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A SCARBOROUGH painting company has gone into liquidation with debts topping £70,000.
AS Painting Contractors of 20, Esplanade was incorporated in 2019 and went into voluntary administration on September 9.
Companies House lists Aaron Simpson, Andrew Simpson and Beverley Simpson as its directors.
Gateshead-based KRE (North) Ltd were appointed liquidators, and they have produced a report detailing the company’s finances known as a statement of affairs.
The report says the business had estimated realisable assets of £10,330 cash in the bank.
There were no preferential creditors- those who are paid first.
However, HMRC was owed £3,509 as a secondary preferential creditor- someone paid next.
In addition, there were unsecured creditors- those who are paid last- who were owed a total of £80,637.82.
This consisted of six trade and expense creditors owed £40,444.74 between them and two banks/ financial institutions owed £40,193.08 between them.
This meant for a deficit of £73,816.82 with regard to creditors.
With the company having issued and called up capital of £101, this made for an overall deficit or shortfall of £73,917.82.