Schofield Contracting Ltd (03139275): administration
- Status
- Administration ended
- Administration began
- 2024-03-15
- Incorporated
- 1995-12-19
- Location
- Leeds
- Industry
- 42110 Construction of roads and motorways
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The business was incorporated on 19% December 1995 as a limited company. The company offered multidisciplinary civil engineering works mainly in city centre schemes for blue chip clients. The company operated from premises at 4 Isis Court, Rosetta Way, Ouseacres in York and the company owned the long leasehold. The company operated a bank account with NatWest Bank but did not operate an overdraft. The company had 16 full time employees on both salary and wage contracts.
The company had traded successfully from its incorporation, the last set of accounts to 31 December 2022 reflected net assets of £1,104,531. As detailed in section 6 of this report as at 15" March 2024 the statement of affairs reflects a surplus of assets over liabilities of £730,159.04 meaning the company is solvent. On 10 February 2024 the company’s sole Director, James William Newton Schofield (‘JS’) unexpectedly passed away. JS died without a will and therefore died intestate, and the company was left without a director. The shareholding of the company was divided between JS’s wife Suzanne Schofield (‘SS’) at 40% and 60% owned by JS. Therefore, as there was not a majority shareholder, and a director could not be validly appointed in accordance with the company’s articles.
Cowling, Swift & Kitchin Solicitors (“CSK’) who are assisting with the probate of JS’s estate, made an urgent application in order to deal with his shares in the company. The probate office stated that it would take 16 weeks in order to get such an order, which meant the company was unable to operate as there was no Director in office. Additionally, when the bank was made aware of JS’s death, the company’s account was frozen as he was the only signatory to the bank account. Consequently, the company was unable to pay creditors as and when they fell due which met the technical definition of insolvency, despite the company being balance sheet solvent.
Administrators' statement of proposals (2024-04-27) · Companies House register