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Freight Speed crisis deepens as its bank account is frozen
Page 12
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Debt collectors are sent to Freight Speed UK. David Hams reports.
FREIGHT SPEED UK, the Derbyshire freight forwarder that ceased trading last month (CM 20 January) has been dealt a further major blow as its bank account has been frozen.
Freight Speed is also faced with court action from subcontractors and has had to deal with debt col[ectors from creditors visiting its VIelbourne offices.
The account of its sister cornany, Freight Freight Speed Logistics, has also been frozen, says Freight speed boss Bill Cort.
He reports that the accounts xere blocked at the request of Dynamic Commercial Finance, a factor which bought the two companies' invoices last year.
Dynamic confirms that it is collecting Freight Speed's debts, but will not discuss any details.
Cort,who had hoped to continue running Freight Speed Logistics as a going concern,says the freezing of both firms' accounts makes his position "very difficult".
Freight Speed's position has been further worsened because the Carlisle-based haulier Geoff Bell has already successfully won a court judgment for repayment of a £9,000 debt.
"The only problem now is how I'm going to collect it," says Bell, who was forced to spend £680 on pursuing his claim, which was uncontested in court.
The work Bell carried out for Freight Speed was completed last August and Bell says he was told he would be paid in 30 days.
He adds: "I made a commercial decision 10 years ago that I wouldn't take on any business unless I was paid in 30 days and I'm not about to change now."