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Central Welding and Iron Works is bankrupt, The Nugget has learned.
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Este artículo estará disponible en español en El Tiempo Latino.
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Bankruptcy proceedings were initiated in recent months, and court documents show Central Welding was legally declared bankrupt on Feb. 15 in the Ontario Superior Court of Justice
A North Bay company in operation for decades has been deemed bankrupt by the court, and its approximately 50 employees have been let go with severance and pension packages in doubt.
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Of this, £245,604 is earmarked for HM Revenue & Customs (HMRC) and £2,728 towards employee arrears or holiday pay.
Once this was paid, the firm would still owe more than £3.4m to creditors, the document said.
This included an additional £1,589,738 owed to the HMRC, £591,993.60 to the EA and £132,097.20 to Newcastle-under-Lyme Borough Council.
It also owed £43,798 to employees, £386,602 in landfill tax and £76,000 in deferred tax.
After the remaining £254,156 of assets has been used, the company would still owe creditors more than £3.2m, the records showed.
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