{"id":3344,"date":"2019-02-25T09:02:39","date_gmt":"2019-02-25T09:02:39","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=3344"},"modified":"2019-02-25T09:02:39","modified_gmt":"2019-02-25T09:02:39","slug":"hawk-plant-owed-nearly-30m-to-unsecured-creditors","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/hawk-plant-owed-nearly-30m-to-unsecured-creditors\/","title":{"rendered":"Hawk Plant owed nearly \u00a330m to unsecured creditors"},"content":{"rendered":"

Construction equipment hirer Hawk Plant collapsed owing \u00a329.5m to unsecured creditors through its various operating companies.<\/p>\n

Administrator Ernst & Young has compiled reports on the six key businesses that collapsed. It reveals a complex web of intercompany debt, the highest at \u00a343m owed by Hawk Plant Hire to various group companies.<\/p>\n

This main trading company and parent company Hawk Plant (UK) alone owed \u00a311.2m and \u00a310.7m respectively to unsecured creditors.<\/p>\n

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The EY report reveals that Hawk Plant Hire held leasing and hire purchase arrangements totalling \u00a348m, secured on assets.<\/p>\n

Chief secured creditor Wells Fargo Capital Finance held a \u00a329m charge across the group and Steve Corcoran, former Speedy and Ardent boss, also had secured status on \u00a3170,000 owed to him.<\/p>\n

Corcoran was brought in to turn around Hawk last September as chief operating officer and chief executive designate.<\/p>\n

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His key task was to assist in the succession planning, ownership and debt restructuring of the business, which operated a fleet of over 2,000 machines.<\/p>\n

Hawk ran into difficulty in its trading and short term cash-flow\u00a0as a result of the failure of Carillion, a major project and a commercially poor performing contract\u00a0in Sierra Leone.<\/p>\n

It is understood Hawk was hit for around \u00a3800,000 from the collapse of Carillion.<\/p>\n

But before the restructuring could be fully delivered the last minute withdrawal of a projected funding line resulted in the business being put into administration in January 2019.<\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/2XpnSjk<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction equipment hirer Hawk Plant collapsed owing \u00a329.5m to unsecured creditors through its various operating companies. Administrator Ernst & Young has compiled reports on the six key businesses that collapsed. It reveals a complex web of intercompany debt, the highest at \u00a343m owed by Hawk Plant Hire to various group companies. This main trading company […]<\/p>\n","protected":false},"author":1,"featured_media":147,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-3344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3344"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3344\/revisions"}],"predecessor-version":[{"id":3345,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/3344\/revisions\/3345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/145"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}