Stephen Cave from PwC in Belfast and Toby Underwood have been appointed Joint Administrators of Williams Industrial Services Limited (“WIS” / “the company”) today, Tuesday 06 February 2018.
Commenting on the Administration appointment, WIS chairman John Toner, said:
Mallusk-based WIS was established in 1983 and is one of Ireland's largest providers of environmental engineering solutions, specialising in water-treatment and anaerobic digestion technologies.
The company employs approximately 145 people directly and has annual turnover which peaked at around STG£50 million. In addition, Tot Technical NI Limited, a wholly owned subsidiary of WIS, employing approx. 15 people and trading from adjacent premises, is set to go into Liquidation.
Around half the company’s sales of water-treatment and anaerobic digestion solutions are to customers outside Northern Ireland, primarily in GB and the Republic of Ireland.
Confirming the appointment, PwC’s Stephen Cave said:
Notes to editors
1. An Administrator is an insolvency practitioner who is appointed to a company by either the company itself, the directors, or one or more secured [such as a bank or finance company] or unsecured creditors.
2. Administration is designed to protect the business whilst the administrator(s) form(s) plans to either put in place a financial restructuring to rescue the company, or to sell the business and assets to produce a better result for creditors than a liquidation; or where neither of these can be achieved, simply as a mechanism to liquidate assets and distribute the proceeds to secured or preferential creditors.
3. Administration should not be confused with liquidation, bankruptcy or winding-up; for further information on technical issues surrounding insolvency, please contact email@example.com