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GH Martin creditors won’t get payout

  • 05 August 2014
  • By Chris Tindall

Unsecured creditors owed money from Wiltshire firm GH Martin Son after it collapsed (CM 1 March 2012) will not receive a penny, despite a report from the firm’s liquidator suggesting they might.

Hopes were raised last year when liquidators at Mazars LLP said the realisation of assets could lead to a “modest dividend” for firms that supplied transport and parts to the Corsham-based firm. But in the final progress report, liquidator Tim Ball said insufficient asset realisations meant there was no money available. “The firm’s unsecured creditors, including trade and expense creditors, are estimated to total £577,377,” he said.

The firm entered administration in 2012 after 80 years of trading. MD David Martin blamed increasing industry legislation and its associated costs for its failure.

Martin also said the firm had to invest a substantial amount in new vehicles to comply with the London Low Emission Zone.

Ball did not respond to further queries from CM.

  • This article first appeared in the 31 July issue of Commercial Motor. Why not subscribe?

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Article source: http://www.commercialmotor.com:80/latest-news/gh-martin-creditors-won%E2%80%99t-get-payout