Fri, 02 Nov 2012 | ADMINISTRATION
A haulage company has been pushed into administration by its HM Revenue & Customs (HMRC) debts.
Young European Ltd, based in Wiltshire, appointed Costas Morfakis of Axiom Recovery on 14 August to handle the administration after the company's secured creditor, Bibby Factors Manchester Ltd, called in administrators.
Later in August, Dennis's Removals Ltd, a connected company that operated alongside Young European for a number of years, bought the company out of administration for £55,000.
It has now been revealed that tax debts were behind the administration in the first place. Trading conditions led Young European to fall into arrears with HMRC, resulting in the addition of penalties and interest of around £40,000 on top of the original debt.
No agreement could be reached between the tax body and the business, leaving HMRC to petition to wind the company up and Bibby to enforce its security and appoint the administrator.
The administrator said it is "considered likely that there will be a distribution to unsecured creditors" but added he is "unable to advise as to the quantum or timing of such a distribution at this stage".
So far Bibby has collected £122,071 of what it is owed but it is expecting to be paid in full.
This thriving West London pharmacy opportunity is for those seeking a profitable investment or expansion in the health sector, it presents a rare chance to acquire a well-established business due to the owner's retirement.
This is a rare opportunity to acquire a multi award-winning cheesemongers business in the North of England, known for its high-quality cheeses and deli products.
This is a unique opportunity to acquire a highly profitable and well-established retailer of white goods, known across the UK for its excellent reputation and strong supplier relationships.
18
|
Jul
|
Buyers swoop for divisions of collapsed recruitment and logistics firm | BUSINESS SALE
Two separate buyers have acquired three divisions of a Great...
18
|
Jul
|
Hotel group sells off five more locations | BUSINESS SALE
A hotel group with 16 sites in rural and coastal locations a...
18
|
Jul
|
Administrators market £28.4m-turnover furnishing firm for sale | ADMINISTRATION
Administrators are seeking a buyer following the collapse of...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.