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Container firms were unable to pay off their creditors

21st September 2006
Page 16
Page 16, 21st September 2006 — Container firms were unable to pay off their creditors
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Mounting debts have led to the closure of a pair of Felixstowe container specialists; now their assets will be sold. Chris Tindall reports.

TROUBLED FELIXSTOWE container company Searle Distribution and its related firm AM Searle Dock Shunting Services have ceased trading after the directors failed to fund their business activities, according to the administrator.

The companies appointed accountants from Grant Thornton as administrators on 1 September after becoming insolvent.

According to their last set of accounts, by the end of March 2005 the companies owed almost £2m to various creditors, as well as in loans and overdrafts, Ian Wilmot,for GrantThornton, confirms that neither company is trading and it intends to sell the assets in order to pay off the debts.

Driver Greg Williams says he is owed f1,100 in salary and expenses for two weeks" work out of Southampton port. He adds that he only found out the company, which ran 40 trucks, was in trouble when he tried filling up his truck using his company credit card and it was rejected. Williams reports that he was asked by the company if he would cover the cost of the fuel himself, but he refused.

"Someone later got through to me and said we have gone bust and that I might get paid, I might not," he concludes."I had given up a job to work for them."


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