Skills for Logistics (SfL) has officially entered creditors’ voluntary liquidation.
Following a creditors’ meeting on 9 February, Peter O’Hara and Simon Weir of West Yorkshire firm O’Hara & Co were appointed to handle the liquidation.
Speaking to MotorTransport.co.uk, Weir said the liquidation process would take several months to complete, while standard investigations took place and company assets were realised.
He added that SfL’s pension fund was the major creditor.
SfL announced it was to cease trading on 6 January, when its board issued a statement citing pension deficit pressure and failure to become self-funding since government financial backing was withdrawn from it in 2012 for the decision. At the time of the announcement, SfL was considering administration to facilitate the closure of the business.
In its latest accounts filed at Companies House for the year ended 31 March 2014, SfL's total current liabilities stood at £522,427, of which £214,164 was owed to trade creditors, and its total current assets stood at just over £1.5m.
Turnover for the year was £3.6m with a pre-tax profit of £18,196.
The results also revealed SfL’s share of the deficit from the multi-employer defined benefit pension scheme it joined in October 2003 to be £1.2m as calculated in March 2013.
