Innovate Logistics saga draws to conclusion
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THE ADMINISTRATION of Innovate Logistics is finally over, with the joint administrators applying to the High Court for the business to be dissolved.
The Innovate group of companies collapsed on 30 June 2008, owing a staggering £176.6m to unsecured creditors.
The administrators’ final report reveals: “Following discussions with the largest creditors, it was decided that the administrators would not pursue the debt due to the company and [its subsidiary] Grampian Country Transport, which was subject to a significant counter-claim, as there was a risk that the cost of pursuing the debt may have exceeded any recoveries.” Preferential creditors have received £330,627 of the £597,605 that they are owed.
However, the unsecured creditors have received nothing.