Anglo Overseas is a collapsed freight forwarder that had a deficiency of almost GBP 30 million when it went into administration (bankruptcy) in January, according to documents filed at Companies House. Vantis Business Recovery Services’ report reveals that trade creditors, for the most part haulage subcontractors, are owed GBP 9.3 million with the company’s pension fund GBP 11.5 million in the red; non-preferential creditors total GBP 30.7 million and the total deficiency was GBP 27.1 million.
Some creditors are reporting higher sums than those stated and there are concerns that this figure may rise. One creditor is Southampton car haulers Boyes Conning and they said that there was no warning that this would happen. Scottish firm Burns Express is also out of pocket. They are strong enough to survive but it has put a few smaller firms out of business. Dornack International is one company to have its debt repaid almost in full.
The report reveals that Dornack reduced lender GE’s exposure to Anglo by repaying the outstanding loan of GBP 1.7 million in exchange for a mortgage debenture, incorporating fixed and floating charges over Anglo’s assets. Parent company Ziegler UK has taken over the running of six former Anglo depots, although it is still in talks with Vantis to formalize the sale and the figure involved.
