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FRP Advisory appointed Administrators to Rapide Dry Lining Limited
2 July 2012
Hull-based construction firm faced with unmanageable cash flow situation.
Steven Stokes and Geoff Rowley of FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Administrators on 29 June 2012 to specialist building finishing firm Rapide Dry Lining Limited.
Financial difficulties, culminating in a number of creditors taking recovery actions and eventually a winding up petition being filed against the company, led to the company being placed into Administration.
Based in Hull, Rapide Dry Lining Limited operated from various sites across the UK working on specific contracts to supply the installation of ceilings, internal walls and flooring in commercial properties. The company directly employed five members of staff, together with around 50 sub-contractors.
Commenting on the appointment, Steven Stokes, director at FRP, said: "Historically unprofitable contracts and delays in payments from current contractors, had severely affected Rapide Dry Lining Limited's cashflow.
"Management had begun attempts to downsize and restructure the business, however, due to a lack of cash and increased creditor pressure, the firm was unable to continue trading. Sadly, all of Rapide Dry Lining Limited's employees will be made redundant.
"We are continuing attempts to novate on-going contracts to alternative sub-contractors in an attempt to support the debtors ledger and in turn recover as much value as possible for company's creditors."
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