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No funds for S&F creditors

15th November 2012
Page 9
Page 9, 15th November 2012 — No funds for S&F creditors
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Which of the following most accurately describes the problem?

There will be no money available to creditors of Derbsyhire haulage firm Sisson & French, according to its administrator.

The company, which had a licence for nine vehicles and 21 trailers until it was revoked by traffic commissioner Beverley Bell in July 2011, is now being dissolved after administrator Nick Rimes of Rimes & Co was unable to find any assets worth selling.

The latest progress report said that eight of the firm’s trailers were stolen before it went into administration and, as they weren’t being stored at Sisson & French’s premises at the time of the theft, its insurers refused to pay out.

The progress report also said that debenture holder and factoring company Boston Commercial Finance had collected the money it was owed, but that there were insufficient funds to pay preferential and unsecured creditors.

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