Dunn Commodities Latest

A notice of intention to appoint an administrator for Dunn Commodities Ltd., the trading and broking house founded by Greg Dunn based at Elsham in North Lincolnshire, was lodged with a court in Leeds on 30th December 2008.

It is likely that the company will formally enter administration under the direction of Begbies Traynor by the end of this week, Nogger gathers.

Mr Dunn tells Nogger Towers that the reasons for the company failure are principally large currency losses over the period September 2007 to July 2008, an unresolved quality claim by a food manufacturer with attendant costs of servicing the account, and a sharp downturn in trading used cooking oil for use in biodiesel production in Germany.

Germany's biodiesel industry has only been running at about 15 percent of capacity in 2008, largely because of high taxes, and large numbers of producers there are facing closure. But the again, they did bomb our chippie.