No cash for creditors
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• Creditors of failed forwarder Eastcoast Trucking were told last week that they stand little chance of being paid.
At a meeting in Ipswich, receiver Steven Law of Grant Thornton told hauliers that the company's assets would be sold, but there would still be "insufficient funds to meet the claims of unsecured creditors".
Eastcoast went into receivership in January with debts of £300,000. Law revealed that former director.. Terry Lucas, who was paid a director's salary of £60,000, sold a bungalow to the company for £250,000 and rented it back for £450 a month.
Another director, Philip Farebrother, left Eastcoast in November and has since started another company, Eastern Bulk Services, with Lucas's wife Rosalinde as director.
Three hauliers attended the meeting: John Marshall, of Wickhambrook, Suffolk; John Nice, of Cecil & Larter in Bury St Edmunds, who is due £1,725; and ownerdriver Philip Abram, who is owed £3,000.
Other firms owed money include: John Russell (Grangemouth); Renner (Haulage) of Belford, Northumberland; and Knowles Transport of March, in Cambridgeshire.