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Creditors angered by relaund
Page 8
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Creditors are angry as the directors of an insolvent firm start up again — but the say they were driven to it by a major debt of their own. Chris Tindall reports.
THE DIRECTOR of an Oxfordshire logistics firm has tried to reassure its creditors after the firm closed only to begin trading again the next day under a slightly different name.
Accountancy firm BDO Stoy Hayward was appointed as administrator to Abingdon-based Oxford Logistics on 9February.
On the same day the firm sold its business and assets to Oxford Logistics (Milton), a company that has the same directors-Paul Level] and Terence Field, This firm is also working from the same premises as the original company.
One creditor is incensed that he could lose money owed to him, while the directors continue to trade under a new name. He says; "They are carrying on just the same. It's a bloody horrible thing to do.They go bust and then they set up again." But Levell and Field deny doi anything underhand. They clai they were forced into the situatio and blame Oxford Logistics' fa me on one of their customers al going into administration La cashire-based Vernon Stainle which owes them 190,000.
Levell says: "We didn't have choice; it was that or shut up sh< We have got backing from ti bank to carry on."
Field adds that not many cre4 tors are owed money, but he is n sure if they will get their mon back. "There is a dividend paid the end of it," he adds.
A BDO Stoy Hayward spokc woman reports that Oxfo Logistics' cash flow was at critical stage". She adds: "T company was suffering due to £.85,000 debt.This was a significa proportion of its turnover."