id's administrators review discrepancies in documents
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chris.tindalifarbi.co.uk THE ADMINISTRATORS of Kent haulier Time Critical International (TCI) say they are investigating a discrepancy contained in the firm's statement of affairs.
Baker Tilly says it will look into why the value of assets and liabilities in the statement of affairs differs from TCI's records at the time of the administration.
There is a further discrepancy centring on trading between TCI and a Polish sister company.
Company records show it owed TCI £1.3m at the time of the administration, whereas the Polish firm's statement of affairs shows it owed around £70,000.
However, the report praises TCI's MD Simon Marsh for delaying the firm's administration because there were vehicles all over Europe carrying high-value goods that he feared would go missing because the drivers had not been paid for the month.
"It is apparent that the director's action in this regard has preserved the book debts and secured the company's assets, as all the trucks and the majority of the trailers were in the UK on the day of the administration," the report states.
Marsh says the differences have arisen because finance companies sold the assets below market value, and that invoices between his two businesses need correcting.
He explains: "Baker Tilly put this report together very, very quickly.
"I have been with them all morning in a creditors' meeting, I have stated I want it corrected."
The business sank on 2 August owing to a catalogue of problems, including Eurotunnel's closure, a High Court case brought by Marsh's father and a continuous reduction by the bank of its invoice discounting facility (CM 19 August).
However. Marsh remains confident that unsecured creditors will receive payments: "It won't be a full dividend," he adds.
"[But] there's a £600,000 surplus after the bank has been paid."