Leeds freight business shut down after almost £700,000 in unpaid debts revealed
The company was shut down after a hearing at the High Court in Manchester earlier this week
A Leeds-based freight business has been shut down after an investigation discovered unpaid debts totalling hundreds of thousands of pounds owed to companies across the globe.
Malcolm Wright Associates Limited was investigated by the Insolvency Service after concerns were raised about its trading activity.
The Service said the company had presented information which “appeared to give it credibility” with international freight businesses, including membership of the JCTrans network.
Between August and October 2024, the company incurred freight costs with at least 16 JCTrans members and failed to make payments, the Service said.
They claim the company had unpaid debts totalling almost £700,000 leaving overseas freight businesses with debts totalling more than $508,000 (£375,364), €334,000 (£285,453) and £25,000.
David Hope, chief investigator at the Insolvency Service, said: “Malcolm Wright Associates Limited gave the appearance of a credible trading business while leaving suppliers – including those in the United States and Europe – with substantial unpaid debts.
“The company failed to cooperate with our investigation, could not be located at its registered office, and provided no evidence to explain its trading or financial position.
“Winding up this company protects the public and helps prevent further harm to businesses.”
The company was shut down following a hearing at the High Court in Manchester earlier this week.
The Official Receiver has been appointed liquidator of Malcolm Wright Associates Limited.