The Gorman family has been devastated by the closure of its Bee-Jay Machinery business yesterday.DARREN LINTON August 26, 2014 3:19am
Hamish MacKinnon of insolvency firm Bent and Cougle was appointed liquidator of Bee-Jay Machinery and Tractors R Us yesterday by the directors of those companies.
Mr MacKinnon said seven staff had lost their jobs and as liquidator he had started the process of recovering funds on behalf of creditors.
‘‘The family are completely devastated,’’ he said. ‘‘It wasn’t until late on Friday and over the weekend that they decided they couldn’t continue to operate and decided to appoint a liquidator voluntarily.’’
A meeting of creditors is expected to be called within the next fortnight.
Mr MacKinnon said the number of creditors was small, with banks and finance companies sharing the major exposure.
Bee-Jay machinery was started by Daryl Gorman, who turned his hand to selling tractors 40 years ago because it was more attractive than farming.
In 2012, Mr Gorman told Country News he had survived fluctuating commodity prices, energy crises, credit squeezes, floods, droughts, changing international markets and high interest rates during his four decades in the business.
Yesterday, Mr MacKinnon said the prospect of a dry summer and an extended period of poor trading conditions had influenced the directors’ decision to act and appoint a liquidator.
Yesterday afternoon the gates were locked and a sign simply said the business was closed.
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