A Bucks-based events haulier collapsed into administration after seeing its work dry up during the Covid-19 pandemic.
However, administrators at Mazars LLP also said it had concerns regarding Energy Haulage’s underlying accounting records and the financing of assets, prompting what it described as a full forensic accounting investigation to establish the firm’s true financial position.
This remains ongoing.
The company, which traded out of three operating centres in Buckingham and Aylesbury, became subject to financial distress and then subsequent failure due to the cancellation and postponement of events and festivals in Spring 2020.
Mazars said problems also arose due to the administration of associated companies the business predominantly traded with, including Energy Generator Hire (EGH), which folded in January.
EGH was part of a group of 13 connected companies, including Energy Haulage, and the administrators said they soon discovered the group financial affairs were not clearly separated.
In a report, Mazars said: “Furthermore, as there was doubt regarding the accuracy of the financial information available and there existed complex intercompany debt positions throughout the Energy Group, it was clear that a detailed investigation into each company’s affairs and assets would be required.”
Mazars added that the only known potential assets of Energy Haulage are its debtors and a transporter trailer: “The vehicles utilised by the company for haulage purposes were rented from MV Commercials and were collected prior to the joint administrator’s appointment due to non-payment.
“The joint administrator’s investigations into the company’s financial position are ongoing,” it added.
Phone lines to the company were no longer in operation.
