Another company has joined the list of those in trouble due to large tax bills as SFP, the nationwide insolvency practitioners, has been appointed Administrator of Zenith Precision Engineering Ltd. The Coventry-based engineering company has accrued large debts in excess of £500,000, including a bill to Her Majesty’s Revenue & Customs (HMRC).
Zenith Precision produced precision components for various industries, but mainly the motorsport and automotive sectors. It employed 16 people and had an annual turnover of more than £1 million. The company has since ceased trading.
SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 20th July 2011.
The company is on of a long line of businesses that SFP has been appointed to this year that has failed to address the tax bill before entering into financial difficulties, as Simon Plant, Group Partner at SFP explains: “We have seen a large amount of SMEs citing debts to HMRC as a reason for struggling.”
“With Zenith Engineering Ltd we will be looking at selling the assets of the business in order to recoup the maximum return for the creditors,” Simon adds.
For further press information for SFP, please contact: Sean Feast or Michael Standen at AGA Public Relations on 0207 330 8888 or email firstname.lastname@example.org