Creditors of a building company which went into liquidation owing nearly half a million pounds have been told they are unlikely to be repaid.
Suffolk Construction, whose director was Simon Pask, appointed liquidators McTear Williams & Wood on March 9 owing £249,931 to local traders as well as £129,180 to HMRC. The liquidators have now confirmed that the 94 creditors to the business are “unlikely” to see any cash returned. Adrian Sage, of McTear Williams & Wood, said that this estimation was “based on the current information”.
The statement of affairs published by the liquidators, shows that the value of the company’s assets is significantly lower in reality than on record. According to the company’s book value, Suffolk Construction had vehicle assets worth £40,330. However the estimated value to be realised by the liquidators is £3,530. Similarly land assets were previously valued at £40,000 – but is now valued at £15,000.
The top creditor of the company was HMRC who were owed £129,180. This was followed by peer-to-peer lender Funding Circle which is owed £80,573 and builders merchants Ridgeons which is owed £40,913.
Independent joinery firm Ben Legg Limited was also among those to lose out. Boss Ben Legg said: “There’s enough money in the bank to cover it at the moment. Somebody else owed us £15,000 before Christmas so this has come at a really bad time. It’s really not pleasant but you can’t dwell on it too much you just got to try and pick yourself up and get on with it because what else can you do? “We’d planned some improvements for the workshop where we were hoping to fit a more environmentally friendly heating system, but I’ve now had to abandon that because this money was earmarked for those improvements.”
According to the statement of affairs no wages are outstanding to staff. The firm was based in Framlingham and as per the most recent accounts published on Companies House employed 11 people.
Any potential creditors have been asked to contact Adrian Sage here.
22 March 2020