Creditors of failed contractor set to miss out on £9.5m
Creditors of failed Edwinstowe contractor Robert Woodhead look set to miss out on over £9.5m owed to them, according to documents seen by TheBusinessDesk.com.
Tyrone Courtman and Deviesh Raikundalia of RSM UK Restructuring Advisory were appointed to Robert Woodhead in September with a view to placing the company into voluntary liquidation.
The company cited the well documented market conditions and impact of rapid price increases throughout the supply chain, coupled with fixed price contracts as being the root cause of its downfall.
New documents released two months on, show that just £557,106 has been recovered by the administrators for unsecured creditors, despite claims totalling over £10m.
Trade and expense creditors were owed over £6.1m when Robert Woodhead went under, with subcontractors out of pocket by a further £2.1m.
Established in 1946, Woodhead operated across the East Midlands and South Yorkshire and employed over 150 people. In September, we revealed that leaked emails seen by TheBusinessDesk.com showed that staff at the company had less than six hours to prepare themselves for redundancy.
