AM Widdowson’s unsecured creditors have been left almost £13m out of pocket after the pre-pack sale of the haulier in July. The newly published creditor’s report from administrator Leonard Curtis after the haulier’s £2.5m sale in July set out the monies owed and warned that it is unlikely unsecured creditors will get any back. While approximately 220 jobs were saved by the sale to connected party Widdowson Logistics, the majority of the sale value was used to satisfy a debt […]
Creditors seldom get back all of the money owed to them when a company becomes insolvent, but you don’t have to take things lying down.
A pre-packaged sale of Leicester transport firm AM Widdowson and Son was the culmination of a torrid two years that included the loss of contracts, under-estimated fuel costs and management systems that were not fit for purpose.
Norbert Dentressangle will cease providing warehousing and distribution services to collapsed retail chain Comet from tomorrow (21 December). Last month the operator warned its five-year £100m contract with Comet, which it only signed earlier this year, was in the hands of the retail chain’s administrator Deloitte. At the start of this week Deloitte closed the last of the retail chain’s stores in the absence of an acceptable offer for the whole business. Richard Cawston, business unit director at Norbert Dentressangle, […]