Canute Haulage Group creditors to take multi-million pound hit following business’s pre-pack sale

Canute Group
 

Canute Haulage Group creditors stand to lose millions of pounds following the sale of the business earlier this month via a pre-pack administration. A report by administrator FRP Advisory states that as of 18 May unsecured creditors face a deficit of £7m. The administrator estimated that creditors could ultimately see a return of just 15p in the pound – although not until a liquidator is appointed – leaving them to shoulder an approximate £5.3m shortfall. More than 900 businesses have […]