Blair Nimmo

Administrators were appointed for Panacea Fire and Security Ltd in October, though the company ceased trading in June.

Incorporated in June 2019, the company installed fire alarm and security systems and had an average of 14 employees.

Blair Nimmo and Alistair McAlinden of Interpath Advisory have been appointed joint administrators.

According to the administrators’ filing, the firm ceased trading in June and all employees have since been made redundant. Mr Nimmo and Mr McAlinden were appointed on 18 October 2022.

The joint administrators are still seeking access to the firm’s records and have limited information to work with.

Accounts made up to June 2021 show the company had £12,561 in fixed assets and £132,040 in current assets. Turnover was at over £1 million in 2020. It was understood that there were little to no assets owned by the company when it entered administration.

Commenting on the likelihood of debt recovery for creditors, Mr McAlinden said: “Based on the available information at this time, it is highly unlikely that the preferential creditors will receive any dividend distributions. The same outcome is expected for the secondary preferential creditors.”

Mr McAliden added that several routes are being considered for ending the administration with the most likely being automatic after which the company will be dissolved.

Meanwhile, a number of former employees of Panacea Fire & Security Ltd have also taken the firm to employment tribunals.

The firm was ordered to pay money owed to its former staff for unpaid wages and holiday pay.