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ATS to seek liquidation

15th October 1971, Page 20
15th October 1971
Page 20
Page 20, 15th October 1971 — ATS to seek liquidation
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Which of the following most accurately describes the problem?

• Amalgamated Transport Services are to seek approval from creditors for a voluntary liquidation at a meeting on November 3. This follows the application last month for a liquidator for subsidiary Allisons Freightlines, and the application for a receiver and subsequent sale of Spinks Transport Services (CM September 24).

ATS resulted from a takeover of Allisons Freightlines by Amalgamated Rubber and Industrial Products in the summer of 1969. Allisons had lost £192,000 in 1967-68 and a receiver had already been appointed. Apparently, no investigation of Allisons was made before the purchase and instead of an expected deficit of £100,000 in the offer documents the loss incurred in the year to April 1969 amounted to £250,000.