Insolvency Alert: ITB Developments Ltd- Trading Whilst Insolvent

If you’re thinking about supplying services to ITB Developments Ltd, think again.

Our company alert this week is regarding ITB Developments Ltd, a property development company with a registered office in Southend-on-Sea.  This company had owed our client £11,041.21 plus interest (the Debt) and costs for services supplied. 

On 29^th May 2025 our client assigned the debt to Insolvency & Law Ltd. We are committed to recovering these funds.  

Not being able to pay your debts when they fall due satisfies the definition of being insolvent. Nonetheless, ITB Developments Ltd is still trading. Furthermore, we can report that the company has 2 unsatisfied CCJ(s) at a cost of £4,867. It is balance sheet insolvent with a net worth of -£71,125.

Trading insolvently is wrong and potentially unlawful, because it puts creditors, employees, and other stakeholders at further financial risk. Continuing to trade in this state:

• Violates directors’ legal duties
• May amount to wrongful trading under the Insolvency Act 1986
• Exposes creditors, employees, and partners to risk
• Could lead to director disqualification

Nonetheless, none of the above has deterred the sole Director and Shareholder Joseph Adetunji. He is allowing ITB Developments Ltd to continue trading.

As ITB Developments Ltd is evidentially insolvent, Insolvency & Law intends to litigate this debt, either by a County Court action or via insolvency proceedings i.e. a petition to wind up the company.  If this company owes you money, please make contact to Insolvency & Law immediately via investigations@insolvencyandlaw.co.uk.

If you are owed money by any company that is refusing to pay for whatever reason, and you believe the debt to be rightly due to you, please make contact to Insolvency &Law via investigations@insolvencyandlaw.co.uk to discuss your options.

Disclaimer:

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Insolvency & Law Ltd is not a firm of solicitors or licensed insolvency practitioners. We do not conduct any regulated legal or financial activities as defined under the Legal Services Act 2007 or the Financial Services and Markets Act 2000. We do not offer legal advice, financial advice, debt counselling, or conduct of litigation.

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