A Hampshire haulage firm has entered administration following a breach in the terms of its company voluntary arrangement (CVA).
PL Transport Logistics was around six months into a five-year agreement, which initially involved making monthly payments of £5,000, when the CVA supervisor was informed by HM Revenue and Customs it had liabilities outstanding.
These payments would have increased to £12,000 in the second year and eventually risen to £65,000 per month in year five.
However, in a report to creditors dated 30 May the supervisor and insolvency practitioner Eric Walls said he contacted the haulier and explained he would be terminating the CVA and issuing winding up proceedings.
“I then subsequently received a notion of intention to appoint joint administrators from SFP Restructuring,” he said.
“I therefore have no alternative but to bring the CVA to an end. I am not aware of the specific reasons leading to the failure of the arrangement.”
The company entered administration on 4 September.
PL Transport Logistics traded out of a base in Alton, East Hampshire and held an operator licence authorising 18 HGVs and 18 trailers.
Office of the traffic commissioner records showed that it was called to a public inquiry in August for consideration of disciplinary action, but that no action was taken and the TC accepted the surrender of its licence instead.
Its last set of accounts showed that while money owed within one year to creditors had fallen from £187,000 in 2022 to £39,000 last year, its VAT bill had ballooned from £75,000 to £452,000.
SFP did not respond.
