Shipping firm in £700,000 of debt forced to close

An international freight company with debts of almost £700,000 has been forced to close after an investigation by the Insolvency Service.

Leeds-based Malcolm Wright Associates was found to have shipping debts with companies in the UK, US and Europe.

The firm was investigated after concerns were raised about its trading activity and shut down following a hearing at the High Court in Manchester on Tuesday.

Insolvency Service chief investigator David Hope said Malcolm Wright Associates had given the "appearance of a credible trading business" while leaving suppliers 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," he said.

The company, based at the Nortech Centre, left overseas freight businesses with unpaid debts totalling more than $508,000 (£375,364), €334,000 (£285,453) and £25,000.

It was a member of the JCTrans network, a freight-forwarding membership organisation, and built up "significant" unpaid debts with other members, according to the Insolvency Service.

Between August and October 2024, the company incurred costs with at least 16 JCTrans members and failed to make payments.

The company failed to cooperate with investigators, had no current director or person with significant control, and failed to file its latest accounts to Companies House.

Hope added: "We will take robust action where companies appear to be used to mislead suppliers, avoid debts, or operate without proper transparency.

"Winding up this company protects the public and helps prevent further harm to businesses."

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