T&P Logistics 'cannot continue its business'
4th November 2010, Page 9
4th November 2010
Page 9
Page 9, 4th November 2010
— T&P Logistics 'cannot continue its business'
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Keywords :
Bankruptcy, Insolvency, Business, Private Law, Financial Economics, Unsecured Creditor, Liquidation, Unsecured Debt, Preferential Creditor, Business / Finance
WEST MIDLANDS company T&P Logistics has entered liquidation with a deficiency of more than £200.000.
The family-run Wednesbury-based logistics firm called in liquidators Claire Foster and Fiona Grant of Wilson Field on 21 October.
The appointment follows a creditors' meeting, where it was deemed insolvent.
After preferential creditors were paid, the business had assets of £7,009, but owed unsecured creditors £224,997 and shareholders 1100. It leaves a deficiency of 1218,087 T&P Logistics, which has an 0-licence for 10 vehicles and seven trailers, also offered customers warehousing and picking and packing services.
The business was managed by brothers Peter and Terry Ward.