Dennis Cox Building Services, the Slough-based design and construction business, has filed its intention to appoint administrators to protect it from creditors, according to reports in the Construction Enquirer. The move may have come about as a result of an impending winding up petition.
Its last filed accounts recorded sales of £15 million with a pre-tax profit of £508k. So it goes to show that accounts are historic!
The firm has worked on a number of high profile jobs including Wembley stadium, the Olympic Athletes Village and Harrods.
An intention to appoint administrators is a powerful tool that gives the company breathing space in which to either refinance the business or restructure for a rescue. It stops all creditor actions for 10 days and can be extended a further 10 days if the situation is likely to be resolved during the second extension.
Talk to our insolvency practitioners to find out how this can be done.