Two firms near York in liquidation with debts exceeding £600,000

Two related businesses based at Escrick near York have entered a creditors’ voluntary liquidation with debts exceeding £600,000 between them.

The two companies were based at Escrick Business Park (pictured) <i>(Image: Darren Greenwood)</i>

(Image: Darren Greenwood)

Two related businesses near York have entered a creditors’ voluntary liquidation with debts exceeding £600,000 between them.

Quickfix (York) Ltd was a construction and installation company, with a deficit approaching £400,000.

Quickfix@home (York) Ltd was a furniture retailer with a deficit approaching £250,000.

Both companies were registered in Escrick Business Park, with Gary Russell Hill, 59, being registered as the sole director.

Both also entered liquidation on September 22, with Clifton Moor-based BTG Begbies Traynor (Central) LLP appointed liquidator.

A liquidator’s report known as a statement of affairs says Quickfix (York) Ltd, which was formed in 2022, had realisable assets of £100.

However, the report also lists the liabilities.

These included preferential creditors—those who are paid first. Staff were owed £3,953.30 in arrears or holiday pay and pension contributions of £3,510.00, giving a deficit of £7,353.30.

Then came secondary creditors—those who are paid next. This consisted of HMRC, who was owed £136,500.00 in VAT and PAYE, which led to a deficit of £143,853.30.

Then, we had the unsecured creditors, who are paid last. They were owed a total of £245,912.48.

They consisted of trade creditors owed £59,702.64. Employees were owed £2,993.83 in lieu of redundancy notice. There was a director’s loan of £115,000 and business loans of £46,419.32. The company’s landlord was owed £6,641.00. In addition, there were customer deposits of £15,155.68.

This gave a total deficit with regard to unsecured creditors of £389,765.78.

With the business having issued and called up capital of £100, this meant Quickfix (York) Ltd had a deficit, or outstanding debt, of £389,865.78, the statement of affairs added.

The sister business, Quickfix@home (York) Ltd, reported realisable assets of £10,250.

When it came to preferential creditors—those who are paid first—this consisted of HMRC owed £2,500 in VAT. This left £7,750 available for unsecured creditors—those who are paid last.

However, the statement of affairs says these unsecured creditors were owed £157,860.26 between them.

These consisted of trade creditors owed £26,499.78. There was a director’s loan of £80,235.00, plus associated company debt of £29,039.00. The landlord was owed £4,890 in rent arrears and there were consumer creditors owed £17,106.50.

This gave a shortfall with regard to unsecured claims of £150,110.28.

With Quickfix@home Ltd having issued and called up capital of £100, this meant a total deficit of £150,210.28, the statement of affairs added.