Glazing the Island has entered liquidation with debts of more than £285,000, it has been confirmed.
Island Echo has heard from dozens of readers over the past few months about the trading status of Glazing the Island Ltd., but the lack of any official confirmation has made it difficult to get to the bottom of what has been going on.
One reader has alleged they handed over a cash deposit on the doorstep, but have not heard from the company since.
Now, it has been revealed that Southampton-based Quantuma Advisory Limited has been appointed as liquidators as the company looks to be wound up voluntarily. The commencement of winding up began on 5th February.
It was in 2018 that GTI Glazing called in Quantuma to wind up that business, with the 3 directors of the firm then swiftly establishing Glazing the Island Ltd., as previously reported by Island Echo.
According to the company’s statement of affairs, Glazing the Island has no office furniture or equipment of value and just £532 of plant and machinery, with £8,000 of stock and £33,711 worth of vehicles.
It’s said £132,000 is owed to 43 trade and expense creditors, £105,000 to employees, £19,000 to directors, £18,700 to banks, £6,700 to the property landlord Somerton Developments and £4,900 to 4 consumers.
It is currently estimated that around £58,000 can be raised to pay off creditors, of which £20,000 will go to employees and £17,000 to HMRC, leaving around £21,000. Against the total of £287,754 total owed, this will still leave the firm in the red by £266,140.06.
The biggest debtors include £33,600 owed to Affordable Aluminium Systems Ltd, £28,000 to Montravia Ltd and £10,000 to George Jenkins Transport.
It’s understood the collapse of the firm has affected 17 employees.
Quantuma has been approached for a statement
They should never have been allowed to start up again. Con artists
They’ll be back in a couple of weeks – same initials, same logo, same trading practices. I wonder what the initials will stand for next time – “Grab That Income”, perhaps?
Or could be called
Get The Idiots
and a new firm will rise from the ashes again, and in 5 / 10 years time, it will happen again! Directors need to be struck off or sell their properties to pay the debt owed! Or even their shares in the Horseshoe Inn they invested in on the QT
And the houses spread around, new builds Palance Rd and plots of land down the road.
So many rogues in the property game.
Lesson to everyone whether using glazing companies
or Builders / Tradesmen etc
Never pay up front money, always pay by card so you
are covered, “NEVER” pay cash.
There are so many cowboys out there
Yee-haw
Limited companies means limited liability to shareholders/directors, clever clogs. The company is a separate legal entity, so personal assets are safe. It’s just business!
Here we go again all a con they walk away fully loaded then start again ..but companies should not have anything to do with them..not big or clever.
Absolutely disgusting they should never be allowed to trade again.
It is too easy for these people to do the same
again.
There could be a few reasons why this may have happened, perhaps they have not been paid, there could be retentions outstanding that is owed to the which main contractors try not to pay, to name a few. Administrators will look into all your concerns.
These scummy directors should be jailed. They put other people at risk for non payment of bills they employ staff knowing they will not get paid and they take deposits for work knowing they will never get there windows.
The three crooks involved are Patrick john Brady, Neil Donavan Johnson and and Michael Willioam Roberts.
I thought Fraud was serious, obviously not
in this case.
Labour government…. Big national firms are already making cuts; small firms can’t survive, especially with employer NI increases in April! There will be more to go unfortunately. Blame those who voted for Starmer!
Yeah because the previous 14 years were glorious weren’t they? No corruption or incompetence there.
But better than this shower of shit..the wankers.14 years because of them being shit and proved it in less than 5 months ..utter shit just same when blaiirrrrrrrrrrrr was in..
All parties report to their same Elite Bosses
The W.E.F
What has this got to do with the glazing company. This is close to theft nothing to do with politics pratt.
All part of the plan, you will own nothing and be happy
Lol
I think you may find that the Ni allowance has increased, to compensate for some of the Ni increase.
Not this they do this to evade paying bills / tax all a dodge..
Directors of businesses which go bust should not be allowed to set up a new business until at least 10 years have passed.
Shouldn’t be allowed to trade again if they try,
if so they should be FORCED to pay their
debts.
So many rogue companies in the country
and on the island.
Now no one would touch them..they probably know that, they have made a very big amount of money over the years..so could’nt give a stuff..
True