Hauliers and other trade creditors owed money by the collapse of Macfarlane Transport Holdings are unlikely to ever see a penny, according to the firm's liquidators. The Leeds-based haulier collapsed at the beginning of July (MT 10 July) with total debts of £11.6m. Administrators KPMG believe they can realise assets of £6.6m, but with the bank taking a hefty £2.9m as a secured creditor and other preferential creditors totalling another £2.9m, it leaves a total deficiency of £4.9m.
In all, unsecured claims amount to £3.1m the administrators conclude that it is "unlikely any dividend will become available to unsecured creditors". The report from the administrators blames Macfarlane's cashflow problems on rising fuel prices. Prior to this it had agreed deferred payment on an outstanding bill of £800,000 due to HM Revenue & Customs.
Directors Stephen Cooke, Robert Cooke and Jeremy Vaughan had tried to sell off the struggling business to one interested party, believed 
to be Stobart Group, but, the report says, this failed due to insufficient time for due diligence to take place. It states: "Prior to [our] appointment, the directors had made contact with a number of potentially interested parties, all of whom confirmed no interest."
Creditors, many of whom are owed several thousand pounds in unpaid bills, are understandably fuming. Steve Rapley, general manager at Hook, Hants-based Rawlings Transport, says that its £9,523 debt dates back to April. He adds: "When we started chasing, it was excuses after excuses - we were being told that we'd get paid the following week, but before we knew it they'd gone into administration."