Administrator of London high-rise specialist says collapsed firm had 鈥榥umerous bank accounts鈥�

The administrator of collapsed London high-rise builder Henry Construction Projects has shed more light on the administration鈥檚 progress, revealing it has been speaking to solicitors as part of its investigations.

The 拢400m turnover firm sank into administration last June after weeks of speculation about the health of the contractor.

In an update, FRP Advisory said its 鈥渋nvestigations into what assets the company has鈥� have included 鈥渞ecover[ing] further books and records from various professional advisors鈥� as well as 鈥渞ecover[ing] further statements and information relating to the company鈥檚 numerous bank accounts鈥�.

henry 2

Henry collapsed last summer, owing firms more than 拢43m

FRP said that during the period covering its latest report, which runs for the six months to 7 June this year, it has also 鈥渃onducted interviews of key individuals (and are arranging interviews of further key individuals) in order to obtain further information concerning the company鈥檚 assets, affairs and dealings including in relation to specific transactions and events鈥�.

It said it has also 鈥渃onducted enquiries with a number of suppliers to the company to gain a better understanding of the company鈥檚 operations鈥�.

And it added it has 鈥渓iaised with solicitors to consider the findings of our investigations and to identify any potential recovery actions.

鈥淲e have sought advice from solicitors in relation to the specific matters arising as a consequence of the above investigations into the company鈥檚 affairs. The findings of our investigations, the merits of potential claims and the likely benefit to the estate will be carefully considered with the assistance of our solicitors.鈥�

Earlier this year, FRP said it took four months to download the firm鈥檚 electronic records and criticised Henry鈥檚 record keeping.

In its latest update, FRP said preferential creditors, which FRP said were Henry鈥檚 former employees, were owed around 拢90,000 with this figure expected to be paid in full.

HMRC has a 鈥減otential claim鈥� of around 拢1m while unsecured creditors have been told they might get some money back although the final amount is not yet known.

Henry collapsed owing dozens of firms a total of more than 拢43m with eight firms each owed more than 拢1m.

In its last set of accounts, Henry Construction Projects posted an improved turnover of 拢402m in the year to June 2021.

The figure was up 7% on the previous 12 months with pre-tax profit during the period up 8% to 拢14m.

As well as high-rise, the firm also carried out civils, groundworks and reinforced concrete work.

Topics