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Inhouse Projects Limited - Liquidation report

At the meetings of members and creditors held on 6th February 2017, the company was placed in to creditors voluntary liquidation and Mike Fortune and Carl Faulds of Portland Business & Financial Solutions were appointed joint liquidators.

The company was incorporated in November 2005 to develop bespoke one off houses, including refurbishments, remodelling and new builds of private residential homes.

The company grew and was tendering and winning large contracts. In mid 2012 it was invited to tender for the construction of a modern new build home in Walton-on-Thames.  Following several months of negotiations the company was awarded the contract which had a contract value of £1.9m.  Work commenced on the contract at the end of 2012.  The contract progressed well and payments were received throughout the contract.  Additional work was requested by the architect which increased the contract value to almost £2.4m. The contract completed in late 2014 but the outstanding payment was not forthcoming.  The architect disputed an amount was due and advised that deductions for remedial work or work not completed by the company needed to be taken into account.  The architect provided a schedule of the deductions they believed were due.  The director strongly disputed the deductions as he considered them to be unwarranted or excessive.

The director made a decision not to commence any further projects until the ongoing disputes were resolved.

In early 2015, the director instructed a quantity surveyor to assist with the collection of the outstanding monies due from the Walton-on-Thames contract and other outstanding book debts and retentions.  Even though some monies were collected from the other debts, no monies were forthcoming from the Walton-on-Thames contract.

In January 2017, with creditor pressure increasing, the director concluded that he was no longer able to financially support the company and the business was no longer viable.  Instructions were given to Portland to place the company into liquidation.

Creditors are able to access the first report here

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