Facade specialist Alucraft Systems will enter dissolution after its administrators were unable to recover £4m worth of debts.
Alucraft – which appointed administrators in March 2024 – will be struck off in June following a two-year administration process.
Unsecured creditors will receive almost nothing from the firm’s collapse.
Helen Wheeler-Jones and Edward Williams of PwC were appointed to oversee Alucraft’s administration process. They said on Tuesday (31 March) that they had filed a notice to move Alucraft from administration to dissolution on 17 March.
Alucraft will be dissolved three months after the notice has been registered.
The administrators also revealed they were unable to recover around £4m of debts to Alucraft, which “predominantly compris[ed] receivables from customer contracts”.
PwC had engaged property and construction consultancy Gateley Vinden to help recover the money.
“However, a significant number of claims were disputed due to the contractual nature of [Alucraft’s] business and the fact that these contracts would not be completed by [Alucraft],” the administrators said.
Gately Vinden advised that the balances were “irrecoverable” and no recoveries have been made.
Unsecured creditors, which include the supply chain, had claimed £17.4m of debts from Alucraft. However, only 1 per cent of it has been realised.
Former employees of Alucraft, though, received their entire claim for unpaid salary and holiday pay, of a total £63,000.
Alucraft was most well known for its involvement in the Laing O’Rourke-led construction of Everton Stadium (pictured).
Construction News revealed in September 2024 that ISG, Laing O’Rourke, McLaren and VolkerFitzpatrick had all engaged in discussions to pull Alucraft back from the brink as it neared collapse. ISG paid £300,000 to Alucraft in a last-ditch attempt to save it.
However, shortly after ISG also collapsed.
