ONE OF the North-east’s leading insolvency experts, Michael J M Reid, of MHA in Aberdeen, has been appointed liquidator for a machinery supply company.
Boyd International Limited, based in Arradoul, Buckie, ceased trading with the loss of seven jobs covering sales and administration duties.
The company was formed in 1997 and incorporated in 1999. Boyd International operated from an 11,000 sq ft warehouse surrounded by a 13,000 sq ft yard, which is currently being marketed for sale by FG Burnett, Aberdeen.
Thainstone Specialist Auction, Inverurie, have been appointed to deal with the disposal of the company’s stock.
Run by chairman and CEO David Boyd, Boyd International bought, sold, engineered, reconditioned and traded food machinery and refrigeration equipment throughout the world. Its client portfolio ranged from small firms to some of the world’s largest food groups. Export sales accounted for over 80% of turnover.
Michael Reid, an MHA Partner, said: “I have been appointed liquidator of Boyd International Limited under the hand of HMRC.
“The Covid years were unkind to the company because much of its trade was to and from businesses in England and abroad and travel was severely restricted.
“The company had effectively ceased trading prior to my appointment on May 7 but there were seven employees, all of whom have been made redundant as part of the process. Assistance will be obtained from the Redundancy Payments Office to process all former employee claims.
“It is too early to state whether a dividend will be paid to unsecured creditors because, for example, assets require to be sold. Steps are being taken to write to all known creditors, however, I would encourage any potential creditors to contact me at their earliest convenience.”
MHA is the 13th largest accountancy practice in the UK and counts SMEs across a variety of sectors as clients. Its Scottish offices are in Aberdeen and Edinburgh. MHA is the UK independent member firm of Baker Tilly International.