{"id":147469,"date":"2025-01-17T13:06:26","date_gmt":"2025-01-17T13:06:26","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=147469"},"modified":"2025-01-17T13:06:26","modified_gmt":"2025-01-17T13:06:26","slug":"henry-construction-administrators-seeking-claim-back-10m","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/henry-construction-administrators-seeking-claim-back-10m\/147469\/","title":{"rendered":"Henry construction administrators seeking to claim back \u00a310m"},"content":{"rendered":"

The money is being claimed as having been paid to a higher-up within the company before the administration<\/h2>\n

They money is claimed to have been paid to a director one year before administration<\/a> began, say the Henry construction administrators.<\/p>\n

The administrators, FRP advisory<\/a>, have launched legal action to claim the money back.<\/p>\n

The money was paid to director of Henry Construction Projects and Henry Group Holdings<\/h3>\n

The former director received the \u00a310m in May 2023, and then Henry Construction Projects went into administration a month later.<\/p>\n

FRP has since demanded the money back, and the funds have been frozen until litigation has been completed.<\/p>\n

When the administration process began, Henry had 60 live sites, with only 54 staff and 41 quantity surveyors subcontracted. All staff were made redundant and all work stopped.<\/p>\n

As a result of the liquidation, suppliers and subcontractors are owed \u00a343m in total.<\/p>\n

It may take another half a year for the Henry construction administrators to reveal the full collapse<\/h3>\n

An administrators progress report states: \u201cThe administrators\u2019 investigations have revealed that the company paid \u00a310m to its parent company, Henry Group Holdings Limited, on 19 January 2023,\u201d<\/p>\n

\u201cOn 25 May 2023, shortly before the administration commenced and after the directors sought advice regarding formal insolvency options, Holdings paid the \u00a310 million to a minority shareholder in Holdings and a former director of the company and Holdings.<\/p>\n

\u201cIn June 2024, the administrators became aware of the identity of the recipient of the payment from Holdings was made and immediately wrote to their solicitors demanding repayment of the \u00a310m.<\/p>\n

\u201cThe individual did not repay the funds and therefore the administrators prepared an application for a proprietary injunction.<\/p>\n

\u201cFollowing the \u00a310m being frozen, the administrators issued proceedings against certain parties in order to recover the monies for the benefit of creditors.\u201d<\/p>\n

\u201cThe litigation is ongoing and further updates will be provided in future progress reports.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

The Henry construction administrators are taking legal action to claim back \u00a310m that was paid to a director shortly before the company fell.<\/p>\n","protected":false},"author":32,"featured_media":147470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[285],"tags":[20347],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-147469","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-hr-skills-news","8":"tag-administration"},"acf":[],"yoast_head":"\nHenry construction administrators seeking to claim back \u00a310m<\/title>\n<meta name=\"description\" content=\"The Henry construction administrators are taking legal action to claim back \u00a310m that 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