Mon, 07 Oct 2024 | ADMINISTRATION
JPen John Patrick Engineering Limited, an engineering and metal fabrication specialist based in Ilkeston, Derbyshire, has fallen into administration and ceased trading after losing business from a major customer. The group, which was founded in 1983, appointed Begbies Traynor as liquidators on September 19th.
“Unfortunately, due to market conditions and coupled with the loss of a major customer, which has also led to a sizeable bad debt, the company was unable to recover from the loss,” said a spokesperson for Begbies Traynor. “As a result of the cash flow and creditor pressure, the directors of the company had no option but to seek to initiate a formal insolvency process."
JPen had a total of 23 employees at the end of the 2023 financial year, but 15 by the time it went into administration. All employees have been made redundant following the company's collapse.
JPen manufactured chimneys and ducting, dust extraction equipment, ladder systems, gantry systems and large steel structures, storage tanks, hoppers and silos, for clients including spanning the UK and Europe's construction and waste processing industries.
In a filing to Companies House, Begbies Traynor said around £21,640 of assets would be available to the company's preferential creditors including HMRC, British Gas Business and Screwfix.
It owes £11,526 to employees in arrears and holiday pay, non-preferential claims from trade creditors of £142,216, £22,020 to HMRC and £108,640 to a landlord. The total deficiency in the company’s assets was £724,733. Limited assets are set to be sold in order to repay some of these sums to creditors.
In its last filed accounts for 2023 the company, led by Director Andrew Fox, said that it had ‘elected not to include a copy of the profit and loss account’. It did state however that it had current assets of nearly £649,000 and creditor amounts falling due within one year of nearly £602,000.
Click here to find out more about how the manufacturing sector is being hit by rising insolvencies
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