Bell Lines founders...
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by Brendan Nolan and Karen Miles • Hundreds of hauliers are bracing themselves for losses of up to .17m following the final collapse of Irish shipping company Bell Lines.
The company's liquidator is expected to clarify the situation in the next few days but there seems little chance of any payout to the 300 UK, Irish and foreign container hauliers.
On Friday (4 July) the Irish High Court ended the examinership that had protected Bell Lines from its creditors since February. following the failure of a rescue plan. Bell Lines was placed into liquidation and examiner, David Hughes from accountants Ernst & Young, was appointed as liquidator.
The £17m of financial misery generated by the collapse of the D.00m-turnover company was compounded this week by uncertainty over additional payments for work carried out by hauliers during the five-month period of examinership.
Angry Irish hauliers secured the payment of thousands of pounds on Monday night after they protested at the Waterford port of Belvieu, when money for work carried out the previous week failed to materialise.
The situation is less clear for the UK and foreign hauliers who continued to work from February for Bell Lines, believing that payment was guaranteed by the Irish Iligh Court.
Lawyers are advising UK hauliers that payment for work can-ied out while Bell Lines was in examinership does not appear to be guaranteed.
E ICG, which had a 25% shareholding in Bell Lines, could be offering more work to hauliers. It plans to increase its fleet by two ships.