Jason Greenhalgh and Paul Stanley of Begbies Traynor have been appointed as joint liquidators of Liverpool-based construction firm, Crossfield Living Limited, which has entered creditors’ voluntary liquidation.
Crossfield Living ceased to trade on 29 April 2022 after it faced “significant” financial pressure, with Covid restrictions, the soaring price of raw materials and the loss of key contracts forming some of the key factors in its demise.
Crossfield Living was established in 2017 as a sister company to Crossfield Construction Limited, which also entered liquidation earlier this year and was part of Crossfield Group Limited.
Jason Greenhalgh, partner at Begbies Traynor in Liverpool, said: “We are contacting all known creditors to outline what this means, what the next steps are and we will be fulfilling our statutory duties over the coming days, weeks and months.
“The company has faced financial challenges in recent times with rising costs, loss of contracts and Covid restrictions being some of the reasons.”
Begbies Traynor, which publishes quarterly ‘Red Flag Alert’ data, said that 55,728 firms are in “significant distress”, with 23,602 being from Greater Manchester and 8,996 from the Liverpool City Region.
Real Estate (7,334), Construction (7,328) and Support Services (9,176) were the three sectors that contained the highest volumes of distressed firms from the 22 analysed in Q1 2022.