Thu, 14 Mar 2024 | ADMINISTRATION
James Penman Plant Hire, a plant hire firm based in Kirkcaldy, has fallen into liquidation, leading to the loss of all 35 jobs. The company, which began trading in 1974 and had been poised to mark its 50th anniversary, has struggled to meet its financial obligations since the COVID-19 pandemic.
Callum Carmichael and Michelle Elliot of FRP Advisory have been appointed as joint provisional liquidators at the company, which specialised in plant hire, drainage and groundworks for both the public and private sectors.
Callum Carmichael commented: “James Penman struggled to maintain its financial obligations which stemmed from the pandemic and, regrettably, has entered liquidation. Our job now is to focus on supporting all staff that have been impacted with their applications to the redundancy payments service as we wind down the remaining business.”
A statement on the company’s website read: “The affairs, business, and property of James Penman (Plant Hire) Limited the ‘company’ are being managed by Callum Angus Carmichael and Michelle Elliot who were appointed joint provisional liquidators of the company on March 5. The joint provisional liquidators act as agents of the company and without personal liability.”
In its accounts for the year ending September 30 2022, the company’s fixed assets were valued at close to £1.4 million, down from £1.6 million a year earlier, while current assets were valued at just under £1.2 million, compared to £2.1 million a year earlier. At the time, the company’s net assets were valued at £529,102, down from £953,789 the previous year.
Despite the UK's economy showing recent signs of improvement, insolvency rates are expected to continue rising during 2024 as companies continue to struggle with high debts and fragile consumer confidence
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