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The fees accrued by the administrators of collapsed contractor NMCN have reached nearly £3m, a report has revealed. Grant Thornton, which was appointed to
Administrators for collapsed contractor NMCN have recouped just £4.5m from the sale of properties formerly owned by the firm, meaning most creditors owed
NMCN will report its financial results for 2020 two month later than initially planned as it finalises new financing arrangements. In a market statement released this morning, the company said it had secured an 18-month loan of up to £8.9m from Reflex Bridging, secured against the company’s property development projects. Its overdraft with Lloyds has also been updated to £12.3m and extended until the end of May 2021. The company said it was still working on a long-term financing solution that was “more appropriate to the size and nature of the group’s businesses and risk profile”. I...