Thu, 24 Jul 2014 | ADMINISTRATION
A glazing firm in Inverness has entered voluntary liquidation having struggled throughout the recession.
Having entered financial difficulties as a result of tough trading conditions, directors James Jenkins and Iain Polworth put North West Contracts Ltd, which traded as North West Glaziers, into voluntary liquidation. The entire 15 staff lost their jobs as a result, Highland News reported.
Gordon MacLure of chartered accountants Johnston Carmichael has been appointed interim liquidator. He explained: “Having looked at the company’s current financial position and prospects going forward, they concluded that matters were not going to improve.
“The regrettable decision was taken to petition the court for a winding up order and just prior to that the company had made all the employees redundant. Effectively the company had ceased trading by the time I was appointed.”
Founded in 1983, the Scottish firm was one of the largest commercial and domestic glazing manufacturers in the area. It specialised in fabricating and supplying high quality, handcrafted windows and doors for businesses and the general public.
MacLure said that North West Glazier’s assets – which include a property in Henderson Road as well as its plant and equipment – would be put up for sale. A meeting with creditors will take place next month to attempt to get them the money they are owed.
The employees, meanwhile, will be receiving redundancy payments in the near future.
______________________________________________________________________
Related information:
How to profit from buying distressed businesses
This subscription-based learning and e-assessment services business offers exceptional revenue visibility and high customer retention, driven by its essential legal and regulatory compliance training for transactional finance professionals.
Exciting opportunity to take over a long-standing business with growth potential through marketing efforts.
Exciting opportunity to acquire a reputable removals business with strong public sector partnerships and national growth potential.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.