25.05.2006

Quigley update

While we have still not heard from the Quigleys themselves, several good sources have confirmed that all but three cranes in the Quigley fleet have been repossessed by the leasing companies.

Most of the fleet was made up of recent vintage Terex Demag models, the three that remain are said to be Groves.

This latest development raises further questions concerning the official administrators, Mathew Colin Bowker and S Payne of Unity Business Services LLP. See Quigley

Vertikal Comment

What possible motives could the official Administrators have had for selling the business to the previous owners, when it was fairly obvious that they did not have the confidence of the cranes owners and that without cranes there is no business?

How can they claim to have done their job, protecting the rights of the creditors and employees? In the space of three days they have nothing to sell, and will be obliged to wind up the old company with no one apart from themselves and possibly the Quigleys gaining anything at all from the transaction.

Ignorance here is not an excuse, a 10 minute discussion with the crane manufacturers or leasing companies or any number of third parties, would have confirmed that a) A sale to a third party would have yielded a better outcome for all interested parties and b) The sale to the existing management was likely to be a non starter, unless the crane finance houses were ‘on –board’.