Cargo-Wolrdwide

Administrators appointed to handle the affairs of haulage and freight forwarding firm Cargo Worldwide (UK) said the trading premises of the east London business had been cleared of all assets and company records upon their arrival.

The company entered administration on 7 June after Genesis Asset Finance appointed KBL Advisory for non-payment under a hire purchase agreement.

In a report to creditors, Richard Cole and Steve Kenny at KBL said company director Junaid Ahmed had failed to provide copies of the full versions of the financial statements or co-operate with their enquiries.

The report said KBL could not rescue the firm, which held a licence authorising 10 HGVs and two trailers, as a going concern due to a lack of working capital and it added: “Upon attendance of the trading premises it appeared that the company had already ceased to trade.

“It appeared that the premises had been cleared of all assets by the director prior to their appointment.

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“All the assets and company books and records had been removed.

“Due to the lack of books and records delivered up, the joint administrators are unable to establish whether any employees remained at the company,” the report added.

“To date, no claims have been received from employees.”

The last set of accounts for the year ending 31 January 2021 showed that Cargo Worldwide (UK) employed 31 staff.

It is anticipated that trade creditors will not be paid.

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