Duncan Adams dissolved but staff and unsecured creditors miss out on final payments

Staff and unsecured creditors of Grangemouth haulier Duncan Adams did not receive any money owed to them before the company was dissolved last week.

In a final report from administrator Deloitte, it said there had been insufficient realisations to enable a distribution to these creditors after the company entered administration in March 2017.

At the time, the move led to an immediate 132 job losses.

Deloitte said it had not been possible to trade the business, which was established in 1960 and was considered to be one of the largest privately owned haulage companies in Scotland.

As a result, steps were taken to wind it down and focus on maximising asset realisations.

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The company’s fleet, including 125 trailers and 29 HGVs were sold for £235,000 to Malcolm Harrison.

However, a number of trailers were not located at the company premises and deductions to the sale price were made as they could not be located, reducing the payment to £226,000.

The report also said that Duncan Adams’ rights to a potential compensation claim in respect of a price-fixing cartel among truck manufacturers was sold in January 2020 for £10,000.

Secured creditor Lloyds was repaid in full from book debt recoveries, but there was not enough money raised to make a distribution to floating charge holder Bank of Scotland.