Prince buyer: 'I've settled the bill'
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A HAULIER that bought the business and assets of Steve Prince Transport for £23,000 after it went into administration said it has now settled the bill after insolvency experts appointed solicitors to chase the unpaid debt.
Ron Prince, director at Specialised Pallet Transport, which bought the Essex haulier in a pre-pack sale last year (CM13 December), said "all has been paid" after pressure was placed on the firm to pay the full amount, but declined to comment further.
In July, the administrators said they had received the first payment of £5,747 in November 2012, but that remaining payments were not forthcoming.
A progress report from Wayne Macpherson and Jamie Taylor at Begbies Traynor, published last week, said demand was placed on Specialised Pallet Transport earlier this year but that the money remained unpaid.
They added: "We were informed that Specialised Pallet Transport intended to propose a voluntary arrangement with its creditors. This proposal was rejected and the firm is therefore entering an alternative process. Due to the company's inability to pay the debt, demand has been served on the guarantor and funds are expected shortly."
The administrators said they had revised their original proposals and a dividend is expected to be paid to unsecured creditors.