Suffering from poor cashflow, Norking Aluminium Ltd entered administration after falling behind with tax payments and was unable to complete a time to pay deal with HMRC.
The manufacturing company, based on the LKH Estate in Balby, specialises in the production and installation of aluminium and glass facades.
Wilson Field were appointed administrators on 4th April and have since been seeking a buyer as a going concern. Unfortunately, as the business has not yet found a suitable buyer, the company has stopped trading and 98 people have been made redundant.
Lisa Hogg of Wilson Field, commented, “As the company was not in a position to continue trading, it was with regret that all 98 staff have been made redundant. We will be working alongside all stakeholders to determine the most appropriate next steps for the benefit of all creditors.”
If a Time to Pay deal does fall through, a company voluntary arrangement (CVA) may be one of the next best options to consider along with administration. In this case, we do not know whether a CVA was appropriate for Norking Aluminium as it may have not been in the creditors’ best interests. For some businesses, it can provide a way to move forward with the company and can allow a proportion of debt to be paid back over a number of years.