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FRP Advisory set out the extent of the multiple claims it is pursuing in the latest administrators\u2019 update for trade creditors.<\/p>\n
This follows extensive investigations into payments made in the run-up to the firm\u2019s administration last summer.<\/p>\n
A \u00a310m dividend paid in January 2023 by Henry Construction to its parent Holding company \u2013 while the parent still owed a similar amount back \u2013 is at the centre of one major claim.<\/p>\n
That money later ended up in the hands of Elizabeth Henry, the mother of former Henry Construction boss Mark Henry, just days before the company went under, says FRP.<\/p>\n
FRP has issued proceedings against Mark Henry and former director John Noone for breach of fiduciary duty, as well as Elizabeth Henry as the final recipient of the cash.<\/p>\n
It is now seeking repayment of the full \u00a310m plus interest.<\/p>\n
A further \u00a315.8m is being chased from a network of linked firms dubbed the \u201cKeash Companies\u201d, several of which list Mark Henry, his wife Therese Woulfe, and his brother Liam as directors or former directors.<\/p>\n
FRP alleges the companies benefitted from unpaid debts. The heads of claim include debt claims, unjust enrichment, and unconscionable receipt.<\/p>\n
A separate \u00a35.5m claim was filed in April this year over what the administrators allege are personal benefits extracted from the business by members of the Henry family. These include:<\/p>\n
\u00a32m paid to HMRC to settle personal tax bills for Elizabeth and William Henry (Mark Henry\u2019s now deceased father)<\/p>\n<\/li>\n
Free construction works at properties owned by Mark Henry, Therese Woulfe, and Mark\u2019s sister Sarah Dundon<\/p>\n<\/li>\n
\u00a3132k paid to Woulfe shortly before the collapse, allegedly for mental health training provided to the company<\/p>\n<\/li>\n
A \u00a3270k director\u2019s loan owed by Mark Henry<\/p>\n<\/li>\n<\/ul>\n
The action names Mark Henry, John Noone, Elizabeth Henry, Sarah Dundon, Sean Dundon, and Therese Woulfe as defendants.<\/p>\n
Administrators have confirmed that none of the parties responded to letters before action, prompting formal claims earlier this year. They are now awaiting defences in all three cases.<\/p>\n
Despite requests, Henry directors failed to submit a statement of affairs at the start of the administration process.<\/p>\n
FRP said its investigations were ongoing and the creditors\u2019 committee would be kept informed as further potential claims were considered.<\/p>\n
The outcome of the claims will impact the potential distribution to unsecured creditors.<\/p>\n<\/p><\/div>\n