ISG administrator tells subbies no funds to pay debts

Aaron Morby 1 month ago
Share

Administrators handling collapsed contractor ISG are warning subcontractors and suppliers there will be insufficient funds left to pay any of the cash owed to them.

In letters to trade creditors, administrator EY confirmed that no further work would be carried out during the administration on existing contracts, including projects for Construction, Fit Out and Engineering services businesses.

It said: “The companies are being wound down under our supervision while we conduct an investigation of their financial affairs.

“At present, it is not anticipated that there will be any funds available for a distribution to creditors.”

One subcontractor told the Enquirer: “We weren’t expecting any good news, but to be told this just a few weeks into the administration shows how bad things must have got at ISG.

“There’s been no announcement of any asset sales or contract novations. It’s looking very grim.”

EY added that in accordance with the Insolvency Act, it would be preparing proposals for creditors within eight weeks of the 20 September administration date that would give a further indication any changes to dividend prospects.

Creditors are still being encouraged to submit claims should the final assessment of available funds improve.

A hard copy proof of debt form can be downloaded from the EY website which must be emailed to EY.

Latest news

Guinness Partnership starts race for £1bn housing deal

Housing association to renew preferred firms for 15-year housing retrofit programme
1 hour ago

Rockwool plans new factory to ramp up output

Stone wool maker plans second factory in Midlands
10 hours ago

McAleer & Rushe wins London City 670-room student job

Dominus confirms builder for 65 Holborn Viaduct
2 hours ago

Electrician caught abusing covid loans

Middlesbrough spark subject to seven years of stringent bankruptcy restrictions
1 hour ago

Wates hires Bouygues chief as MD for residential arm

Phillippa Prongue will replace Helen Bunch who retires
17 hours ago

Civils powers on but house building falters

Buyers report "solid output growth" despite decline from record September
21 hours ago

Multiplex tops October contracts league

£300m Glasgow Uni win tops big new orders
1 day ago

Key industry rebar supplier loses fight to stop factory closure

Kent rebar facility supplying 30% of UK rebar set to close
1 day ago

Vital Energi JV to build £1bn heat network for Westminster

Heat captured from the River Thames, Tube and sewers to warm Parliament
1 day ago

Plans in for Birmingham 300-bed student scheme

China Quarter stepped project will rise to 15 storeys
1 day ago

United Living looking to continue expansion

Record results as infrastructure and property spending flows
1 day ago

Paralysed builder stranded on floor for six hours after fall

Court hears how contractor failed to properly plan housing job
1 day ago

Network Rail scales back Liverpool Street station scheme

Architect changed and developer Sellar dropped as £1.5bn original plan scrapped
2 days ago

Muse JVs with pension fund insurer to build 3,000 homes

New Habiko business will build affordable low carbon, rental homes
2 days ago

£1.3bn revamp plan for South London shopping centre

Landsec plans 1,700 homes at Lewisham shopping complex site
2 days ago

Network Plus names new chief executive

Kevin Fowlie steps up to succeed founder Dan Holland
2 days ago

TanRo lands latest Clowes business park

Groundworks due to start in new year at 31-acre Harrier Park site
2 days ago

New consultant buys M&E specialist TACE

Contollo Group has ambitious growth plans over next five years
2 days ago

Skanska signs £197m deal for Mayfair offices job

South Molton job consists of two big office buildings
3 days ago

Cost of fixing unsafe cladding soars to over £16bn

Watchdog urges new 'hard target date' to complete all recladding works
3 days ago

Scottish Water opens bidding on £800m framework

Innovative ceramic membrane water treatment works programme
3 days ago

Carbon capture concrete hits London sites

Neustark and Aggregate Industries launch new technology to UK market
3 days ago

Six win £300m cladding retrofit deal

Major social landlord Riverside Group to reclad 22 towers
3 days ago

Winchmore lands brickwork package on Graham £80m academy

Alkerden Academy is one of the largest schools to be built in the region
3 days ago

Construction firms blast “true cost of Budget”

Firms fear tax hikes will lead to reduced hours and job cuts for staff
6 days ago

Steel bridge specialist sold to staff

Nusteel Structures Group becomes industry's latest Employee Owned Trust
6 days ago

Ex-Lendlease chief to lead Euston housing regeneration

Bek Seeley to head Euston Housing Delivery Group
6 days ago

Ardmore lands Kensington hotel revamp

Contractor to transform former Kensington Holiday Inn
6 days ago

RED wins £35m brace of projects in Bristol

Works include student halls and major facade fire safety remediation
6 days ago

Wates starts £300m Gartree super prison job

Early works start on 1,700-prison place job next to existing prison
7 days ago

Contractor services