Quantuma appointed administrators on commercial vehicle hire company

Quantuma appointed by secured lender as Administrators on a commercial vehicle hire company.

Overview:

  • Company managed a fleet hire business of commercial vans and lorries to numerous customers who supplied the Ministry of Defence with long term vehicle hire
  • The Company had ceased trading with no notice to a secured lender and had progressed steps towards liquidation
  • Secured creditor greatly at risk due to non-payment by customers under an invoice discounting agreement
  • The secured lender wanted to seek an immediate appointment and control of assets and company records.

Investment:

  • Secured lender owed in excess of £100k under an invoice discounting facility
  • Approximately 12 other secured creditors owed almost £1m under asset lending agreements with over 75 vehicles on hire throughout the UK and Europe

Outcomes:

  • Quantuma appointed Joint Administrators within 24 hours of engagement
  • Quickly met with management, secured all relevant documentation
  • With assistance of management issued outstanding invoicing and liaised with all customers and secured lenders to arrange a managed exit and transfer of vehicles to other interested parties
  • Resulted in almost 100% recovery of historic debts and invoicing within Administration period to assist with costs of winding up
  • All secured lenders recovered their vehicles successfully and either sold them to interested parties or at auction to mitigate their losses
  • Invoice Discounter paid in full, including costs, with a surplus back to the company.

For more information on Administrations, please click here.