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J Freight owes E110,000

3rd March 1994, Page 7
3rd March 1994
Page 7
Page 7, 3rd March 1994 — J Freight owes E110,000
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Which of the following most accurately describes the problem?

by Juliet Parish • East Sussex freight forwarder J Freight Services went into creditors' voluntary liquidation last week, owing more than 42110,000 to about 20 hauliers.

The demise of the six-yearold Iberian specialist has already forced one haulier out of business. Geof Stainer, who is owed more than £35,000, declared his Salisbury-based business, Stainer International Transport, bankrupt on 11 February.

The closure left three inhouse drivers redundant and also hit two sub-contractors. Stainer now plans to work for his son who is setting-up a haulage business under the name K-Trans with three drivers.

Brighton-based haulier Gordon Chitty is owed for more than £7,600. He says his 25year-old business, SFC Services, will also be at risk if other customers run into trouble. Chitty doubts whether he or the other 76 unsecured creditors will get a

penny: J Freight owes more than £270,000 to unsecured creditors and only expects to recover £27,000 it is owed.

The only hope for the hauliers is if the liquidator decides that J Freight directors should be held personally liable for the debt. At the creditors' meeting in Brighton last week accountancy firm Grant Thornton, acting on behalf of some of the creditors, asked the liquidator to investigate whether J Freight was trading insolvently 18 months ago.

London-based liquidator Langley & Partners declined to comment on whether action against the directors, Aderico Freire De Almeida and Jorge Enrique Seguradiaz, was likely.

And it would not say if it would dispute a £25,000 claim from Iberia Intercontinental, the Newhaven-based business which shared an office and director with J Freight.


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