Scots firm plunges into liquidation after 200 years in business
COMPANY COLLAPSED Scots firm plunges into liquidation after 200 years in business
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A SCOTTISH ironworks has plunged into liquidation after 200 years in business.
Ballantine Castings, located in Bo'ness, is one of the last iron foundries in the country.
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Ballatine Castings had one of the last foundries in the country (STOCK IMAGE)
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The company has been operational since the 1820s, but the iron foundry was established in 1856.
On July 25, Ballatine Castings presented a petition to Falkirk Sheriff Court for the company to close up and a liquidator to be appointed, the Falkirk Herald reports.
Three days later, the court then appointed Graeme Bain of Glasgow-based accountancy firm Johnston Carmichael as liquidator.
Liquidation is a legal process where a company's assets are sold to pay off its debts.
It also ultimately leads to the company's closure and dissolution.
The process essentially consists of winding up a company's affairs.
The foundry has been owned by the Ballatine family for seven generations.
And they made some of the country's most iconic ironwork, including the replica cannons at Edinburgh Castle.
Back in 2014, the ironworks was revived by a new firm set up by Gavin Ballantine after it shut down.
It is unknown how many employees have been affected.
Major Scottish Construction Firm Faces Liquidation in Dalgety Bay
Over the past year, a number of construction firms have collapsed.
Pittsburgh Fife Limited, based in the coastal town of Dalgety Bay, had a liquidator appointed last month.
In April, dozens of workers have lost their jobs after a long-established Scottish painting and decorating firm went bust.
All 32 staff members at the Lanarkshire-based business were made redundant after the company entered administration.
And in May, a Scottish firm has plunged into administration after 41 years with over 20 jobs lost.
Hospital Pipeline Installations Limited (HPI) in Paisley plunged into administration due to a 'marked downturn' in trade, rising operating costs and low-margin contracts.
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