Curo trade creditors set for £20m hit
Summary
Curo Construction’s administrators expect trade and expense creditors to lose nearly £20m following the contractor’s collapse and administration. The report says unsecured creditors total £21.2m, with recovery efforts complicated by lack of access to the company’s COINS software and incomplete information from former directors.
Why it matters
While this is a contractor insolvency rather than a surveying-specific issue, it is relevant to residential property surveyors involved in projects where contractor failure can affect programme, defects resolution and outstanding works. It also highlights counterparty and delivery risk in the wider construction market, which can influence project viability and due diligence.
Key points
- Administrators estimate unsecured creditors are owed £21.2m, including £19.7m to trade and expense creditors.
- Dozens of companies are expected to receive none of the money owed to them.
- The administrators have not yet received a statement of affairs from former directors.
- Access to the COINS software platform is still being sought to recover contract and asset information.
- The company’s collapse followed delayed projects, rising overheads, material inflation and losses linked by directors to wider geopolitical disruption.
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