Low payout by Bell Lines
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by Brendan Nolan • The liquidator of the collapsed Bell Lines shipping company has confirmed that the payout to UK, Irish and Continental hauliers will be low.
Debts to operators total around £17m. Confirming their worst fears, Neil Coveney, spokesman for liquidator David Hughes, has emphasised that any final dividend will be a lot lower than the hoped-for 35p in the pound.
"It's far too early to say how much it might he," he says. "It takes a long time to sell assets, to agree claims and to write up the books."
On top of the £17m debts incurred by hauliers before Bell Lines went into examinership in February, around 200 UK and Continental hauliers holding cheques issued by Bell Lines during its examinership will have to join other creditors for part-payment in the liquidation of the company.
Two special managers have been appointed to assist in the liquidation in Britain.
They are Roger Griffith at Bell Lines, Teesport on 01642 344000; and Cedric Clapp at Bell Lines, Bristol on 01179 843000.
The banks abruptly closed the company's accounts following the collapse of another rescue bid; some cheques issued to non-Irish hauliers have not been honoured (CM 10-16 July). Around 100 Irish hauliers were paid an estimated £70,000 owed to them for work carried out for Bell Lines in its last days of examinership before the liquidation on 4 July. They extracted payment after a protest at Waterford port.
Bell's North Sea bulk business and Spanish operation is for sale. Dutch stevedoring interests are involved in the Rotterdam operation.