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By February 15, 2020 Read More →

AGENDA WEST Business News: West Country Haulier removed trucks and trailers before administrators arrived while creditors and staff are £640,000 out of pocket after collapse

Serious allegations about the directors of a defunct transport firm have emerged following the collapse of Ian Aldridge Transport in Cornwall last year.

Writing in Motor Transport Chris Tindall reported that BDO joint administrators Simon Girling and Christopher Marsden said the majority of the assets of the firm were removed prior to administration. The demise of the firm was put down to a lack of business and cash flow. He reported: “the administrators said the majority of Ian Aldridge Transport’s major assets, which included vehicles, trailers, plant and machinery, ‘were removed by one of the directors’ prior to their appointment.”

Girling said: “I have attempted to discuss their plans for return of these assets with the director but he has not sought to engage in any meaningful way on this subject.”

Tindall reported he Cornish haulier ceased trading on July 8, 2019, before administrators at BDO LLP were appointed on July 24, 2019. He said that when the firm was initially contacted after it ceased trading the business “had been transferred to another company.”

The administrators said that as a result, it had assigned this “antecedent transaction” to specialist insolvency litigation financing firm Manolete, which could fund legal action.

The report added: “Manolete has paid a £10,000 lump sum in initial consideration of this assignment.”

However, the report also said that money due to former employees for arrears of wages, holiday pay and pension arrears, anticipated to be in the region of £40,000 is unlikely to be paid. It was also unlikely that unsecured creditors, who have so far lodged claims of almost £600,000, will be paid.

Ian Carrotte of ICSM Credit said: “This is a very serious matter although sadly the issue of removing assets is unheard of.”

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

Photo: Cornwall Live

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