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CHAIN DEBTORS
Page 63
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One of the problems for the haulage business when transport companies go Into debt is that there is a huge knock-on effect for their subcontractors, many of whom are also hauliers.
Typical of this was the administration, of Leeds-based Macfarlane Transport, with debts of almost 25m (CM20 April).
Part of Macfarlano's problem came from a contract dispute with a major customer and the amount that was owed. Cashflow problems meant the firm found It impossible to get funding to continue trading, which was bad news for the other hauliers and driver agencies to whom it owed a total of £2.3m.
Administrator KPMG noted bluntly in its report that "there is no prospect of any recovery" of funds for unsecured creditors. One firm's financial problems quickly turned into the unpaid debts of many of Its customers.