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Administration · 29 April 2015

Southdale

Developer · Halifax · Yorkshire and the Humber

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What happened

SOUTHDALE LIMITED (company number 03618913), incorporated in 1998, entered administration on 29 April 2015. Its status at Companies House is now: liquidation.

Why it failed

Trading losses, about £17m of newly identified contract losses and its bond provider's liquidation, with extra retention and bonding demands, drained cash; it could not trade beyond April 2015.

  • Main reason: Losses on contracts
  • Cash flow

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: SOUTHDALE HOMES LIMITED.

Timeline

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

  1. 30 June 2013

    Last accounts filed were made up to this date

    22 months later

  2. 29 April 2015

    Administration started

    3 months later

  3. 30 July 2015

    Administration ended

  4. 30 July 2015

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

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jun 2013
£32.9m
Accounts at Companies House
Loss before tax, year to Jun 2013
£1.2m
Accounts at Companies House
Staff, year to Jun 2013
124
Accounts at Companies House
Net assets, year to Jun 2013
£2.4m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 29 April 2015
£12.4m
a further £70k owed to its lenders. Expected return to unsecured creditors: expected, amount not yet known
Administrators' proposals

The last accounts filed were full accounts made up to 30 June 2013, 22 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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