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Creditors' misery over chasing haulage debt
Page 26
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A sole trader ran up debts and started a company that's going bust
— now he is bankrupt and his creditors despair. Chris Tindall reports The director of a failed freight forwarding operation has left a trail of angry creditors and debtors following his launch of another company that is withholding payment to new subcontractors.
In fact, Alex Turnbull now admits that he has been declared bankrupt, leaving Point2Point Scotland's creditors with little hope of retrieving almost £100.000 of debt.
CM investigated Turnbull's sole trader dealings in April, months after he had launched Point2Point Scotland.
We revealed that Andy Meek, of Meek Distribution, was in the final stages of a sequestration order against Turnbull for a "substantial amount" he owed the Lancashire haulage firm as a sole trader. But now Meek admits there is scant chance of him receiving this. His fears are heightened by Point2Point Scotland's fate—it is now in provisional liquidation.
Sole trader
Turnbull, again operating as a sole trader, also owes AHA Associates money.Alan Hayes says the amount is £22,000, but he believes Turnbull has no money: "We sent the bailiffs round, but he has a modest house. By the time it got to an auction it would have cost us more money than we are owed."
And then there are the creditors owed money by Turnbull operating as Point2Point Scotland. When initially questioned about this Turnbull freely admitted to having severe financial problems, but described Point2Point as a "vibrant company" (CM 22 April).
However,the Royal Bank of Scotland (RBS) — a creditor that also factors Point2Point's invoices — presented a petition at Hamilton Sheriff's court in September to place the freight forwarder in liquidation,according to PricewaterhouseCooper's case administrator, Graham Bain. He adds: "An interim liquidator will he appointed any day now and then the company will be wound up. Debts were £90,000."
But this figure does not include the debts Turnbull racked up as a sole trader; some believe the total could be as high as £200,000.
Now he runs another firm, Paisley-based Loadme. It was incorporated on 19 July,less than two months before Point2Point folded; according to Companies House. Turnbull is both company secretary and its sole director.
Nick Davies, for HauI over Transport in Doncaster, says it did £1,250 worth of work for Loadme, but has not been paid.
"We are insured," he explains. "But he has stung us for some money."
What has angered firms providing work for Turnbull's operations are the subsequent telephone calls from irate creditors, believing it is their fault Turnbull is withholding payment.
One, Steve Duff for SPD Logistics, says he is getting "pissed off' that his company's name is being linked to Point2Point's non-payment: "He's saying he's not paying them because lam not paying him. But I pay Point2Point's factoring company!" Duff has also received faxes on Loadmeheaded paper, which appear to ask him to -rebill" £2,310 worth of work SPD has done through Loadme. Duff has passed these to RBS.
Rebilling
One states: "Reference re-billing of SPD work through the above company [Loadme]. If this acceptable (sic) to yourself your company would automatically receive a further 60 days credit on all invoicing."
Turnbull says he is now bankrupt and will resign shortly as Loadme's director, making the likelihood of any cash finding its way to his creditors for his sole trading activities very slim. He slammed the phone down without answering any further questions from CM.
An RBS spokesman was unable to comment for confidentiality reasons.