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One-vehicle licence granted with financial undertakings
Page 37
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A COMPANY formed by a Wigan operator with connections to two failed companies has been granted a licence of its own, subject to financial undertakings. These include the submission of its bank statements and accounts to the Traffic Area Office for two years along with proof that its debts are insured.
Standish Steel Co was seeking a restricted licence for one vehicle. It had been called before North Western Deputy Traffic Commissioner Patrick Mulvenna because of concern over connections its sole director Robert Heyes had with two liquidated companies,LH Fabrications and Standish Fabrications.
The DTC said he was satisfied there was sufficient finance to cover one vehicle but there was a history of Heyes' companies going into liquidation in circum stances that appeared to show a pattern.The fear wa that the pattern might recur, creating two problem! Firstly, there might be insufficient finance to maintaii the vehicle; and secondly. it put people dealing with fill new company at risk if it happened again.
Heyes said that on each occasion a customer ha( failed to pay and then gone into liquidation, forcini his company to close.
On the last occasion he was owed £15,500, whicl was five weeks' wages and "when you are strugglirq along it pushes you under".
He now had insurance which enabled recover of 90% of debts and credit checks were carried out Turnover was about £400,000 and it cost £3,500 a yeai to insure the debts.
After the DTC had said that he was anxious not() have a situation where it happened again, Heye: undertook to maintain insurance against debts, tilt details of which would be sent to the Traffic Are Office; to send bank statements to the Traffic Are Office on a quarterly basis for the next two years; anc to send audited accounts for the next two financia. years to the Traffic Area Office.