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Administration · 21 December 2016

Peak Contractors

Main contractor · Harlow · East Anglia

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What happened

PEAK CONTRACTORS LIMITED (company number 00698449), incorporated in 1961, entered administration on 21 December 2016. Its status at Companies House is now: liquidation.

Why it failed

Loss-making private projects, a hospital job with an under-priced lift and departed groundworker, overstated profit figures and late payment by its biggest client strained cash flow.

  • Main reason: Losses on contracts
  • Clients not paying or failing
  • Cash flow
  • Accounting irregularities

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: PEAK DISPLAYS (HODDESDON) LIMITED.

Timeline

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

  1. 31 March 2016

    Last accounts filed were made up to this date

    9 months later

  2. 21 December 2016

    Administration started

    6 months later

  3. 6 June 2017

    Administration ended

  4. 6 June 2017

    Creditors' voluntary liquidation started (shareholders resolved to wind up)

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Mar 2016
£12.3m
Accounts at Companies House
Profit before tax, year to Mar 2016
£206k
Accounts at Companies House
Net assets, year to Mar 2016
£286k
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 21 December 2016
£2.9m
of which trade creditors £2.0m. HMRC owed £472k. Expected return to unsecured creditors: about 35p to 50p in the pound
Administrators' proposals
Staff when it failed, Administrators' proposals
29
Administrators' proposals

The last accounts filed were full accounts made up to 31 March 2016, 9 months before it went into administration.

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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