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Whittle’s asset sale to help pay creditors

19th May 2011, Page 7
19th May 2011
Page 7
Page 7, 19th May 2011 — Whittle’s asset sale to help pay creditors
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PROPERTY AND trucks belonging to insolvent Whittle Movers are expected to bring in cash to help pay unsecured creditors that have submitted claims totalling £1.5m.

The warehousing and removals specialist was hit by a series of financial blows in the lead up to its parent company Whittle Movers Group, which is not in administration, appointing KPMG as administrator of the subsidiary on 8 March.

Earlier this year, the Ministry of Defence reduced its deal with Whittle Movers, which was eventually frozen, forcing it to reduce employee numbers from 65 to 33.

The 20-year-old business had enough assets to pay all £82,000 owed to preferential creditors, however, there was not enough to cover the £1.5m owed to unsecured creditors. The firm left a deficiency of £190,425.

Ten vehicles, 58 trailers and 43 artics were put up for sale, and £397,500 was made from those that sold, according to a statement of affairs filed at Companies House.

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Organisations: Ministry of Defence

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