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Operators set to lose £1.6m as forwarder goes under
Page 8
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A Scottish freight forwarder is facing an investigation after it went into
liquidation with debts of 1 .6m. Chris Tindall reports.
A FREIGHT FORWARDER that only began trading two years ago, working out of offices in Glasgow, Milan and Rotterdam, has gone into liquidation, leaving behind debts of f 1.6m.
According to liquidator Keith Anderson, from accountant Scott and Paterson, the Royal Bank of Scotland Commercial Services is now investigating Framework Intermodal over a number of duplicate and triplicate invoices that it received while acting as the firm's factoring service.
Because of this, Anderson says there is little chance of creditors receiving any of the £1.6m owed, due to "inadequate and unreliable accounting records".
Framework Intermodal's managing director, David Marshall, appeared at a creditors' meeting on 23 September. He stated that the company had always been profitable: he couldn't explain why it had lost an estimated £115,000 a month between September 2004 and September 2005 According to the liquidator's report, the company directors, who include Marshall. Stephen Townsend and Dianne Rooney. "consider that the failure of the company was attributable to insufficient capital within the company to sustain trading losses.
The reason for such losses will require further investigation."
Mike Backs, chief executive for MAT Transport, says it is owed £22,500. "It would have been nice to have been paid,he says.
Dee Cee Freight, based in Middlesbrough is owed £14,500. Transport manager Darren Brown says: -We were working for them for a couple of years.
"They owed us a fair amount of money prior to this," he adds."That got cleared and foolishly we went back to them."
Townsend says:"All three directors put in our own money, but it obviously didn't work." christnpher.tindall@rbi.co.uk