Selway creditors wait
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• The directors of Paul Selway International Transport have pulled the plug on the Eastern Europe and Middle East specialist, after running up bills with more than 100 companies.
The Somerset-based firm ceased trading last week. It had a licence for 20 trucks and trailers at two sites in Taunton. Accountant Robson Taylor is arranging a meeting this month with Selway's 120 creditors to get the go-ahead for voluntary liquidation.
Bath-based Robson Taylor says the 17-year-old firm could have continued trading throughout the summer, but it would have run up a lot more debt. Robson Taylor says it will definitely be able to pay a dividend to the creditors which are owed sums from £100 to the £80,000 owed to ferry operator Sealink. Robson Taylor could not say how much the pay-off would be.
The directors acted very responsibly and took the advice of the insolvency practitioners, their bank and accountant to put the company into creditors vol untaty liquidation," says Hamish Adams who is dealing with the company at Robson Taylor.
"It was not trading insolvently and it could have continued operating for another three to four months, but in doing so it would have run up a very large amount of unsecured creditors," he adds.
He says the operator was turning over about Lim but hit trouble through less work than it had hoped for in the first three months of the year. "They were already working to very tight margins and in the first three months this year work declined very seriously," he said.
Selway did a lot of work to Spain and Italy and made regular runs into Eastern Europe. Early in 1990 it sent four trucks free to Romania to supply medicine, food and blankets in a charity run which Commercial Motor accompanied when the country was on the brink of civil war.
Adams expects that the company will be wound-up after the Section 98 meeting, which will be held on 27 May at Robson Taylor's premises in Bath, and that its assets will be sold piecemeal.