The proposals, overseen by business recovery specialist BTG, cover Ardmore Group Holdings, Ardmore Group, Byrne Properties, Celebration Homes, Paddington Construction, Systemhaven and Byrne Estates (Kensal Green).
If approved by creditors, the company voluntary arrangements (CVAs) would allow the businesses to repay their outstanding debts under an agreed timetable, helping them avoid administration following the collapse of the group’s main contracting businesses in June.
The latest restructuring move comes after chairman Cormac Byrne decided to appeal the High Court’s landmark Building Liability Order ruling relating to a £14.9 million adjudication award secured by Crest Nicholson against Ardmore Construction Ltd, which is now in administration.
The ruling leaves companies across the wider Ardmore group liable for the payment and could also create a potential route for further claims from other developers.
In June, the Court of Appeal granted Ardmore permission to appeal the judgment and agreed to fast-track the case because of its wider significance for the construction industry.
Ardmore argues that the appeal will provide greater clarity over when Building Liability Orders can be imposed and the extent to which liabilities from historic construction projects can be transferred across companies within the same corporate group.
A spokesperson for Ardmore said: “Our focus is now on preserving value in the wider Group, protecting the continuing businesses where possible, and pursuing the appeal against a judgment which we believe raises important questions for the wider industry.”
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