ICSM Logistics News: Haulier jailed after pocketing £50,000 Bounce Bank Loan as the sector sees record numbers of compulsory liquidations as the downturn bites plus lists of hauliers who’ve gone bust recently
By Harrry Mottram: The Insolvency Service has reported on the case of haulier Kulwinder Singh Sidhu, 58, from Stanwell, who has been sentenced to 12 months imprisonment. He pleaded guilty to the offences under the Companies Act and the Fraud Act at Guildford Crown Court this month.
Back in 2020 he applied for a £50,000 Bounce Back Loan and when it was granted within days he transferred the cash to his personal account and promptly closed his haulage company Wavylane Ltd.
The Insolvency Service reported: “The striking-off application to dissolve the company was explicit that interested parties and creditors, such as a bank with an outstanding loan, must be notified within seven days of making an application to dissolve a company. The form also highlighted that failure to notify interested parties is a criminal offence, however Sidhu did not follow these rules.
“The company was dissolved in October 2020, and was subsequently identified as likely Bounce Back Loan fraud by the Insolvency Service and cross-government counter-fraud systems.”
Ian Carrotte of ICSM said many firms had struggled to repay Covid related loans but all decent companies were disgusted by fraudsters as ultimately they were stealing from the British people. “In retrospect too many loans were made too easily with out the usual checks,” he said, “I know there was a concerns as Covid set it but the banks knew the Government would guarantee defaulters so they had little incentive to be cautious. Now there is hang over from those loans as it is easy to take a loan but harder to repay it when you have double digit inflation and energy prices hiked.”
He pointed to these figues from the Insolvency Service showing the rise in company failures in 2022:
18,821 creditors’ voluntary liquidations (CVLs) – a 49% increase from 2021
1,945 compulsory liquidations – a 296% increase from 2021
1,231 administrations – a 55% increase from 2021
Below are listings of recent liquidations etc in the logistics industry:
LOGISTICS: COURIERS, HAULAGE, ROAD, RAIL, SHIPPING, STORAGE
ADMINISTRATORS APPOINTED
KEYAIR LIMITED 04259157
RYEDALE LOGISTICS LIMITED 11678177
SAM CARMICHAEL LOGISTICS LTD 13351502
ADMINISTRATION CREDITORS MEETING
ALLSEAS GLOBAL PROJECT LOGISTICS LIMITED 09635807
COMPULSORY LIQUIDATOR APPOINTED
LONDON FOODS DISTRIBUTION LTD 11328516
NATIONWIDE DIRECT COURIERS LIMITED 07425777
NATIONWIDE PARCEL SOLUTIONS LIMITED 07430337
WEST MIDLANDS TRANSPORTATION LTD 10938133
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ANDREW MAUDSLEY HORSEBOXES LIMITED 09042577
EPIC LOGISTICS LTD 11686499
FREIGHTNET (HANDLING) LTD 03924643
GLOBAL DELIVERY XPRESS LIMITED 05461270
- KAN TRANSPORT LTD 10039554
JS & SON HAULAGE LIMITED 13459732
KENTCO LOGISTICS LIMITED 07735998
LYON TRANS LTD 12097854
LIQUIDATORS APPOINTED
A & F JAMES TRANSPORT LTD 09773864
ALPHA CARGO LTD 12395912
ANCORA LOGISTICS LIMITED 13006569
ANDERSON PLANT & HAULAGE LIMITED 08643979
COZMA TRANSPORT LTD 11904892
GREENWAYS LOGISTICS LIMITED 12287779
JSK TRANSPORT (LANCS) LTD 09105723
JTL COURIERS LTD 13471525
JNM LOGISTIC SERVICES LTD 08318777
KATALEYA LOGISTICS LTD 12939989
LIYANA LOGISTICS LIMITED 07750455
ON TIME EXPRESS FREIGHT LTD 13605377
PASSPORT SERVICES LIMITED 05135737
PKA TRANSPORTATION LTD 10919527
NATIONWIDE DIRECT COURIERS LIMITED 07425777
NATIONWIDE PARCEL SOLUTIONS LIMITED 07430337
STEVE HUGHES HAULAGE LIMITED 04945991
TYSON TRANSPORT LIMITED 10517657
WILSFORD TRANSPORT LTD 08975948
MEMBERS VOLUNTARY LIQUIDATIONS
AFS HAULAGE LIMITED 03232328
AFS TRANSPORT HOLDINGS LIMITED 13128276
ARCS TRANSPORTS LTD 10006484
CITY GREENWICH LEWISHAM RAIL LINK PLC 03169276
IMPERIAL LOGISTICS HOLDING UK LIMITED 10024634
LANGLEY HAULAGE LIMITED 06819289
ORTON COMMUNITY TRANSPORT ASSOCIATION LIMITED IP23729R
TLR LOGISTICS SERVICES LIMITED 08618310
PETITIONS TO WIND UP
APK PLANT & TRANSPORT LTD 12508111
DARIUS KNIGHT LOGISTICS LTD 11086540
EV LOGISTICS OPERATIONS LIMITED 10535761
HAPS LOGISTICS LIMITED 11620973
INFRASTRUCTURE DELIVERY SERVICES LTD 10997656
LN TRANSPORT LTD 09624257
M & S TRANSPORTATION LIMITED 10937389
PEPIS TRANSPORT LTD 09911639
R B & G L LOGISTIC LTD 12591737
WINDING UP ORDERS
AT COURIERS LTD 10546319
ELITE STORAGE AND DISTRIBUTION LIMITED 11906802
MAJESTIC SHIPPING INTERNATIONAL LIMITED 12733755
UK CARGO LOGISTICS SERVICES LTD 12426491
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For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk