Swindon-based Young European has been placed into liquidation. The development comes after the presentation of a winding-up petition by HMRC last year, which prompted a major creditor of the business to appoint an administrator.
A spokesman for liquidator Griffins said creditors are likely to receive a dividend after the latest action, however there has been “a bit of a delay” in receiving the money from a sale of assets.
He confirmed that the firm’s assets had been sold to Dennis’s Removals for £55,000, which is ran by common directors Lesley Hutchings and Kevin Hutchings.
Young European was placed into liquidation on 2 September for the liquidators to attempt to recover more of the money owed, a year after secured creditor Bibby Factors Manchester appointed administrator Costas Morfakis of Axiom Recovery in August 2012.
The administrator’s statement of affairs showed that the firm, which formerly traded as Accessclimb, owed a total of £675,082. HMRC was owed £290,318 of this and Bibby Factors Manchester £170,608.
The administrator’s report also revealed that a combination of bad debts, poor margins and pressures on cash flow contributed to the business falling into arrears with HMRC.
Young European was licenced to run 28 vehicles and 27 trailers across two O-licences. All staff have now been transferred to Dennis’s Removals.
Lesley and Kevin Hutchings could not be reached for comment.
