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Not enough funds for Dodd’s Group creditors

  • 03 April 2012
  • By Christopher Walton

The administrators of 21st Century Logistics, formally Dodd’s Group, say they have raised some £1.3m of book debt six months after the firm collapsed but there are not enough funds to pay unsecured creditors.

However its former bank, Leumi, has, as a secured creditor, accounted for the majority of the recovered debts. Dodd’s was indebted to the Israeli bank to the tune of £787,038, as well as accruing interest and charges of £269,850.

Claims from unsecured creditors totalled £923,893 at the time of the appointment of administrators MCR (now Duff Phelps) on 26 August 2011. Joint administrator Jason Godefroy says in his progress report that it is likely that there will be insufficient funds available to distribute to non-preferential, unsecured, creditors.

Finally, six months into the administration, which is estimated to take a year, Duff Phelps are yet to receive a statement of affairs from Dodd’s director Fredrik Helander.

Helander acquired 21st Century Logistics on 26 April 2011 from former owners Jim Dodd and David Pink. Since the acquisition, Helander has been unavailable for comment.

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Article source: http://www.commercialmotor.com:80/latest-news/not-enough-funds-for-dodd-s-group-creditors