Collapsed Clugston Construction has left an estimated £71.5m due to unsecured creditors, new documents have revealed.
An administrator’s statement of affairs lodged in Companies House showed that of the £71.5m, £10.9m was owed to subcontractors creditors, with another £28.6m due to purchase ledger and subcontractor accruals.
Clugston went into administration in late 2019 after facing “acute” cashflow pressures and losses as a result of “onerous” energy from waste (EfW) contracts. KPMG said that the losses, combined with the “increasing likelihood” that the company would not secure a new EfW contract from its joint venture partner CNIM in mid 2020 meant that Clugston’s viability was called into question.
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