Empty pockets for Specialised Pallet Transport creditors
Creditors of Specialised Pallet Transport will not receive any money after efforts to chase debts owed to the business were called off.
A report lodged at Companies House into efforts to extract payments owed to Specialised Pallet Transport by recovery experts at Carter Clark admitted that the hunt had stopped, due to a lack of evidence.
Carter Clark had attempted to chase more than £100,000 in outstanding payments and had sought two extensions to the administration.
The operator, which bought Steve Prince Transport in a pre-pack deal in 2012, went into administration in December 2013.
Partner Alan Clark stated in its report: “I instructed a firm of debt collection agents, Cerberus Group, to assist with the collection of outstanding debtors.
Unfortunately, its demands for repayment were disputed and despite receiving some back-up documentation, no recoveries could be made as there was insufficient evidence to support legal action being commenced.”
Clark said that due to the irrecoverable debtors there would be no distribution to preferential creditors, including 30 employee claims. Unsecured creditors are estimated to be owed approximately £662,000, which will also go unpaid.
- This story originally appeared in the 4 February issue. Why not subscribe and get 12 issues for just £12?