Connect with us

Hi, what are you looking for?

Top Stories

Economy

JAD Joinery liquidation reveals GBP1m debts

JAD Joinery, the Edinburgh-based construction firm which recently filed for liquidation has left creditors facing nearly GBP1m, according to a newly published report.

The Interim Liquidators’ Report, published by Interpath shows that the construction business owes its creditors GBP999,077.47.

Founded in 2002, JAD Joinery was a multi-accredited construction and interior fit-out contractor providing turnkey solutions.

Companies House records should that JAD director Steven McKenzie resigned from his post on 3 June 2021. Just a few weeks later on 15th July 2021 Alistair McAlinden and Blair Nimmo of Interpath Advisory were appointed as interim liquidators for the firm. In 2017 McKenzie’s previous firm Poseident Limited was also liquidated, according to companies house records.

Now creditors have spoken out to criticise the company and its directors for leaving local businesses and suppliers in the lurch.

One creditor said, “We deserve a full explanation as to how and why this mess was allowed to happen, why we were left to pick up the bill and why one of the directors did a runner before the liquidators arrived.”

The Interpath report also showed that company accounts suggested that director Steven McKenzie owed the company an astonishing GBP170,000.

The report goes on to say, “However, Mr McKenzie disputed certain elements believing he owed approximately GBP72,000. We reviewed the Company’s records and various documents provided by Mr McKenzie. Having regard to the cost and time required to pursue the full debt via legal action, we sought to reach a commercial settlement with Mr McKenzie. After many discussions and email exchanges, we agreed to accept GBP60,000 in full and final settlement of the director’s loan account.

The report continued, “GBP20,000 was duly paid on 29 July 2021 and the remained is due to be received in monthly instalments. The Liquidator(s) will monitor receipt of the monthly payments as they fall due. If payments are not forthcoming, the Liquidator(s) reserve the right to take legal action to collect the debt in the future.”

Patrick Sullivan, CEO of the Parliament Street think tank and chair of its construction committee said: “The collapse of JAD Joinery has had a devastating impact on the lives and livelihoods of so many people. The directors are facing serious questions about why creditors have been left with such an eye-watering bill for their incompetence.”

Read more:
JAD Joinery liquidation reveals GBP1m debts

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...

Forex

At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Editor's Pick

BEWARE the “lessons of history” as drawn by charlatans, ignoramuses, or tyrants, for they will be daft, wrong, and possibly disastrous. The self-serving amateur...

Editor's Pick

The world’s food-import bill is set to jump even more than expected to a record this year, increasing the threat of hunger, especially in...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.