AN ICONIC Scots music firm has been liquidated after plunging into a financial crisis.
RT Shepherd and Sons is a well-loved bagpipe manufacturer in Fife, which has been selling its chanters and reeds all over the globe for 50 years.
The company was founded by Robert 'Bob' Shepherd back in the 1970s, and its headquarters are located in Cardenden.
Although Robert passed away in 219 due to an illness, he is still well known in the piping world.
But bosses have now revealed that the firm, which has eight members of staff, has entered liquidation after suffering financial trouble.
Liquidators have said that the RT Shepherd and Sons has been dealing with cash flow problems.
They added that this has caused company directors to wind the business up, according to The Courier.
The firm is now insolvent, and another piping business has bought over its assets.
Kirkcaldy’s Broadleys Bagpipes and Reeds has taken on the company and is run by Ross Watson.
Watson, who is also based in Fife, is a former employee of RT Shepherd and Sons.
His company is also a bagpipe manufacturer and is involved in bagpiping competitions.
Glasgow company Dains has handled the liquidation process for RT Shepherd and Sons.
Interim liquidator and partner Steven Wright told The Courier: “Despite its strong reputation and branding in the bagpipe world, the company faced several challenges over the past few years, which unfortunately led to the directors taking the tough decision to file for a winding-up petition.
“Our initial priority was to assist all employees with their claims and deal with a large number of stakeholders from across the world.
“I am pleased to say that we have now managed to secure a sale of the company assets to a former employee, Ross Watson, who trades as Broadleys Bagpipes & Reeds.
“Ross has a unique understanding of the business and is well placed to be able to take on the RT Shepherd brand.
“Anyone wishing to purchase anything previously associated with the company should now contact Ross directly.”
WHEN you liquidate a company, its assets are used to pay off its debts. Any money left goes to shareholders. You’ll need a validation order to access your company bank account.
If that money has not been shared between the shareholders by the time the company is removed from the register, it will go to the state.
You’ll need to restore your company to claim back money after it’s been removed from the register.
The company will stop doing business and employing people. The company will not exist once it’s been removed (‘struck off’) from the companies register at Companies House.
There are 3 types of liquidation:
Your company may be forced into liquidation if it cannot pay its debts.
Credit: GOV.UK
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Iconic Scots music firm goes bust after 50 years as company liquidated – The Scottish Sun
