No cash from Freight Transfer
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• Out-of-pocket hauliers hoping for money from the liquidator of Portsmouth-based Freight Transfer look set to face disappointment.
Bell NeviII Management Services—the Bournemouth-based corporate recovery company which was brought in by Freight Transfer in June to help put together a rescue package—says the company had few assets so there is not likely to be any cash left over for creditors.
Bell NeviII no longer has any say in Freight Transfer's affairs: Michael Stevenson of Salisbury accountants Smith & Williamson, and David Ingfiram of Southampton-based Fanshawe Lofts have been appointed joint liquidators. But Bell NeviII studied Freight Transfer's muddled accounts until its liquidation on 8 October.
Creditors, including a number of UK and Continental hauliers, are owed £1.3m from the collapse. The company's draft accounts for 31 December 1995-31 March 1997 show a turnover of £6.4mwith a loss of nearly £400,000.