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Subbies hit as another forwarder goes under

20th January 2005
Page 12
Page 12, 20th January 2005 — Subbies hit as another forwarder goes under
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Freight Speed UK has hit difficulties and is struggling to assess how much it owes. David Harris reports.

DERBYSHIRE-BASED freight forwarder Freight Speed UK has ceased trading after hitting financial difficulties.

Bill Cort, who runs the company from the Market Place in Melbourne, wants all creditors to send the company an official final statement adding:"Once we have arrived at two figures,what we owe and what we are owed, then we will be able to make an accurate decision on what our creditors will or won't get."

Freight Speed UK carried out most of its work through subcontractors. These included Paul Arthurton, of Attleborough, Norfolk, who says that he is owed more than £8,000 and holds out little hope of getting his money.

Cort says Freight Speed UK's problems began after he "encountered a problem... which, when uncovered, led to the company losing a considerable sum of money".

The firm stopped trading on 4 January, although its sister firm Freight Speed Logistics, which operates its own vehicles, continues to trade. Cort's asset finance business, is also unaffected.

He says: "I have asked that our creditors refrain from using legal recourse, not because of a desire to avoid CCJs but simply because solicitors will take a huge chunk of a limited resource." But although Cort says he will do what he can to pay creditors, he adds that his other companies will not bail out Freight Speed UK because he does not want them "weighted by these liabilities".


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