Ardmore’s creditors have voted to approve seven company voluntary arrangements (CVAs), creating a route for the construction group to appeal a High Court ruling that it says led to its administration. The decision indicates an ongoing restructuring process with potential implications for the firm’s contractual and financial position.
HMRC has received £500,000 from the administration of Readie Construction, far less than the more than £8m originally owed. The report also indicates that unsecured creditors, including a large subcontractor debt, are still expected to receive nothing, with administration costs and failed intercompany recoveries further reducing returns.
The government has published a name-and-shame list identifying more than 600 companies that underpaid staff. The article indicates that property firms are among those exposed, highlighting ongoing enforcement around wage compliance.
The article argues that Andy Burnham’s regeneration approach in Greater Manchester could become a national model if extended through his new role as Prime Minister. It highlights the role of private investment, brownfield redevelopment, and local decision-making in supporting housing delivery, town-centre renewal and wider economic growth.
The article argues that tax planning should be addressed at the outset of property development projects because VAT, reliefs, group structures and timing of liabilities can materially affect viability. It highlights retrofit and brownfield schemes as areas where current tax treatment may hinder commercially and environmentally beneficial development, particularly where cashflow is tight.
The article reports criticism of a proposed 300% property tax, with a leading estate agent warning that the annual charge could exceed £15,000 for some owners. The piece presents the proposal as highly contentious and potentially costly for property holders.
Research cited in the article suggests most landlords intend to hold rather than expand their portfolios over the next year, with only 3.9% planning to buy more property. While many still view residential property as a strong long-term investment, confidence is being weighed down by taxation, regulation, and wider financial pressures.
Harworth is progressing plans for a second phase of its West of Wingates industrial scheme in Bolton, with an EIA scoping request submitted and a hybrid planning application expected. The next phase could deliver up to 215,000 sq ft of industrial units on a 15-acre site, following approval and funding for the first phase.
Devonshire Homes collapsed in June with £35.3m owed to unsecured trade creditors, and administrators do not expect any dividend to be paid to them. Only the secured lender, Lloyds, is likely to receive any recovery, while HMRC and former employees’ preferential claims are also unlikely to be repaid in full.
