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Electric commercial truck maker Modec is to cease trading after administrator Zolfo Cooper failed in its attempts to locate a suitable buyer for the UK-based firm. Last month, Modec announced that it was suffering from "severe cashflow difficulties" and had no option but to enter administration.

Concerned by news that UK-based electric commercial truck maker Modec fell into administration, Barry Shrier, chief executive officer of Liberty Electric Cars, has committed "significant resources" in an attempt to rescue the ailing automaker. Last Monday, Shrier said: