Haverhill firm goes 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".
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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."
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According to the government website IR35 regulations govern how much tax contractors pay.