Liquidators look into Riverside freight bonus
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By Chris Tindall LIQUIDATORS FOR Essexbased haulage irm Riverside Freight Services say they are investigating possible illegal dividends drawn by its shareholders before its liquidation.
Lloyd Biscoe and Jamie Taylor, partners at Begbies Traynor, were appointed to the Purleet company in November 2010. According to the latest progress report, they began reviewing the manner in which the business was conducted before the liquidation.
“Following a review of the company’s bank statements for the period before liquidation, it was discovered that the company’s shareholders had continued to draw dividends up to April 2010,” the report says.
Begbies Traynor has now instructed solicitors to help conduct further investigations “into possible drawing of illegal divi dends and misfeasance” , it adds. “[They] are also investigating the possibility of a claim against the directors for wrongful or fraudulent trading and investigations into this matter are also ongoing.” According to records iled at Companies House, Gary Townsend was the sole director at the time Begbies Traynor was appointed; however, he had only been appointed in July 2010.
The previous director, Raymond Jude, had held a directorship between June 2008 and July 2010.
The last annual return iled by the company, which had a licence for 25 vehicles and 35 trailers, for the period ending July 2009, showed there were two shareholders, Jude and Jason Sumpton.
CM was unable to contact any of the directors as it went to press. The liquidators declined to comment further.