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Director threatened by creditor's thugs
Page 23
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A COMPANY BOSS who was physically threatened by an angry creditor has been granted a new restricted licence for four vehicles by Welsh Deputy Traffic Commissioner Fiona Harrington.
Tun Askew, director of Wrexhambased Fortress Tyres, had been involved with a number of failed businesses. He said margins were tight because of competition from Chinese and Indian imports. Fortress was making quite big losses as it did not have sufficient distribution capacity and the business needed the licence to stay viable.
Asked about the operation of a vehicle displaying a licence disc in the name of Castle Tyres after that company was liquidated, Askew said it was a misunderstanding in the office. In October, two thugs were sent by a creditor who made various threats until removed by police. Personal threats were then made, which the police took seriously. The company secretary responsible for 0-licensing, had resigned because of the stress.
Fortress took over Castle Tyres when it had been in difficulty but had begun to turn it around when problems arose with invoice financing at the start of the credit crunch. Three other companies — Unsworth.SilverscoreandUnsworth Joinery —had gone into liquidation because of problems arising when Askew was away from the business due to personal problems.
The DTC was satisfied there were legitimate reasons for the liquidations and that there had been no deliberate attempt to disadvantage creditors.