Whittle’s asset sale to help pay creditors
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PROPERTY AND trucks belonging to insolvent Whittle Movers are expected to bring in cash to help pay unsecured creditors that have submitted claims totalling £1.5m.
The warehousing and removals specialist was hit by a series of financial blows in the lead up to its parent company Whittle Movers Group, which is not in administration, appointing KPMG as administrator of the subsidiary on 8 March.
Earlier this year, the Ministry of Defence reduced its deal with Whittle Movers, which was eventually frozen, forcing it to reduce employee numbers from 65 to 33.
The 20-year-old business had enough assets to pay all £82,000 owed to preferential creditors, however, there was not enough to cover the £1.5m owed to unsecured creditors. The firm left a deficiency of £190,425.
Ten vehicles, 58 trailers and 43 artics were put up for sale, and £397,500 was made from those that sold, according to a statement of affairs filed at Companies House.