Scotland's Traffic Commissioner said somebody could have been killed when a wheel came off a trailer operated by Mackenzie Haulage (Highland) Ltd as it travelled on the A9.
A public inquiry into the accident heard the Dingwall-based firm's expansion had caused problems.
Commissioner Joan Aitken said directors had admitted fault and she commended them for not seeking excuses. She ordered the reduction of their trailers from 19 to 10 and limited their vehicles number to five.
Ms Aitken said: "It was very bad and it should have not happened, and whilst I commend Mr Mackenzie for being frank with us, I deprecate him for not managing his workshop and his work processes and such like such that he had proper processes in place for making sure wheel loss did not happen."
The commissioner added: "I am not saying there can never be future expansion but I am saying that any future expansion will, of course, be evidence based and compliance based."