Torsion Construction files for administration
Summary
Leeds-based Torsion Construction has filed a notice of intention to appoint administrators after experiencing liquidity pressures and project-related commercial difficulties. The notice provides temporary protection from creditor action while directors assess funding and restructuring options.
Why it matters
Contractor distress can affect project delivery, defect remediation and the continuity of works on residential schemes. Surveyors involved in due diligence, contract administration or snagging should be alert to possible delays, incomplete works and increased counterparty risk.
Key points
- Torsion Construction has filed a notice of intention to appoint administrators.
- The company cites liquidity pressures and project-related commercial problems.
- The filing gives temporary protection from creditor action.
- Directors are considering funding and restructuring options.
Organisations:
Torsion Construction, Torsion Group, Construction News
Locations:
Leeds
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