Beleaguered Liverpool haulage firm Thorburn Transport has been placed into liquidation after the insolvency practitioner handling the case said the new owner was "naïve" in buying it without carrying out sufficient checks.
The latest development marks the final chapter of the Huyton transport company, which had its licence revoked by the Traffic Commissioner Beverley Bell in April after she had heard financial evidence in private.
Mansoor Hussain bought the company from Jeanette Thorburn Warder shortly before TC Bell's decision.
According to a spokesman for Manchester financial advisers Jones Lowndes Dwyer (JLD), Hussain, who is also director of Caveman Consultants, which trades as The Logistix Group, put money into the business to pay staff and fuel bills, but it didn't save the business.
At a creditors' meeting last week, Claire Dwyer was appointed liquidator and the company will now be dissolved.
A JLD spokesman says: "Hussain realised it wasn't as attractive a proposition as he thought it was and the company ceased to trade.
"Hussain, through his group, got in and bought the shares and paid money in to continue. No proper due diligence was done, as these things usually are. I think he was probably naïve; it was an opportunity he thought he couldn't turn down. Having paid a lot of money, he found it was too far gone."
CM has previously reported on Mansoor's links to Eric Short Haulage and John Mack (Haulage) ('Short on Answers', CM 18 June). As CM went to press, Hussain did not respond.