BC Transport owed almost £1.5m when it was placed into administration earlier this month, and unsecured creditors are unlikely to recover any money despite the subsequent sale of the business. The Bollington-based haulage firm was purchased in a pre-pack deal by Kinaxia Logistics on 5 December, after earlier efforts to market the firm by Duff & Phelps attracted interest but no firm offers. The sale saved 50 jobs. According to BC Transport’s statement of affairs, Kinaxia Logistics paid £40,000 in […]
The government has rejected calls from two select committees for an urgent change in insolvency law, after the collapse of City Link last Christmas left sub-contractors and non-secured creditors £30m out of pocket.
City Link’s administrator has revised up the amount it believes non-preferential creditors are owed by the collapsed parcel carrier. However, it said it is still waiting to hear from creditors that are owed a total of £12.8m that have not submitted a claim.