Mon, 30 Mar 2015 | ADMINISTRATION
A Buxton-based offshore firm has had to call in administrators after a winding-up petition was lodged.
Calecore, a firm specialising in offshore site investigations, has gone into administration to protect its assets. The move came after a Dutch creditor lodged a winding-up petition, despite recent proposals to restructure its debt.
Dutch company Fugro’s actions were slammed in a statement from Calecore. The firm said: “Experts are of the opinion that the current filing must be seen as a very aggressive move to limit their only credible integrated site survey competitor, Calecore.”
However, the offshore firm, which has operations in Russia, Norway and Singapore, explained that Fugro’s actions were not the sole motive behind calling in administrators, noting financial difficulties arising from the sanctions placed on Russia by the UK and US.
Matt Howard and Paul Pittman, of Price Bailey Insolvency, were appointed joint administrators of Calecore on 23 March. Insider Media reports that a spokesperson for the insolvency firm said that 50 of the 68 staff employed by the company will be made redundant as a result.
Fugro told Insider Media that they had been forced to take legal action after Calecore failed to fully meet scheduled payments, sometimes not at all, and communication between the firms ceased.
______________________________________________________________________
Related information:
Search businesses in administration
When is the right time to find a distressed business?
This is a building services consultancy based in London. Benefitting from over a decade of trading, this dynamic company has built a diverse portfolio of Blue-Chip client projects across a wide spectrum of sectors, including Education, Industrial, Le...
An opportunity has arisen to acquire an IT company based in Aberdeenshire. This profitable business has grown consistently since it was established in 1989 to provide a portfolio of key IT support and services to its loyal customer base throughout Sc...
Provider of premium stationery brands to established corporate customer base. The company benefits from an in-house production department, which carries out debossing, foiling and UV printing, along with hand finishing. The company has well establish...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.