Recently, Georgia-based logistics company-Big J Express to the United States Georgia Northern District Bankruptcy Court filed for bankruptcy liquidation.
It is understood that Big J Express obtained the operating rights in 2014 and mainly transports general cargo. According to the SAFER website of the Federal Motor Carrier Safety Administration, the company's insurance was canceled on August 4.
In the bankruptcy complaint, Big J Express posted that from Jan. 1 to the July 14 filing date, its total revenue was about $1.5 million, compared to 2022 revenue of $6.1 million and 2021 revenue of nearly $5.6 million, which is a significant drop.
pleadings show that Big J Express listed assets and liabilities between $1 million and $10 million. The collapsed company said it had as many as 49 creditors and insisted that once the administrative costs had been paid, there was no money available to pay unsecured creditors.
According to FMCSA's SAFER data, in the past 24 months, Big J Express trucks have been inspected 47 times, of which 17 have been out of service, with an outage rate of 36.2 percent, well above the U.S. industry average of 22.3 percent.
In addition, in the past two years, the company's drivers have undergone 86 inspections, 17 drivers have been suspended, and the driver turnover rate is nearly 20%, which is also higher than the 6.7 per cent industry average.
According to the bankruptcy filing, Big J Express in March this year from the Fort Worth, Texas, U.S. Small Business Administration (U.S. Small Business Administration) to obtain a loan, but the amount is unknown.
Source: one shipping