Abram creditors fume
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• Creditors have reacted angrily to news that Skelmersdalebased haulage company Ken Abram has been handed back to its directors after being traded out of administration.
Gary Biddulph, a Somersetbased haulier, who says he will have to wait up to two years to get £3,200 of the £15,638 he is owed, describes the decision to hand back control as "unethical". He says the debts have forced him to sell four of his six lorries and lay off staff.
"I think it's disgusting. There's an awful lot of people out there who've worked hard for their money. The administrators are supposed to be on our side. They appear to have
done a very good job for Ken Abram," he says.
According to Nicky Johnson of administrators Leonard Curtis, creditors can expect to receive about 20 pence per pound owed.
At a meeting last month, creditors finalised an agreement where the company will continue to trade with its debts frozen. Over the next two years, 50% of the company's profits will be put aside to be allocated equally among its creditors. No minimum or maximum amount has been guaranteed.
Johnson says 98% of those present, or who sent in a proxy, voted in favour of the arrangement.