12:01 pm, January 22, 2025
A family-run used car dealership is to be wound up after liquidators were appointed with the firm more than £1m in the red.
As reported by Car Dealer last month, Swanson Motor Company suddenly slammed shut without warning in November, before a closure notice later appeared on the firm’s website.
The days immediately after our story saw a flurry of activity on the firm’s Companies House page with a number of submissions being made in in the lead up to Christmas.
Filings for Newtabb Ltd – the company’s official name – show that voluntary liquidators were appointed on December 18 with the position filled by Steve Henson and Adam Buck of Castle Hill Insolvency.
Then, on December 19, an ‘extraordinary resolution to wind up’ was filed, which confirmed that members had voted for the motion at a vote held on December 9.
The resolution reads: ‘The following special resolution (1) together with the remaining ordinary resolution(s) were passed by the members of the company by written resolutions. The requisite voting majority was received on 9 December, 2024.
‘1) That the Company be wound up voluntarily.
‘2) That Steve Henson and Adam Buck of Castle Hil Insolvency Limited, 1Battle Road, Heathfield, Newton Abbot, TQ12 6RY, be appointed joint liquidators of the Company for the purposes of the voluntary winding-up.
‘3) That the liquidators be authorised to act jointly and severally in the liquidation.’
On the same day that the resolution was published online, liquidators also revealed a full statement of affairs which laid bare the financial situation at the Newton Abbot-based Ford specialist.
The document, signed by company director Kevin Quigg, revealed that the company has assets available to creditors totalling £40,057.77.
Liquidators say that the car dealer closed down owing money to 31 ‘trade and expense creditors’ who are owed a combined £262.980.63.
Meanwhile, the firm’s 16 employees are owed 133,611.25, its landlord £4,550 and its two directors £214,402. Elsewhere, three banks and institutions are owed £295,325.08.
The figures mean that Swanson Motor Company owes over £900,000 to 53 unsecured creditors.
Taking into account all debts and assets, the firm has a total deficiency of £1.33m.
