Insolvency & Rescue Solutions for Haulage Companies
The UK’s road haulage sector is described as being in a state of crisis, with long delays at container ports and resulting in shortages that are increasingly translating into hold-ups with stock and even empty supermarket shelves. The knock-on effect for haulage companies is disrupted work, cashflow problems, and increased borrowing to stay in business.
The pandemic and Brexit will be influences and have resulted in fewer goods coming into the country. It is said container volume from China fell by 70% last year and the flow of goods from Europe became increasingly disrupted.
Here at Company Debt, we have significant experience in both closing and restructuring haulage companies. Get in touch for a free, no-obligation discussion about your situation with one of our licensed insolvency practitioners.
Haulage Companies Pressure Points
What are the Reasons for Haulage Insolvency?
But more broadly, the sector is also affected by a severe shortage of drivers. This is not a popular career choice with many younger people, there is a shortage of overnight sleeping spaces, and the role can be seen as tiring, somewhat unsafe, and lonely. When older drivers retire, they are not easy to replace.
The Road Haulage Association says the shortage has reached 100,000 and it wants to see HGV drivers added to the Home Office Shortage Occupation List.
The government is supporting this though but instead has agreed on measures to alleviate the shortage, to include more driver training, a suspension of MOT testing, and to speed up the provision of HGV licenses from 1,500 a week to 2,000. But it wants the workforce to be from UK residents and has ruled out issuing temporary visas to non-UK drivers. The sector is also calling for more government help in the form of cashflow injections, deferment of tax payments, and delays to the launch of clean air zones by at least six months – to date, these have not been agreed upon.
Unsurprisingly, problems in the sector are now translating into more insolvencies.
Help for your insolvent haulage business
If your haulage business is experiencing difficulties, you should not delay seeking advice. Business owners need to address problems and if they put this off, then their options become more limited.
Company Debt provides expert support and advice on the next steps for an insolvent business, whether rescue, recovery, or liquidation.
Knowledge – Insight – Solutions
We are fully licensed and accredited insolvency practitioners based in north London, and with decades of combined partner experience in helping directors find positive solutions to business challenges.
Our goal is first to understand your situation as fully as we can, and then to explain the range of options available to you.
We focus on practical advice, without jargon. We practice total transparency around costs and fee structures. Our wish is to support you as fully as possible so that you can emerge from this situation in the best possible situation.
As a first step, simply book in a call with one of our team to learn more about our approach, and to take advantage of a fee consultation that carries no obligation.
Book My Consultation
If you need an experienced insolvency practitioner or business rescue specialist, seek advice now.
- Your free consultation will be led by one of our experienced London insolvency practitioners
- You can speak via phone, online meeting or in person so that we can listen carefully to the facts about your situation
- The team will provide a preliminary view of the likely best outcome, proposed strategy, and the likely cost
- We specialise in helping limited company directors needing immediate professional debt advice