Fowarder's creditors reject offer of 10%
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• Creditors owed thousands of pounds by a South Wales freight forwarder are refusing to accept an agreement under which they will be paid less than three-quarters of their money. Instead they plan to take Global Transportation of Barry, South Glamorgan to court.
The creditors are threatening to launch actions directly against director Michael Mitchell, who is believed to be personally wealthy.
Global ran up debts of more than 250,000 with at least 12 hauliers in six months. Mitchell blamed this on the failure of his ANC parcels franchise, GTL
International Freight For warders, which went bust in February Last month he promised Commercial Motor he would send a detailed account of what went wrong with GTL and why it affected Global. This has not arrived and Mitchell is not returning our calls.
He wrote to the creditors last month offering them a creditors' voluntary agreement under which they would receive about 70% of their money. Some of the creditors are unhappy with this offer and will try to recoup their losses, even if it means claiming some of Mitchell's personal wealth.