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Wild debt hits £570,000
Page 7
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THE FULL EXTENT of collapsed haulage firm Wild Logistics LLP's demise was laid bare last week when the firm's liquidator expressed shock at the £570,000 debt created in just six months. Operator Richard Wild was advised by the Insolvency Advisory Service to cease trading in May after his factoring firm, TOE Invoice Financing, imposed a £10,000 default limit on some of his clients (CM 2 June).
According to the firm's Statement of Affairs," in the first three weeks of trading, the LLP achieved sales of £177.000." Consequently, three former shareholders of Richard Wild Ltd agreed to invest in order "to move the business forward."
It is further alleged by the firm's statement that: "at a meeting held on 25 February 2005, these gentlemen reneged upon their agreement and declined to invest in the LLP or become members."
An IGE spokeswoman says allegations by Wild that it placed a funding limit on "each and every customer" of his are inaccurate.
See p19 for more on the firm's collapse. duistopher.tindati@rbi.cmuk