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Diredor granted new licence subjed to paying off debts
Page 34
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A COMPANY that was formed to take over the business of a failed firm has been granted an 0-licence after its sole director promised to settle the debts of his previous operation.
Stoke-on-Trent-based Bexon & Bexon had sought a licence for 16 vehicles and 16 trailers before West MidlandTraffic Commissioner David Dixon.
Director Michael Bexon's previous company, B&B Haulage (UK), had held a similar licence. That operation went into voluntary liquidation in April with six-figure debts. Bexon & Bexon started trading the same month. using B&B's resources.
In May, Bexon & Bexon bought B&B's assets and goodwill from the liquidators, applying for a licence and interim authority.
However. on 7 June the company was told that it had no authority to operate. Bexon & Bexon subsequently took the vehicles off the road and returned the licence discs to the Traffic Area Office. Interim authority was granted later that month, following a written undertaking that Bexon & Bexon would pay the undisputed creditors of B&B Haulage on terms to be agreed.
Michael Bexon said B&B had unexpectedly lost its main customer in spring 2003. Substantial profits that year had been followed by substantial losses in 2004 and 2005; in February 2006, Bexon had been advised to consult an insolvency practitioner.
Appearing for Bexon, Gary Hodgson said he wanted to be able to hold his head high" by repaying B&B's debts.
Revoking the B&B licence and granting the Bexon & Bexon application, the TC said Bexon & Bexon appeared to have access to sufficient funds for 16 vehicles. He added that the financial situation would be reviewed in 12 months to ensure that financial standing was satisfactory, and that the terms of the undertaking were being followed.