Begbies Traynor appointed liquidator of Bespoke Decorators
Aberdeen-based firm Bespoke Decorators has collapsed - 15 jobs have been lost as a result. Begbies Traynor has been appointed liquidator.
The firm had to cease trading due to cashflow issues from a build-up of bad debts and delayed payment from customers. It has been reported that the firm closed owing almost £245,000.
Joint liquidator Ken Pattullo of Begbies Traynor said: “The company traded relatively well but had trouble receiving payment from customers within the payment terms granted. This led to disputes on various contracts which further prolonged payment of the sums claimed.
“This resulted in significant cashflow difficulties which had a chain reaction to suppliers, meaning that supplies were not readily available until credit accounts were settled.
“Given the accruing liabilities and the company having difficulty sourcing supplies, which would enable the company to generate income, advice was sought from the company accountant. It was determined that liquidation proceedings seemed the most appropriate way forward.
“Fifteen employees were made redundant. The creditor position remains to be finalised. Any creditor is encouraged to contact Begbies Traynor in order that their claim can be recorded against the liquidated estate.”