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Company bankruptcy help customers go bust

Date Added: 04/11/2010  

Company bankruptcy advice was not enough to save two companies in the transport industry which have confirmed they have gone out of business.

Road Transport reports that both T&P Logistics of the West Midlands and Wolverhampton firm S&V Naylor Transport have entered liquidation as a result of being unable to balance their finances.

Liquidators Claire Foster and Fiona Grant of Wilson Field have been called in to the former company to assess its assets and attempt to raise money to pay off creditors.

"After preferential creditors were paid, the business had assets of £7,009, but owed unsecured creditors £224,997 and shareholders £100. It leaves a deficiency of £218,087," noted Road Transport.

S&V Naylor Transport brought in liquidator Laurence Burt to oversee the closure of its operations, but the firm has already stated that it does not expect non-preferential creditors to be paid out of the remaining money.

The company ran seven vehicles prior to it folding last month.

Posted by Michael Beam 

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