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Munford creditors unlikely to get paid

  • 03 June 2013
  • By Chris Tindall

A Yorkshire haulier who 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.

A spokesman representing the firm told CM that the pre-pack sale had been conducted in respect of the goodwill only and in order to achieve the maximum value for the company’s assets.

Business recovery specialists Wilson Field said the firm, which had a licence authorising 35 LGVs out of a depot in Tollerton, sold some of its assets before the appointment and it was now looking into this.

But 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 the balance owed to the administrators in full.

But with unsecured claims so far totalling circa £4.36m, it is unclear whether unsecured 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
being investigated.”

Munford Haulage directors Geoffrey and Edna Munford were, on the basis of legal advice received, unable to comment.

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Article source: http://www.commercialmotor.com:80/latest-news/munford-creditors-unlikely-to-get-paid