Administration · 15 February 2024
RYE Demolition
Specialist trade · Rickmansworth · East Anglia
What happened
RYE DEMOLITION LIMITED (company number 05755522), incorporated in 2006, entered administration on 15 February 2024. Its status at Companies House is now: administration.
Why it failed
Work fell after the Covid-19 pandemic, forcing renegotiated creditor terms; from November 2023 a creditor sued, eight county court judgments followed, and its lender applied for administration.
- Main reason: Covid-19
- Market downturn
- Cash flow
- Legal claims
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 April 2023
Last accounts filed were made up to this date
10 months later
15 February 2024
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to unsecured creditors (estimated), as at 15 February 2024
- £3.9m
- of which trade creditors £2.8m. HMRC owed £110k. a further £67k owed to its lenders. Expected return to unsecured creditors: none expected
- Administrators' proposals (includes £1.1m owed to its shareholder)
The last accounts filed were small company accounts made up to 30 April 2023, 10 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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- Rye Demolition enters administration
Construction News · 29 February 2024