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John Mack's unsecured creditors await decision
Page 16
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THE ADMINISTRATOR of John Mack (Haulage) says it is not certain if unsecured trade creditors will receive any of the estimated £1m that is owed to them by the Norfolk company.
The firm appointed insolvency practitioner Duncan Morris days after CM revealed that its previous owner was in dispute with the new directors Alex Rawlings and Shahid Hussain over money owed to him from its sale ('The links effect; CM 21 May).
The process by which the two men purchased the company was exactly the same as the highly leveraged deal that saw them become owners of Eric Short Haulage in December 2007 The Newcastle-based business later went into administration.
Morris says that following the sale of John Mack, the company, which was involved in transport in the building industry, was hit by the economic downturn. It began factoring its invoices through businessman Mansoor Hussain's company, CC Finance.
A subsequent bad debt of £14,000 piled further pressure. and it was eventually forced to appoint an administrator in May.
Morris reveals he managed to agree a sale of the business of John Mack (Haulage) for £15,000 to its director. Rawlings is now the sole director of John Mack (Haulage) UK, which has the same registered address as the failed firm.
One creditor, Manchester-based Ashworth Preece Logistics, says it is owed £2,200 for a one-off job it did for John Mack (Haulage) and has been waiting on the payment "for weeks"?