A well-established shipping firm that had traded in the Humberside region for over 40 years was placed into voluntary liquidation in the face of challenging market conditions.
The family-run company had dramatically downsized in the previous years by selling off ships to arrest the threat of insolvency but the crashing rates for dry bulk shipping - the firm's bread and butter service - put paid to any hope of a recovery and with little hope of an upturn in the sector, a CVL was the best route forward for all parties.
The company had done well to weather the economic downturn to this point but the changing market proved to difficult to overcome and we helped the firm meet the majority of its liabilities to creditors before winding up the company within a four-week period.
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14th February 2017 The Co-operative Bank has been put up for sale in its entirety four years after it came perilously close to collapse before being acquired by US hedge funds.
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