pw o vk imte b

Joint Administrators’ final progressreportfrom 28 February 2016 to 25 August2016

(in administration)

25 August 201{i High Court of Justice, Chancery Division,

Companies Court

Case no, 5693 of 2015

pwc

Contents

j)breviatiom and dciinitinn

Key mesages

O\\tew o cnn

\ppendix A. Snrnrnar of oni p opnca1

Appc udix B: ReciI t• and I)aUfl( ‘-

\ppendix C. Expensc 8

Appendix I): Reninneratoii update 0

Appc ndix I : ()thci intoimaLk n 1 I

-- -

Abbreviations and definitions

The folloning table .hous the ahhreviationc and inso1vene terms that may he used during thi report:

:revti011 or definition Meaning

(2 mpany Imtuh UK Liiriii d

the (Thmpanie’ Imtech UK limited and Jmtech Tehnical Serviee’ limited

the Administration 11w administuuhm f1mtech (2K Limited

Administrators Matthev Callaghan, Robert Le is and lan Green

firm Pricevaterh )useCoopers LLP

1R86 Insokency Rules 1986

LA86 lpsolvenrv \ct g8

SehBi 1A86 Schedule Bi to the Insolvency Act 1986

ITS lrntech Technical Ser ices Limited

initech \\ ati’r \Uitu and Energ Limited

HMRC HMRvrtnu &(n t in

Cia1icl -1t tird s —, 1 ii iii -d ulil t- JIll tI arleg iargefnr1s ip A ith c’ttinn I \RiS rnl liii [nceK ‘nt \ I8o (1 h, I Pa (2 (2 dcl f)C) i

— a — — — —

Key messages

14 hy we’ve sent you this reportI’m writhia ti, let von know that our wart. in the At1mrniti ation of imtech UK Ltini’ d i’. non complete and o. I

‘,et out trims out final report

‘ti u:an %tlll view our earlier reports on our web%ite at ins-u .in’.c ca.uk imtech. Plea get in touch with Jordan

Sh-’jiithohne Ofl 0113 289 ;6 i or atjoidan i.Jeighthc mu c uk pvc corn it you nad mi ot tue password’s to

4L%en the report.

14 hat you need to do1 h report 1 tor sour information and .Gil dnWt need to do anithine..

14hat happens nextWe ill file notice ofrnose from Adminitration to dis’oiution and the Company is ill tw disohed three rnonth

.dts r the nohu ha’. been iegi’teitd by tin. Rc gistiar of (.ornpank

In n r pioposils we stated that we isew pursuing objeethe (b), achieving a better re ult for creditors a a istole

than would N hkel> if thc #. ompan isew wound up (without Inst being in Admrnrt ,.bon,. tufartunateb,. ‘we

ban coneluded that it i’ not posible to aehieve thi objeethe and we have therefon• been taking ‘teps to

on hide final matters in ordis to close the 4dnunigratiun.

Overview ofour work

Why we were appointedoit may remember that when we were appointed, the position w as as follows:

• the Company was the parent company of the UK lmtech Group which consisted of a number ofsubsidiaries that wer involved in mehanieal and h diP al5rntracting s( i i . faci1itis rn1nagemeln.provision of automation and real time IT services, and the planning. design. uonctruetion andmaintenance of waste, water and energy plants.

• we were appointed be ause the Cornpan’, Dutch ultimate parent. Royal Jintech was placed into aninsohemv process a.iJ thus no further lunding was aailabIe to the I’K division. It was therefore um rkto continue to fund trading operations.

Asset realisationAfter an initial review, we decided the most appropriate strategy wac to seek an immediate buyer of thebusiness and assets,

Sale ofbusiness

\s explained in our earlier reports. immediately following our appointment, we managed to ecure a sale ofsubstantially all of the asseK of ITS, being the share capital of six subsidinjes and intercompany debts, toEndless lIP \s part of th sale agreem nt, tht purchaser arranged for some of the ink reompany balances hiefrom subsidiaries whose shares were acquired, to he repaid.

‘11w Company received Li 1,ooo relating to intcrcompan debtors following this sale

Cash at bank

In tin \dnunictratcn w en on inj1I Id n di (‘emp im preappolnuircir bjni ace i’ltsI taIling P1,655

hi aip iul’ tin rt’jiit’ 1 a the iinhpan\ —

)t1.1-’

Tax clearanceX tulfilled Oil! ritities as proper olticric toi tax during the Administration and filet VAT and corporation tax

ietu us ft,r all reler ant aecountin pci iocl FIMRC ha- ionhirnierl that it has no objet tion to the Administration

en ig

Ourfinal receipts and payments account\\ et art in Appendix B an aeeouflt of our final i e eipts and p:a meats in the Adn drration from 28 Aurust

Oi to 25 August 2016.

Our expensesXV et out in Appendix C a statenwnt of the final expcnes that e incurred to the Ltc eoeied b this report.

Ou rfes

\V st out in ppcnlix I) an up late on our rilnuner ition uhieh corers our tees, di ursements and other

id ited matters

Pie-administration costsA ou can find in Appendix F. iu1 unation about the approval of the unpaid pi eadnin strati )ii stS pier iousli

detailed in our proposals.

creditors’ rightsCr dators hare tlu right to ask for more information isithin i dav of receiving thi7 report is set out in Rule

2 A TR86, \n lequest must be in nritm, Creditor an also chailt nci fe s ard xpenccc iithin eight iseoks

of rceiving thiS, report as set out in Rule xi oq IRSo, This information can also be h iund in the guide to fees at:

iztt curt i urns om media c j3ortt fl! ttehnieul nohr’ncp o7rrlitflrs .Jnauzucs creduurssuuw

tie ‘oudmr I!5t1torsb2oI( s oIiiul usir

i an list act g flet ,ft her r hi ttVpht fl! fi r die c u ur leO iLtP Plc. P 01 2h9 to;

o 1act1nC hm it l rdan rski5nth am 1k m ii

Acxt rpnrt

Appendix A: Summary ofourproposals

The Administrators made thr following proposals for achieving the purpose of Administration.

i) We silI Continue to manage and financi the (‘ompanies business affairs and assets from a rt reali a awe consider appropriate. We will do this ‘ ith a vies’ to achieving a better result for the Companiescreditors as a whole than would be likely if the Companies were wound up (without first being indministrationL

ii) c ma ins rtigati and I appiopri it, pm sue anr daims the Companies may has . will also do am I ilngelse we think appropuate. to achieve the purpose of the \dministration or to protect and preserve theCompanies’ assets or to maximisc realisations or toi any othr purpose incidental to these proposals.

iii) if we belies e there will he money for unsecured creditors in either or both of the Companies, we may (at ourdiscretion) agree in prin ‘iple the claims of unsecured creditors for confirmation by a subsequent liquicLtoror the Administrators. I he L-Osts of doing this may he charged to the Administration as part of our fee-. Ifwe choose not to agree the claims in principle and there i money for unsecured creditors, a subsequentliquidator will agree the 1aims.

iv) Ifwe believe there will he money for unsecured creditors in either or both of the Companies. we may (ar ourdiscretion) ask the court to allow u to pay dividends to those creditors. It we choose n t to ask the court forsuch an order and then enough money flu unsecured creditor , a ubsequent liquidator will pay dis id iidsto them.

v) \\ e will ask you to iie I i cieditors coninuttee fr ach company and then will be a rcditors onimit 11enough creditors want a be o it. ‘A’. wilt onult w tb th c mrnittceR fr au tune to hun and htr .wthink it is appropriate ‘n uvill ab tim sornmittce(sI for ft s iew on a counc f atti m ithci than callireditor ‘m ting

51) Ii in wish to extend Ii cr or both Administration beyond on statutory mar. we will ask ans credt omniitt e for its s icss heiac iipk na I !In nrt -1 g. Wa ca’a flout aaii Ih ur eran enditors

i mar s in i at r on r ru. i i ‘- I .

HI t t 1 1

I aH

iii r\ e n ill La. chal4ed to m ii Ilit n o ptt t any or aL is \oinii- -n it C it a too st b h1

I editors rnrmttee(s), or, if ther 1 1 111) n lit i enirnitte (s 14 da ifter our appointment as

olminictratois of the CumpanioN tnd or at a time ct lo tht court

lxi iVe propose that the unpaid preadministration costs set out at Section 9 arc approved for payment as

xpen’t of the \dmmotration’. The payment of unpaid pro—administriti Ci ‘ost t’xpeflses 01 the

dministrations is subject to apprm al under Rule 2 07 \ 1R86 arid i nut part of thr. propusal’ subject to

ppmx a] under Paragraph ,)3 Seh Br I \56. If you cit t r cc;mmittet it nih h. ii to that eonllfllttee to approve

DaflWnt uf the unpaid pre adminiNtration (‘ots a an experue of the Admmist: lion.

If there is no committee. ie isihl ask the general both of creditors to do so iflst( of,

x) We propose that our tes he fixed based on the time se and our staff pc nd on ttw eaes at our nonnal charge

on ratec fr thic B p’ ofuork. We also p1 onose that dishursement for services p11)1 ided b’ our firm (defined

( ateeur dbtir flicn1 iI Slat moor 1 1 nuir nux Pra iii’ oo 1 ii h a.d a p r rn lirm ja

I t’iSr ti r i

Ir will lie op t, th credit’ i ‘ ‘omnuttoeH 1 dx hit basis at ion des ml ( tt i 2 1isbiirsement”, But it

there is no committee(s), u e n ill ask the general bodies of rt ditors to do s instead If creditors or the

committee(s) do not fix the basis of our ICes and (ategorl a disbursements, w ( may apph to the court to fix

them no later than i 1 month after the date d our aI>poin[mcnts.

nil! ask ou to vote upon the tolkining mattcr at the creditors’ incetinris:

• Ilk dppfl val (I (Jul prop mal 0 r a hws inc thr i in ci of \dministratr )n

• The fi rmahion uf a ereditorc’ eummittet’ for each c’ irnpaflv.

• If creditors don’t for’m committees, the rpprovai for pat ment of the unpai I pre—adnimistrataon costs as

an (linrnistratzon expen t.

• If eredtoi’c don’t form committeec. the basis of our tees and (. afegort a disour’wrncirts,

If Ii t )i k nt I wm n minittc the timing of our Ii cli ito’ from liability

Appendix B: Receipts andpayments

0)

£

I 1 0(10(11)

I cf 0 I 0

80

I ;I

8303334 (N3033.If

Appendix C: Expenses

‘1iiol1ou in table prn ides details of our expences I re amounts pi oper ix paahle b us as

AGoIinistratulN burn the utate and e’:cltide our fcu and diti ibutinn’ tu ert’ditor

Th table should be read in conjunction ith the i’t’Ct’ipts and j*a ment account at ‘pendix B, which ‘huc

x1cnses actuall paid during the period and the total paid to date

Brought foruard from Incurred in the period under

preceding period £ review £ Total £

1,

OV 1(1Cr’ 4

134uO

Sb g ol data -1 qob 8 ,9 )b8()

Appendix D: Remuneration update

Our fees ere approed on a time costs hasis by the general body of creditors. Wee dran tees of £6g.413, tain line with the approval gi a. a -hou n on the enclosed receipts and payments account.

The time cost charge inciiied in the period covered by this report ale £2492b. Iiii’ brings total time cosb inthe dministration to £ni, . These amounts do not reflect how much e have dran as fees in the period 1the \xlministration, fhc h 1 nc of undrmn fees has been ritten off

We et oit latel in this \pp :di\ detai1 f cit i. diliir rient. uhuontraettd ; rh an-i pa nwnt— toI-- )cjat

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I : r a a a s s I.— P £ k

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Ii L93

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Our time charging policy and hourly ratesWe and our team charged our time for the work we needed to do in the Administration. We delegated tasks Psuitable grades of ‘staff. taking into aceoimt their experience and any specialist knowledge needed and wesuper ised them properly to maximise the cost effectE eness of the work done. \nything complex or importa ifmatter. of exceptional resporsihihtv was handled b our senior ctaff or us.

Ml of our staff who worked In the Administration (including cml eashk rs, support and ‘ecretariai staff chairedtime directly to the ca’,e and were included in any anaff si of time charged. Each grade of staff has an hourlycharge out rate which was rc.iewed from time to time. Work carried out by our cashiers, support andsecretarial staff wa’ eh9lgorl for coparatelv and i n’t mcladc 8 ia thc Luil\ rit higed 1w parinels or otheistaff members. Time has bvcn charged in ix niinute units. The minimum time chargeable is three minutes i.e.0.05 units), We didn’t chaige general or overhead costs

\Ve set out below the maxIP, m charge-mt ratc pci hour tor the gradcN of cUr staff who worked oii the\dministration

Grade From 28 February 2016 to From i July 2016 to30 June 2016 25 August 2016

£ £Partner 825

[)irector40

Senior manager 55°

Manager480

Senior associate qualificc 390

Senior associate unqual tied

Asso iate

Slipport ‘4 itt

ailed on iIcaguv in r I ,n \ T Re d i 1f- flid-

. l -.tilsth ii iiit t c t

I roni 8 1 ebruars o16 to

Our work in the periodLai ‘ci in this t’etion w have mdudcd an anilvsis oi the flnu ‘pent b the various blades of stafh

Whilt tnis is not in exhaustive list, in the following table we piovide more detail o i the’ key areas of work:

Aiea of ork

Strategy & planning

Work undertaken

• Progress updates withappoliitnvnt tak aol

scorer in inagemeilt

• Strate’e,v di’co-sins

\VIi the work was

neeesary

• 1) ensure appointeeill nile mont 00J that 11

ital information waptIHe1

What, if arn, financialbenefit the workpros ided to creditorsoR i hether it wasrequired b statute

• Ensures efficient

rnanaiernent of theedniinistratiun

(it ditors

u inLin and ti oiur

Statutors & e mplianee

• l)ealing with creditor

enqu irie,

• \ocountine tor reoenband payments

• Performinti bankreco neil iat iOiiS

• Preparing progiess

rojnirt

• In respond to credit(

enquirie—

• To ensure’ manaceinorit

01 the hank atcoirnt i up

to date

• to eurnph with statu urv

(,b1eaf1)n

• \o financial benefit

• Secured stewardship of

est ite fund’,

• Reqture’d by stature

Periodic ease reviews

• Othe-i statutoii arid

mpliin ratt

• I e arin iflt0l 1 LII II

t’’i [0iifl \ \ 1 , trrs

• Pn pann 01(1

ul mittir 0

[0 oin I with sL it r ‘ • fequired by ‘tatureoitiajon of pott it id

\ lmini4i ato n

the case. ui jeet to a rcasona:)1u method of calculati ri and allocation and approvid 1w the -cone paurt whapproves our fees.

Our expenses policy allowed for a11 properly incurred expenses to be recliared to the Administration and uricapproved by the general ho ft of creditors where required.

The f01l in ing dishurcement iro—e in the ptiiod of this report.

Costsmenrred

Catcgor Policy £

Photocopying at pence per cliert ropicd, only haigcd hr circulars tcrc litors ar thu 1)111k 1

Mileage a maximum 3 i penc per m1le (Up P 2a)oocc) ur 03 pence permile (over a000CC)

Analyse all other disbursements reimbursed at cost

. 1iacl cost

Total

Our relationshipsWe had no business or persanal relationships with the parties who approed our fees or who provided e1-visto the dministration w her the relationship could gir C rise u a conflirt of interest

Leqal and other prcfesszonalfirinsWe ilwtrutt 1 rh fu1lnine utcscui iiak an thi c<c

Service pros ided Name of firm / Reason selected Basis of feesorganisation

1di1i ii n 1’diait](

Appendix F: Other information

( rt dtai1 fo th \Gmjfljtratjnn High (oull utJtttke hano I)ix iioi ,nanJe (uurL Cac

nunlor 6q3 of 2015.

C rnpany s regi’fried nne: Imtech [K Limited

Riteie I nomhr,

BeiNon J1uu-o 3 \ ellrneton Street. Lek. LSi 4.EP

I) I ( th J ii

diJ ifltflll lit

J 1 it \drniniti at( r fl0flh and Matth B Ad ( aliaahan ot Pri w itei Li s (nopt i I lB One

R adinc C entral. aF1)rbur\ Road. Rcading. RGi 3J11:

Rol)ert Nicholas Lenis of Pi ieei atorhousoC opei LP 7 More

it1ii PiNid I ndn. Ei 2R[an I

Ian Da\ id (roen of Pmicei aterhouseCoolA rs LLP. don I ondon

Rivei si1k. L nd n SE i aRT.

1 t nsion[d to th initial period of \ot ipplo;ihIc

JJ oifltlflt mit

.\ppointols applicant - n;trn and Mi John Pati ick Paul KavanaaIi of mite a Htu, :i-i-.iS 0 dthirpe

a Iress: Road, \shfoid Middlcscs, TWiG RP

SBIt dthe j0!nt AOminj-ti itni \n aut up d i auth i is ‘0 undt’r an’ ‘naI’tnicn1 II’ l Ii ‘II IA

m ibiIitiu th mt \ Irniflist! nor in i A flO L II 01 1 IA 3 Y It

l’i” fl It lEe flAil I hidmne tEnt