Queen's builder owed £20m to creditors

摘要

Fairhurst Ward Abbotts - known as the Queen's builder thanks to it holding a royal warrant - entered into administration in July owing an estimated £20m to creditors, writes Louise Dransfield. The firm's administrator Begbies Traynor said in a statement of proposals filed at Companies House at the weekend that the £20m figure incorporates an estimated £5m to cover expected counterclaims over incomplete and terminated contracts. Unsecured trade creditor claims are estimated to amount to £13.4m. Fairhurst Ward Abbotts' (FWA) financial difficulties stemmed from its "inability to pay debts", Begbies Traynor's report states. This situation followed the discovery by new finance director Derek Aslett in late 2014 of what were considered to be "poor" accountancy practices, according to the report.