Pride fails to stave off bankruptcy
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• Bankrupt haulier Stephen Winstanley, trading as S&E Winstanley, of Bury, Lancs, has had his fivevehicle licence reduced to one vehicle by North Western LA Martin Albu at a Manchester disciplinary inquiry.
Winstanley told the LA that he had gone bankrupt on 28 June. The receiver had told him he should have done it four years ago when a company went rinwn
owing him .£120,000. However, he had his pride and he re-mortgaged his house and tried to trade out of the situation. He sold two vehicles to try to work his way out of it. He had been "robbing Peter to pay Paul".
Albu said that he was not surprised. The Traffic Area had kept asking for accounts but they were not forthcoming. In July 1994 accounts were submitted for the year ending in 1993 which appeared to show Winstanley was just making ends meet. Winstanley said the position now was that he had one articulated vehicle and he was working full time for David Bruce. The fuel and the tyres were paid for by David Bruce and the money was deducted from the vehicle's weekly earnings. When he went bankrupt the VAT was paid and so were the drivers.
Reducing the licence to one vehicle and one trailer, Albu said that when Winstanley was in a position to take on more vehicles then he could come back.