A company that claims to be the UK’s leading net zero housing developer has entered liquidation.
Pearcroft Homes, established in 2022, specialised in building luxury carbon-neutral homes.
The company promoted itself as being ‘on a mission to build a positive and sustainable legacy for future generations’.
A notice published on September 17 confirmed that liquidators were appointed on September 8.
According to Companies House, the winding-up process began in April 2023 when Wolseley UK, a plumbing and heating supplier, submitted a petition to wind up the company.
A high court order to close the business was issued in October 2023 by District Judge Mantle.
Pearcroft Homes claimed to be the UK’s leading carbon-neutral housing developer, with its work achieving average carbon emissions of -0.5 tonnes.
It said its work “integrate high-quality materials with state-of-the-art sustainable technology” to make homes “eco-conscious havens”.
The company’s website stated that its work on behalf of prospective home owners, land owners and investors “gives back to local communities and the environment”.
It promised residents “better air quality, intuitive energy efficiency technology, and an abundance of modern life’s little luxuries.”
Pearcroft had not posted on social media since August 2023, when it was promoting investment opportunities.
The Gazette notice confirmed that Paraskevi Iacovou and Peter Kubik of UHY Hacker Young LLP have been appointed as liquidators.
Ms Iacovou said: “Creditors who have not yet proved their debts must forward proofs of debt to me.”
She can be contacted on 020 7216 4600 or by email at a.mohsen@uhy-uk.com.
What happens when a company goes into administration?
When a company enters administration, it means that it is unable to pay expenses, debts, or other liabilities, according to SquareUp.com.
Companies House adds: “When a company goes into administration, they have entered a legal process (under the Insolvency Act 1986) with the aim of achieving one of the statutory objectives of an administration. This may be to rescue a viable business that is insolvent due to cashflow problems.
“An appointment of an administrator (a licensed insolvency practitioner) will be made by directors, a creditor or the court to fulfil the administration process.”
A statutory moratorium is put in place once a company enters administration, giving it “breathing space” to allow for financial restructuring plans to be drawn up free from creditor enforcement actions.
A company can continue to trade while in administration, but daily management and control are handed over to the administrators.
Companies House continues: “Within 8 weeks it is the administrators’ role to formulate administration proposals.
“Creditors are then asked to vote by a decision procedure to approve the administrators’ proposals.
“If the administration involves a sale of all or part of the company’s business, the proceeds (after the costs of the procedure) will be distributed to creditors in a statutory order of priority.”
Administration will end automatically after 12 months unless the administrator asks the court or creditors for an extension.
Through administration, a company can be: