Haverhill firm goes into liquidation with just £2.42 in the bank

Is your surname on the list of the unclaimed estates? Picture: GETTY IMAGES

Haverhill firm MATCAS has gone into liquidation with just £2.42 in the bank

A Haverhill-based building firm has gone into liquidation owing more than £50,000 — with just £2.42 in the bank.

MATCAS — a firm which originally operated heavy machinery in the construction industry, before moving on to become a car wash — appointed liquidators from Cooper Young on July 19.

According to documents filed with Companies House the firm owed £50,758.58 to creditors when it went under.

MATCAS's largest creditor was Barclays Bank, which was left on the hook for £50,000. 

But Zafar Iqbal, partner at liquidators Cooper Young, said there was no chance of creditors seeing a return on their funds "unless our investigations into affairs of the company discover any assets or receivables".


You may also want to watch:


He added: "According to the director’s statement of affairs dated July 5 2021, the cash at bank was £2.42.

"It is right to say the company was negatively affected by poor economic trading conditions driven by the Covid-19 crisis, and also had an adverse impact of IR35 regulations."

Most Read

According to the government website IR35 regulations govern how much tax contractors pay.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter