Liquidators appointed at Inverness construction firm
Wed, 20 Dec 2023 | ADMINISTRATION
Highland Timber Construction Limited, an Inverness-based construction and renovation company, has entered liquidation. The firm will be wound up following the appointment of Glasgow-based William Duncan (Business Recovery) as provisional liquidators at Inverness Sheriff Court.
The company, which was formed in 2016, described itself as a specialist in building and constructing “high end bespoke energy efficient homes” and also provided extensions, renovations and bathroom and kitchen remodelling.
The company was heavily affected by the COVID-19 pandemic, which a spokesperson for William Duncan said had a “major impact” on its operations. As a result of its struggles, the company’s director Peter Williams “had no other option” but to cease trading.
The firm ceased trading on November 27, with all 11 employees being made redundant. Annette Menzies of William Duncan (Business Recovery) was appointed as provisional liquidator on December 6 after the company petitioned to the court.
The spokesperson for William Duncan commented: “Highland Timber Construction Limited commenced trading in 2016. Unfortunately, the COVID-19 pandemic had a major impact on the company as it was unable to trade for some time which resulted in a loss of turnover.”
“Recently it has not been able to secure a number of new contracts. Which has also impacted turnover and has led to an inability to repay its creditors.”
In the company’s accounts for the year to March 31 2023, its shareholder funds came in at just £1,103, with Sheriff Gary Aitken of the Inverness Sheriff Court being satisfied that the company’s share capital does not exceed £120,000.
In its latest accounts, the company’s fixed assets were valued at £91,740, while total current assets amounted to just under £610,000. At the time, the company’s total assets less current liabilities stood at close to £157,000.
Find out more about how insolvency rates are soaring in industries such as construction and retail
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