Creditors threaten to sue
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Angry creditors owed money by the group of SWF companies which have gone bust for about £250,000 are threatening its directors with legal action.
SWF Distribution, SWF Logistics, SWF Transport, SWF Management, SWF Forwarders and holding company The Impact Group went into liquidation in December.
The complicated set-up and number of companies in the group revealed "a nightmare number of inter-company transfers", according to Sue Clay, who represented the biggest creditor, Lox Transfieet, at a creditor's meeting.
Questions have also been raised as to whether the group was always trading solvently after it took on more than £100,000 worth of debts from director Anthony Lewis's former company, Al Premier Warehousing and Distribution.
Lex says it is owed 2196,000 but this figure is disputed by SWF. The matter is now in the hands of lawyers who are considering whether Lex can sue
Anthony Lewis and Philip Barnet. Other creditors are also considering legal action.
Barnet and Lewis say problems started when the group got into a dispute with factoring ammany RDM.
Barnett Insists SWF Distribution and SWF Logistics were sound businesses which were brought down by the other companies due to a crosscompany guarantee arrangement with IISBC bank.
The directors also blame rising diesel prices.