Insufficient Funds To Pay Adams Creditors

UNSECURED creditors owed money by haulier Duncan Adams are unlikely to receive any payment due to insufficient funds, according to the most recent report by Deloitte’s joint administrators of the Grangemouth company which entered administration in March of this year.

The company’s one secured creditor has been paid in full thanks to the collection of book debts totalling £1.95m.

A previous report confirmed 178 unsecured creditors with estimated claims of £3.8m.

Explaining why the company was being wound down, the Deloitte report said that it was not possible to continue to trade the business as the company had no funding available to allow ongoing trading. Furthermore, the Road Haulage Operator’s licence required to continue legally operating haulage vehicles on public roads required to be surrendered as a consequence of the administration.

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