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Metnor supply chain debts hit £10m

Construction Enquirer

during the year to December 31 2021 from a turnover of £62.6m The administrator said unsecured creditors could expect some payment for their invoices but it only expected to be pennies in the pound. Latest results for the company show it made a profit of £1.3m while shareholder funds stood at £4.6m.

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OSHA Announces 2021 Citation Penalty Increase

Construction Junkie

Effective January 15, 2021, OSHA has officially increased maximum allowable penalties by 1.182%, a decrease from 2020’s increase of 1.78%. In addition to the year increase, OSHA also recently announced a new debt collection initiative to help them actually collect the penalties they assess.

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Home Price Appreciation Benefits Some Homeowners but Leaves Many More Scrambling

Pro Builder

Wed, 12/15/2021 - 10:07. While some are swimming in equity, others are drowning in debt—and losing their homes as a result. Property tax increases are causing foreclosure rates to rise in states where homeowners are already facing high unemployment rates, income inequality, and large debt-to-income ratios. Read more.

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Supply chain owed £3.8m after collapse of London builder

Construction Enquirer

Suppliers left holding unpaid invoices are unlikely to receive a penny for their debts. Management accounts to December 31 2021 showed a turnover of £17m generating a net profit of £177,000. Its civils arm MEC Groundworks also went into liquidation owing more than £100,000 to unsecured creditors.

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Suppliers owed £5.5m after M&E contractor fails

Construction Enquirer

An update from administrator FRP advisory Trading has confirmed the scale of debts at the business. Hundreds of subcontractors and suppliers were left holding £5.3m in unpaid invoices when M&E contractor Norstead went into administration in February.

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Howard Russell Construction goes into administration

Construction Enquirer

to trade creditors at the end of the 2021/22 financial year. Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts. Latest results for the firm for the year to March 31 2022 show a pre-tax profit of £790,000 from a turnover of £43.5m

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Haydon M&E files administration notice

Construction Enquirer

for the year to December 31 2021 generating a pre-tax loss of £6.2m. to creditors at the rate of £200,000 a month starting in November 2022 with suppliers getting at least 80p in the £1 back for their debts. Haydon Mechanical & Electrical has filed a notice of intention to appoint an administrator.