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Kilsyth cash precipice revealed to creditors
Page 7
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THE FULL EXTENT of the fallout from the collapse of Kilsyth Transport Services (KTS) was laid bare last week, after a liquidator's report revealed creditors are owed more than fl .3m. Operators now fear the sheer number of companies demanding payment and the size of the amount owed by the Scottish firm make it highly unlikely anyone will receive a penny.
Insolvency practitioner Irene Harbottle was appointed as provisional liquidator on 11 October. According to the report, this followed almost a year of difficult trading which culminated in a factoring agreement with the Royal Bank of Scotland.
However, the report explains: "The company still found itself under pressure from creditors who were beginning to threaten legal action and liquidation."
Factored debts are now listed at £178,744; down from a previous total of £369,111. The report also clarifies that M&G Agency Drivers provided the manpower for KTS, but KTS paid drivers directly. M&G's directors George Brady; the report says it has now ceased trading.
It continues: "Accordingly, M&G are shown as a company debtor in the attached statement of affairs at approximately Elm... this debt is shown as irrecoverable."
The report reveals that there was a "mutual agreement" in place with other companies that shared directors and shareholders. These include Dutch-registered Kilsyth Transport Services By, which holds the 0-licence for KTS: M&G and Kilsyth Transport Services Ltd SSAS. But what angers creditors most is the continued trading of the Brady brothers under a new company name — Brady Transport.
Harhottle says she was unable to fully investigaterelatedparty trading, but it has been confirmed accountants Kroll have been appointed as liquidators and will investigate the companies' trading activities.
Brian Mckinstray is owed £30,000. He says: "[Murray Brady] promised me, assured me everything would be fine. This was two weeks before they went bust."
George Brady declined to comment on the situation.