Consett’s Grorud Engineering have reportedly been put into liquidation due to not paying payments to the creditor.
Consett’s Grorud Engineering have been put into liquidation after failing to keep up with payments to creditors.
The Engineering company closed last year after losing a major contract with Japanese airbag manufacturer Takata. The company entered into a Compulsory Voluntary Arrangement (CVA) so they did not have to pay redundancies. This meant the government would be paying the redundancy payments.
George Lambert, the director of the company warned staff that the company had entered into a CVA.
Documents published on Companies House show Grorud Engineering has gone into liquidation. This is beacuse they failed to keep up its CVA commitments because it was no longer trading.
When the liquidation was filed Grorud owed creditors a total of £1.77m. The list of company creditors including £114,000 owed to HMRC and £663,886 owed to former employees.
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