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 […]
An operator that worked as a subcontractor for City Link has claimed it has been left thousands of pounds out of pocket by the parcel carrier’s collapse last month.
A bad debt and the loss of its largest client set off a chain of events that sunk old Canute leading to a controversial rebirth in May, MT takes a closer look.
Abbey Logistics and Lomas Distribution paid close to £300,000 for the majority of the bulk powder and warehousing business of collapsed operator Seafield Logistics.