EFFORTS TO to find a saviour for besieged Scottish contractor Lilley failed this week and the contractor will be wound up.
The firm called in administrators two weeks ago as it battled a cash flow crisis caused by a £6M unpaid debt from former parent company Sunley Turriff (News last week).
Administrator PriceWaterhouseCoopers (PWC) had held off creditors for seven days to see if a buyer could be found.
Lilley had a healthy order book and 11 ongoing contracts.
'Those 11 contracts are now being assessed to see what money is owed to Lilley and what it owes suppliers, ' said PWC partner Bruce Cartwright. 'It is too early to say what proportion in the pound of money owing will be payable.' The full winding up could last several years.
Some 30 Lilley staff are now valuing contract work and helping clients find a new contractor, he said.
Another 160 staff have already been made redundant. Salaries have been paid but individual contract claims against the company have to be worked through. Staff have primary creditor status.
'It was a good business and a well known name brought down by a bad debt from elsewhere, ' said Cartwright.