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Lorry Loader liquidating
Page 17
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BAD DEBTS, DISPUTED invoices and reluctance by the hanks to provide further funding have led to the downfall of highprofile Hiah dealer Lorry Loaders, according to its liquidators.
Creditors, including Hiab UK, Plant Equipment andVolvoTruck and Bus, are unlikely to receive any of the £560,000 they are owed now that the Wisbech, Cambs industrial equipment supplier is being wound up (CM 31 May).
Hiab UK and Hiab UK (Equipment) alone are owed more than £220,000.
According to insolvency practitioners, the company experienced problems in 2003 when a 10% increase in the cost of its purchases led to af.58,000 loss.
An accountant was employed to sift through its accounts and the insolvency report says: "A discrepancy was found within suppliers' accounts:after thorough investigation on both sides, this was not resolved."
Estimated losses for the year ending June 2006 were £55,000: cash flow problems due to slow payments compounded the firm's problems. Director Peter Bavister put £32,000 of his own money into the business to pay salaries.
He also talked to five banks about funding but concerns over Lorry Loaders' £121,000 loan account prevented a deal being struck.
Further had debts and a dispute with its factoring company over 01,000 led to it being placed into creditors' voluntary liquidation on 26 April.
When CM rang Lorry Loaders we were told by Hiab East Anglia spokesman Nathan Cockman that this company would be trading from Lorry Loaders' old premises. Bavister could not be contacted as CM went to press.