Please visit https://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Monday, 7 February 2011

Bulmers Transport closes ahead of likely administration

Bulmers Transport, based in Middlesborough and Suffolk, has closed down and 200 staff have been made redundant. The HMRC had issued a winding up petition for a £300,000 debt.

Mr Bulmer said: “Bulmers Transport will go into administration, if not before, then on Thursday of this week when the court hearing for the winding-up petition is heard. "

Obviously we can't comment on specific situations, but we read these stories with frustration as a winding up petition by the HMRC is a drastic step. If the directors had acted sooner they may have been able to prevent it being issued.

Once the winding up petition is advertised the company has its bank account frozen and is effectively shut down. This is what is likely to have precipitated the closing of the business.

Have all the options been looked at? A well drafted and realistic company voluntary arrangement may have been able to stop the petition being issued. We have done this with many companies before. HMRC are generally supportive of a good turnaround plan. See our case studies highlighting this fact.

There is much mis-information on CVA's and if you think that CVA's can't be applied to the Haulage Sector then think again. We can deal with OL issues and there is no need for the customers of a company to know that it has gone into a CVA. Even if they do need know we can talk to them. For more information on Mistruths on CVAs visit our CVA Worries page

We have also done a case study on a haulage business that is now doing very well.

1 comment :

Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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