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Little hope for Routiers debt

23rd May 1991, Page 8
23rd May 1991
Page 8
Page 8, 23rd May 1991 — Little hope for Routiers debt
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Which of the following most accurately describes the problem?

• The defunct former UK arm of international truck drivers' club Routiers is unlikely to be able to pay anything to creditors owed a total of over Z200,000,

Creditors of Ginger (Staff Selection) — formerly Routiers Ltd — were told at a meeting this week that the business had been sold as a going concern.

Routiers was formed in 1972 and controlled the 2,000-strong UK membership, produced the Routiers Guide to Britain and marketed the Routiers name on branded products such as wine and coffee.

Because of continuing losses and cash flow problems the directors were prepared to liquidate the company earlier this year, creditors heard. However, its banker decided to appoint administrative receivers.