Tue, 19 Apr 2011 | ADMINISTRATION
The Northern Irish construction company, Red Sky, has placed itself into voluntary administration following last week's move by the Northern Ireland Housing Executive (NIHE) to cancel its contracts with the company.
Red Sky had held the contract for work on NIHE properties in Greater Belfast - thought to be worth around £8 million. The company saw it cancelled last week, however, after the Executive raised concerns about Red Sky's work practices.
A spokesman for the company said they comprehensively rejected the findings of the NIHE but had been left with "no alternative" to avoid administration. Bosses have appointed accountancy firm BDO as administrators.
The spokesman said, "In our view this action is in the best interests of the company and the employees and is the most realistic means by which Red Sky can continue as a going concern, following this temporary measure. That is our overriding priority."
A top-level inquiry was ordered into the contractor's work following a 2010 BBC investigation into the company's activities. The NIHE said last week that they had found "significant concerns about the company's performance, including overcharging", and said that the contracts with Red Sky would end in three months' time
In response to the accusations, Red Sky said it was "absolutely clear that the allegations are without substance and are prepared to demonstrate this if necessary in a court of law".
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