Call our Sales Team on 0208 912 2120

Halls Group

15th August 2013
Page 8
Page 8, 15th August 2013 — Halls Group
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

Which of the following most accurately describes the problem?

goes into


NORFOLK HAULIER Halls Group has been placed into liquidation to protect creditors' rights to any money due from a claim that it was mis-sold a financial product.

The company entered administration in July 2011, with blame apportioned by administrator Baker Tilly on a lack of capital and pressure from creditors. However, it was later found that the haulier could have been mis-sold an interest rate hedging product by Lloyds in 2008 and was possibly in line for compensation (CM 21 March). A report from the

administrator said: "While the joint administrators' initial investigations indicate that there may be compensation due, which could be substantial, there has, as yet, been no clarification as to how any such compensation would be treated and thus which creditors would have priority. Consequently, to ensure creditors' rights to any potential claims are protected, the company was placed into creditors voluntary liquidation to enable the liquidators to continue the investigations in this regard and to liaise with Lloyds as necessary." Meanwhile, the Orwell Crossing Lorry Park in Suffolk said it was also sold the product by its bank in 2007. Owner Karl Rout estimated that it had cost the business £148,000, not including related credit card debts and late payment fines from HMRC. "They said if interest rates go up, it will devastate your business. It's had a hell of an effect," he said.

comments powered by Disqus