Partners from insolvency specialist CVR Global will be the administrators of manufacturer of structural insulated panels, Sip Frames.
The partners appointed for the administration are Elias Paourou and David Oprey.
The administrators have confirmed that there are parties interested in buying the business. “We are in talks with parties who are interested in buying the business and will be updating creditors in due course”, said Paourou.
Sips Frames UK traded as Sips Eco Panels and all 40 staff have been made redundant.
The company produced SIPs, which are structural frames made from two parallel layers of structure and a layer of insulation, for the construction industry. Sips Eco Panels had a factory in Glenrothes, Fife and a head office in Sudbury.
Paourou added: “Our appointment has come as a result of the company running up substantial losses which has led to contracts not being fulfilled. We are in the process of carrying out a full review of the company’s affairs, but unfortunately the company has ceased trading.”
Adrian Hyde, a partner at CVR Global, has been appointed as the new president for a year-long term, effective 21 April this year
New insolvency rules enter into effect on 6 April 2017. Caroline Sumner of R3 discusses what the changes mean for the insolvency profession
Andrew Tate of insolvency and restructuring trade body R3 examines the government's proposed changes to the UK's insolvency and restructuring framework, and highlights the profession's concerns
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February