Fri, 07 Jun 2024 | ADMINISTRATION
Boyd International Limited, a machinery supply company based in Arradoul, Buckie, has gone into liquidation. Michael Reid, a partner in MHA’s Aberdeen office, has been appointed as liquidator of the company, which has ceased trading with the loss of seven jobs.
Founded in 1997 and incorporated in 1999, the company operated from a 11,000 sq ft warehouse, surrounded by a 13,000 sq ft yard. This property is currently being marketed for sale by FG Burnett, Aberdeen. The company’s stock is set to be disposed of by Thainstone Specialist Auction, Inverurie.
Boyd International bought, sold, engineered, reconditioned and traded refrigeration equipment and food machinery around the world, with exports accounting for more than 80 per cent of turnover. The firm had a client portfolio that spanned small companies and some of the world’s largest food groups.
MHA Partner Michael Reid said that the COVID-19 pandemic had been “unkind to the company because much of its trade was to and from businesses in England and abroad and travel was severely restricted.”
He continued: “The company had effectively ceased trading prior to my appointment on May 7 but there were seven employees, all of whom have been made redundant as part of the process. Assistance will be obtained from the Redundancy Payments Office to process all former employee claims.”
“It is too early to state whether a dividend will be paid to unsecured creditors because, for example, assets require to be sold. Steps are being taken to write to all known creditors, however, I would encourage any potential creditors to contact me at their earliest convenience.”
In the company’s most recent accounts at Companies House, for the year to October 31 2021, its fixed assets were valued at £440,112 and current assets at close to £1.4 million. Its net assets at the time stood at £370,721.
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