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136 
P UWE° TRAILERS !..':.•-••••
Page 7
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No money' for United Trailers (UK) creditors
THE ADMINISTRATOR for United "'loners (UK) has confirmed creditors' fears and declared there will be no money available to pay their debts following the closure of the East Anglian firm in October.
Grant Thornton administrator John Whitfield says there will even be a "significant shortfall" to secured creditor Lloyds TSB, currently owed £13m. Hauliers and businesses that carried out work for the trailer firm are owed around £935,000, although this figure has not yet been agreed.
A new business, United Trailers Wisbech, was set up in order to start trading using assets and stock bought from Grant Thornton for £25,000 (ex-VAT). Director Lee Skinner told CM he was keen for suppliers and creditors to start working with him ('New company registered after asset sale', CM 13 November 2008). Wordsworth Holdings also bought the drawings and intellectual property from the failed company for £100,000 (ex-VAT). But the administrator says the balance of f50,000 will only be paid if electronic versions of drawings materialise. This has yet to happen.