...with no guarantee
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
• Bell Lines' banker, Allied Irish Bank, has bounced a "guaranteed" £8,000 cheque paid last week to Newport haulier Bevan & Sons. The company had believed the payment would be guaranteed by the Irish Iligh Court.
The cheque, for work carried out since February, is stamped "Under the Protection of the High Court". That, says Allied Irish Bank, "means the company is protected from its crecli
tors—not that the creditors are protected from the company".
"We'd been led to believe that everything we've done has been under the protection of the High Court," says Russell Bevan. "But the bank says the stamp is worth nothing." This is a bitter blow to Bevan, who is also owed £150,000 by Bell for work carried out before February. "That £150,000 is our nest egg," he says. "It's all the money we've built up for our retirement."