Sibley subbies will not receive debts in full
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By Chris Tindall HAULIERS THAT worked for F Swain & Son subsidiary Sibley Haulage will not receive all the money they are owed, after claims to the stricken company reached almost £214,000.
The Milton Keynes-based business entered administration in February, and in its latest report to creditors, administrator BDO says that in the 12 months to 31 October 2010 Sibley Haulage turned over £4.3m, but made a loss of £83,000.
It blames increasing competition, fuel prices and the rise in VAT, which resulted in signiicant cashlow pressures during the second half of 2010.
BDO says Sibley attempted to sell the business and its assets, but before a deal was inalised it became insolvent. Instead, Peter Millington and Nikola Kusov, trading as K&K Services, entered into a licence agreement to complete outstanding customer orders so that there was a continued supply of service and to prevent counterclaims. BDO says the irm’s book debt ledger currently totals £550,000.
Alan Ferguson, MD of Fergusons Transport, says the irm is owed half the £23,263 referred to in the administrator’s report, after it reclaims the VAT.
A BDO spokeswoman tells CM: “There will be a little pot of money available to pay back unsecured creditors, but it will be quite small.
“We don’t know how much it is yet; there are certain assets that the joint administrators are still trying to realise.”
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