Lee Demolition loses its fight for survival.
Lee Demolition, the Kent-based contractor that has been teetering on the brink of collapse for the past few months, has officially ceased trading.
The news comes almost exactly four months after the company entered into a Company Voluntary Arrangement (CVA) to stave off action from a number of overdue creditors. At that time, the company was seeking agreement from creditors to repay 23.6p in the pound over a five year period on debts on just over £3.5 million.
However, in a statement from business rescue and recovery specialist Begbies Traynor, it appears that this move was too little, too late.
“Following creditor approval of the Company Voluntary Arrangement (“CVA”) of Lee Demolition Limited on 16 September 2013, the Company’s Directors have been unable to adhere to the terms of the CVA due to sustained delays in customer payments and declining turnover. As a result, the Company has now ceased trading and, unfortunately, the Directors have had to make all of the employees redundant.”
Jamie Taylor and Lloyd Biscoe of Begbies Traynor, with the support of H M Revenue & Customs, are in the process of petitioning for the liquidation of the Company and will provide a further update in due course.
Creditors should contact Wayne Macpherson or James Hopkirk on 01702 467255.
