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Creditors Set to Decide Fate of the Debt Laden Hartlepool-Based Oak Electrotechnical...
22nd July 2026
A Hartlepool electrical contractor is facing the prospect of being placed into liquidation after its directors called a virtual meeting of its creditors to consider placing the company into insolvency. .
Oak Electrotechnical Ltd, which trades from Unit 4 Moreland Street in Hartlepool, is due to hold the creditors’ meeting at 11.30am on Tuesday, 28 July 2026 where its claimed creditors will be asked to consider a resolution to wind up the company and to appoint Liquidators Stephen Kenny and Richard Cole, of the insolvency firm KBL Advisory Limited..
The development comes after the company’s most recently filed accounts revealed a huge reduction in its cash reserves and overall financial position during the year ending 30 April 2025.
Cash reserves fell by 76 per cent
The financial reports seen by the Teesside & Durham Post revealed Oak Electrotechnical reported £160,712 in cash at the bank and in hand at the end of April 2025, down from £669,457 a year earlier—a fall of £508,745, or approximately 76 per cent.
The company’s total current assets also fell sharply, declining from £1.57 million in 2024 to £671,697 in 2025.
Company employs an average of 47 people
The accounts state that Oak Electrotechnical employed an average of 47 people during its latest reported financial years accounts, compared with 45 during the previous year.
The possibility of another Hartlepool company entering liquidation will nevertheless raise concerns for employees, subcontractors, suppliers and other businesses awaiting payment, with the company reporting that it held tangible fixed assets valued at £361,186, including vehicles, equipment and other assets, however, its claimed more than £214,000 of those assets are said to be held under hire-purchase or finance agreements, meaning some equipment may remain subject to finance providers’ legal rights if liquidation proceeds.
Accounts were prepared on a going-concern basis
The most latest financial statements published to Companies House were approved by the directors Mr Anthony David Sewell & Mrs Kate Emmerson Sewell on the 1st of January 2026 and had been prepared on a “going concern” basis.
Creditors must submit claims before the meeting
Creditors wishing to vote at the virtual meeting must provide proof of their claim by no later than 4pm on Monday, 27th July 2026, unless the meeting chair agrees to accept it later.
Creditors may attend themselves or appoint a proxy to speak and vote on their behalf.
The meeting may also consider how the proposed liquidators will be paid and whether to approve costs associated with preparing the company’s statement of affairs and organising the liquidation process, with directors required to prepare a statement setting out the company’s assets, liabilities and creditors.
Liquidation has not yet formally taken place
The Meeting of Creditors is said to be the first stage of the insolvency process where creditors will then have an opportunity to vote on the nomination of the proposed liquidators.
Should the resolution be passed, its claimed liquidators would take control of the company’s affairs, investigate its financial position, sell available the firms assets to distribute any recoverable funds to creditors according to the statutory order of priority.
The company’s employees, suppliers and customers will now be awaiting the outcome of the 28 July meeting—and the publication of the statement of affairs—with considerable interest.
