Receivers called into construction firm Alu-Fix with loss of 40 jobs
Around 40 people have been made redundant after receivers were appointed to a Belfast construction sector firm.
PricewaterhouseCoopers said Alu-Fix no longer had enough cash to keep going.
The company specialised in cladding and retail frontages as well as curtain walling and structural glazing.
It's understood Ulster Bank was the secured lender which appointed Stephen Cave and Paul Rooney of PwC as joint administrative receivers at the request of the company's directors, Rodney and Philip Young.
In its heyday, Alu-Fix was one of the biggest aluminium installers to the UK construction industry, employing 50 full-time staff and providing work to around 400 contractors.
While its registered office was in Larne in Co Antrim, the company mainly operated from offices in Belfast, London and Manchester. It worked on the Aragon Towner in London and Barnsley Interchange.
Joint administrative receiver Stephen Cave said: "It appears that the company's funding position has deteriorated markedly over recent weeks, culminating in the company lacking sufficient cashflow to continue trading and this led to our appointment.
"Our immediate objective is to determine the precise financial position and the current status on live contracts. Unfortunately we have had no option but to make the remaining 20 permanent staff in Belfast and 20 permanent staff on Great Britain sites redundant, with immediate effect."
While administrative receivers can sell a company as a going concern, it's understood a buyer is not expected to come forward for Alu-Fix.
Where a buyer is not found during administrative receivership, assets are sold and proceeds divided between secured and preferential creditors.
Alu-Fix is the latest in a long line of building firms which have gone under during the economic downturn in Northern Ireland.