Utility Equipment liquidation
UK aerial lift distributor Utility Equipment Ltd appointed Greenfield Recovery last month to seek a Creditors Voluntary Liquidation. It wrote to creditors last month to organise a virtual meeting, but according to Companies House it has now being liquidated.
Sajid Sattar and Philip Ballard have been pointed as joint liquidators following the company’s increasing insolvency. The company was established by Scott McCall in 2013 and has been battling with paying its debts since last year. It has distributed products from a number of manufacturers over the last few years including ATN, France Elévateur and Oil&Steel. In 2017 McCall announced the establishment of Uniquely Engineered (UE) Components distribute joystick controllers, control boxes and battery chargers.
The last accounts filed by the company for the year to the end of November 2016, showed total assets of £967,840 million, with a tangible net worth of £90,637 with a negative working capital of £2,297.
In late February McCall said: “It is no secret that we have had some very challenging times financially, mainly due to poor cash flow as a result of late / non payment from our customers. That information is publicly available through credit agencies. We have been working closely with creditors for some time to resolve the situation and continue to do so.”