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Trucks Ltd to be liquidated after administrators were unable to find a buyer

  • 13 December 2012
  • By Ashleigh Wight

Hampshire waste haulier Trucks Ltd has been placed in liquidation after administrators were unable to find a buyer for the company.

The firm went into administration in November 2011 after it experienced difficulties in finding local landfill sites to dispose of waste, as the sites it held contracts with were full.

An estimated total of £1,003,321 was owed to creditors when the firm appointed joint administrators Michael Field and Carl Faulds of Portland Business Financial Solutions on 29 November 2011. Its statement of affairs published to Companies House revealed that significant creditors included Aggregate Industries, which was owed £8,479; Marchwood Aggregates, which was owed £15,130; and waste disposal and plant hire firm John Stacey Sons, which was owed £35,004.

Joint administrator Michael Field told Commercialmotor.com that all of the firm’s assets have been sold and it has now been placed in liquidation to realise creditors’ money.

According to the administrators’ progress report published to Companies House today (13 December), the firm’s vehicles, plant and machinery were sold for £144,500.

The Fareham-based haulier had an O-licence to run 76 vehicles and one trailer out of three sites across Hampshire. 36 employees lost their jobs when the firm went into administration.

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Article source: http://www.commercialmotor.com:80/latest-news/trucks-ltd-to-be-liquidated-after-administrators-were-unable-to-find-a-buyer