Construction News is reporting that Squibb Group has been officially wound-up. It brings to an end 75 years of trading for one of the UK’s best-known demolition contractors.
The court appointed the official receiver as provisional liquidator of the company despite pleas from the Squibb Group barrister to appoint two individuals that have been dealing with the company’s financial affairs as it attempted to remain solvent.
During the hearing, counsel for HMRC said there had been a “lack of communication” from Squibb’s nominated liquidators and said that the £18 million said to be owed to HMRC was “not being properly treated”.
The official receiver will now appoint a liquidator, a process that is expected to take around eight weeks.
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