insolvent on cash flow.

  • Main reason: Losses on contracts
  • Cash flow
  • Funding withdrawn

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.

Previously known as: GLENEVIN CONSTRUCTION LTD.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 31 August 2022

    Last accounts filed were made up to this date

    2 years later

  2. 6 September 2024

    Administration started

    2 years later

  3. 11 September 2026

    Administration ended

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Aug 2022
£40.2m
Accounts at Companies House
Profit before tax, year to Aug 2022
£2.4m
Accounts at Companies House
Staff, year to Aug 2022
120
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 6 September 2024
£6.3m
HMRC owed £1.4m. a further £6.6m owed to its lenders. Expected return to unsecured creditors: prescribed part only
Administrators' proposals

The last accounts filed were full accounts made up to 31 August 2022, 24 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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In the news

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