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Haulier Geoffrey F. Munford sold in pre-pack deal

  • 13 May 2013
  • By Chris Tindall

A Yorkshire haulier that entered administration after more than 40 years’ trading before being sold in a pre-pack deal is unlikely to pay unsecured creditors.

Geoffrey F. Munford appointed administrators at Wilson Field in February and according to the latest progress report its assets were sold to Munford Haulage for £25,000 soon afterwards.

However, Wilson Field told Commercialmotor.com that the firm, which had a licence authorising 35 LGVs out of a Tollerton depot, sold some of its assets before the appointment and it was now looking into this.

So far the new company, which was granted a licence authorising 40 vehicles and 40 trailers out of the same operating centre as Geoffrey F. Munford, has paid £20,000 of the balance owing to the administrators.

But with unsecured claims so far totalling almost £4.5m it is unlikely that trade creditors will receive a dividend.

A statement from Wilson Field said: “Following a period when the company was placed into Administration, Claire Foster and Lisa Hogg of Wilson Field were appointed as joint liquidators on 25 April 2013.

“Assets in the company had been sold prior to their appointments. These transactions are currently being investigated.”

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Article source: http://www.commercialmotor.com:80/latest-news/haulier-geoffrey-f.-munford-sold-in-pre-pack-deal