RSM winds up Jaydee Heating
The contractors went into administration in November after prolonged trading difficulties.
Administrators Paul Dounis and William Duncan of RSM estimated the firm’s assets would realise £157,651, less than half of their book value.
Liabilities amounted to £541,494, of which £504,494 is due to non-preferential creditors.
Jaydee plunged into the red in 2014 with a pre-tax loss of £111,694 from a turnover of £2.868 million.
Last year the turnover was down at under £900,000 as the firm trimmed back its activities, but it still made a loss before tax of £29,284.
Jaydee, which employed 20 people, operated in a highly competitive market in the Dundee area, said the administrators.
Any work won was at the expense of profit margins “that were being increasingly squeezed as competition for work intensified”.
The administrators said the dividend prospects of the unsecured creditors are not known. Proposals to wind up Jaydee were formally approved by creditors