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Winding up of Lorry Loaders delayed by dispute over fees
Page 14
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The high-profile dealer will go into voluntary liquidation — once insolvency
practitioners' fees have been agreed. Chris Tindall reports.
SHAREHOLDERS IN East Anglian Hiab dealer Lorry Loaders have agreed that the firm should be placed into creditors' voluntary liquidation. However. the appointment of insolvency practitioners has been delayed in a dispute over fees.
The Wisbech industrial equipment supplier, founded in 1997, had been struggling forsome Lime; its last set of accounts, for the year ending 30 June 2005. revealed a £40,000 fall in turnover and a f:28,0(X) pre-tax loss.
A statement within the accounts explains: "The company is supported by its major supplier — also its biggest single creditor — which has indicated that it will continue to waive normal trading terms and not press for early repayment of the sums due to it, although Lorry Loaders will be attempting to reduce core indebtedness gradually.
"The company still meets its day-to-day working capital requirements through a small bank overdraft facility."
A spokeswoman for business rescue and insolvency service McTear Williams & Wood says: "We have had the shareholders' meeting and a creditors' meeting. The firm is in creditors' voluntary liquidation.
"Our appointment has been held up; it's to do with the bank having a charge over the company. They don't agree to our fees. We aren't officially appointed until they have agreed."
She adds that once they have been appointed, Lorry Loaders will be wound up. Lorry Loaders director Peter Bavister declined to comment.