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DRH Transport in voluntary Liquidation

17th October 2013
Page 6
Page 6, 17th October 2013 — DRH Transport in voluntary Liquidation
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Which of the following most accurately describes the problem?

By Chris Tindall

HUDDERSFIELD-BASED specialist bulk liquid haulier DRH Transport has shut its doors after entering into a members' voluntary liquidation.

The company was established in 2003 and moved liquid, chemical foodstuff and gas containers around the UK. It worked for mainland as well as international tank operators.

"The business did not have to close as it was solvent and still profitable," said Dave Howarth, MD at DRH Transport.

"We have entered into a members' voluntary liquidation, meaning all creditors and suppliers were paid prior to the company being liquidated."

He was unable to respond to further questions about the reasons behind the liquidation, but members' voluntary liquidation is a method company owners can choose to implement if they want to retire, step down from the family business, or if the business has simply run its course.

It is only available as an option if the company is solvent.

Abbreviated accounts for the year ended 31 August show that DRH Transport had net assets of just over £174,000 and short-term debts of £11,500.

• The administrator of a Derby-based delivery firm whose assets and goodwill were sold back to its director said it had obtained a county court judgment against him after outstanding payments dried up. Freight courier BLDS entered administration on 14 August 2012, but was sold to new company BLDS (Euro) on the same day for £20,000. William Lilly, director of both firms, was named as the legal guarantor. Administrator Simon Gwinnutt, at Cirrus Professional Services, said only £10,000 had been received so far, with unsecured creditors owed £290,000. He added that he understood the purchaser had ceased trading but had not been able to contact Lilly.

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