Muirfield Contracts In Administration

[islaydarkblue]

I am very surprised that there has been no debate on this forum about Muirfield Contracts going into administration this week with the loss of all jobs including 110 sub contractors (apart from 25 members of staff remaining) to wind down the business.

In my opinion the problem lies with Clydesdale Bank who appear to have bankrolled the purchase of Muirfield Contracts from Maurice McKay two years ago. 

According to the undernoted information below Clydesdale Bank hold a standard security over Muirfield Contracts which I assume will be over the head office in George Buckman Way which is in the grounds of the old Timex Camperdown factory.

According to the articles in the Courier the company in control of Muirfield Contracts is a company called Ensco 395 which is an "off the shelf" company with a share capital of £2.

To put things into perspective the current share capital of Dundee Football Club is £702,609.13.

The articles further state that Thomas John Stodart has not been seen recently but this is not surprising as his country of residence is listed as Spain.

https://companiesintheuk.co.uk/ltd/ensco-395

The tragic thing about the demise of Muirfield Contracts is that there is nothing to stop Thomas John Stodart turning up somewhere else and purchasing another company as it his company Ensco 395 that will be dissolved and struck off whilst Mr Stodart's only financial loss will be what he has put into Muirfield Contracts. 

[Attilio]

What is there to debate. McKay sold the company to Stoddart knowing his business history. Most of the local Senior management were punted then. The writing was on the wall then. Stoddart will do this again, it's the type of business he is in.

[islaydarkblue]

Attilio.

What was Stodart's previous business history.

[Derry Drummer]

McKay sold the business to a crook a few years ago and it was obvious then.

They have millions worth of work on their books too. 

[WESTENDDEE]

It's very sad for the workforce.

[islaydarkblue]

The bosses at Clydesdale Bank should hang their heads in shame.

[Boba Fett]

Terrible news.. my father in law has lost his job as a result.

Islay - not sure why you are blaming Clydesdale Bank for this??

Also, Maurice Mackay still owns the HQ. It was never part of the acquisition by Azure back in 2013.

Unbelievable that this Stodart character can seemingly get away with this time and time again..

Crazy thing is that they posted a profit in tax year 2013/2014.

[Attilio]

Sorry to hear about your father in law Boba. The one upside is that that other companies are picking up some of Muirfield's staff and this will continue for the next few weeks. For the direct labour staff, there is a lot of work in the region just now and picking up something new is a definite possibility.

Like you say not real that characters like this joker can do this time and time again. Should be a law against it and not sure why there isn't.

[Abdul Latif]

Sorry to hear about your father in law Boba. The one upside is that that other companies are picking up some of Muirfield's staff and this will continue for the next few weeks. For the direct labour staff, there is a lot of work in the region just now and picking up something new is a definite possibility.Like you say not real that characters like this joker can do this time and time again. Should be a law against it and not sure why there isn't.

The problem is it's impossible to make a law against it.

A company's directors always take care of themselves above anything else.

The workers are simply pawns in their game and they don't give a f**k about them. Sad, but true.

[Derry Drummer]

Lads will be fine. Plenty work about.

Work is there. New company just replaces them. Problem comes when there is no work and loads of companies.

[Prince Buster]

The problem is it's impossible to make a law against it.

A company's directors always take care of themselves above anything else.

The workers are simply pawns in their game and they don't give a f**k about them. Sad, but true.

The purpose of any company is to make profit for its directors. Employees are really just tools to use in pursuit of profit.

Unfortunately some directors will always lack the empathy to give a sh1t about how their quest for profit might ultimately effect employees.

[islaydarkblue]

Terrible news.. my father in law has lost his job as a result. Islay - not sure why you are blaming Clydesdale Bank for this?? Also, Maurice Mackay still owns the HQ. It was never part of the acquisition by Azure back in 2013. Unbelievable that this Stodart character can seemingly get away with this time and time again.. Crazy thing is that they posted a profit in tax year 2013/2014.

Boba.

The Clydesdale Bank obviously bankrolled the new owners as the Clydesdale Bank holds a charge which appears to be a floating charge over the company.

If Maurice Mckay still owns the HQ then there will be few assets to secure the floating charge over.

https://companiesintheuk.co.uk/ltd/ensco-395