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