Liverpool-based construction firm Crossfield Living Limited has entered creditors’ voluntary liquidation with Jason Greenhalgh and Paul Stanley of Begbies Traynor being appointed as joint liquidators.
Crossfield Living was established in 2017 as a sister company to Crossfield Construction Limited, which entered liquidation earlier this year and was part of Crossfield Group Limited.
Crossfield Living ceased to trade on 29th April 2022 after it faced significant financial pressure. Covid restrictions, the soaring price of raw materials and the loss of key contracts were some of the key factors in its demise.
Jason Greenhalgh, partner at Begbies Traynor in Liverpool, said:
“Today, we can confirm our appointment as joint liquidators of Crossfield Living Limited. We are contacting all known creditors to outline what this means, what the next steps are and we will be fulfilling our statutory duties over the coming days, weeks and months. The company has faced financial challenges in recent times with rising costs, loss of contracts and Covid restrictions being some of the reasons.”
Begbies Traynor, which publishes quarterly ‘Red Flag Alert’ data says more than 55,000 firms (55,728) are in ‘significant distress’ with 23,602 being from Greater Manchester and 8,996 from the Liverpool City Region.
Real Estate (7,334), Construction (7,328) and Support Services (9,176) were the three sectors that contained the highest volumes of distressed firms from the 22 analysed in Q1 of 2022.
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