A LONG established North-East electrical contracting business has been placed in liquidation with all 19 employees laid off.
George V Cummins Limited of Washington, was placed in liquidation with around £450,000 of debts after more than 70 years in business, working primarily for main construction contractors throughout the UK.
The business was in the Cummins family for several generations until 2007 when a management buy-out went through and Ian Reichard took the business on. The vendors are the biggest creditor in the liquidation.
Greg Whitehead, of Northpoint, an independent restructuring and insolvency practice, said: “The company has been effected by the economic downturn of recent years but had also been exposed to historical uninsured asbestos claims, paying out over £100,000 including legal fees with the prospect for more claims emerging.”
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