Ivy Construction of Whitby in liquidation owing £300,000

Ivy Construction Limited of Armandene, Stainsacre Lane, entered a creditors voluntary liquidation on August 13.

The Stockton-on-Tees-based Begbies Traynor (Central) LLP was appointed liquidator.

A report known as a statement of affairs has been published by Companies House outlining the debts.

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The report says the business, which was incorporated in 2013, had £434 cash in the bank as assets available for distribution to creditors.

However, there were preferential creditors - those who are paid first - who were owed £6,430. These were staff owed holiday pay.

This gave a deficiency of £5,996 available to secondary preference creditors - those who are paid next, the report continued.

HMRC was the only secondary preference creditor, and it was owed £140,000 in VAT and PAYE, leaving a deficiency of £145,996 available to unsecured creditors.

The unsecured creditors - those who are paid last - consisted of trade creditors owed £16,500 between them, employees owed £88,864 in notice and redundancy pay, and a director Jason Paul Draper, who was owed £62,000.

This left an estimated deficiency of £313,360. With issued and called up capital of £100, this gave a total deficiency or shortfall of £313,460 outstanding.