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Bell creditors vote on survival scheme

1st May 1997, Page 7
1st May 1997
Page 7
Page 7, 1st May 1997 — Bell creditors vote on survival scheme
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Keywords : Creditor, Finance, Bankruptcy

by Sally Nash • Hauliers owed £17m following the collapse of the Irish shipping firm Bell Lines could receive up to 40p in the pound.

This week around 500 Irish and UK container hauliers should hear from David Hughes of accountants Ernst & Young, the examiner appointed by the Irish High Court. He is sending them his proposed survival plan, known as a scheme of arrangement. Bells' creditors will be able to vote on the proposal in person, by post or Proxy at a two-day ifleeting starting on 6 May in Dublin.

Some hauliers, whose payments for work carried out in the three months from November last year were frozen by the examiner, are owed up to L90,000.

The Irish High Court has the power to over-rule the creditors' vote on the scheme of arrangement, although it will take their opinions into account when it takes its decision, probably by the end of the month.

The creditors' meetings should have been held at the end of April but a potential investor in the new rationalised business wanted more time.

O Bell Lines, which went into examinership in February, charters container ships between Ireland, the UK and the Continent. It contracts out all its road transport.

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Organisations: Irish High Court
Locations: Dublin

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