Terms tightened at Bell
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• Hauliers owed money by Bell Lines will get paid more quickly following a decision to revise credit terms from the usual 90day arrangement.
This follows calls from trade associations representing Irish, UK and Dutch hauliers to reduce credit terms.
The new terms are: • Seven days for the first two months; • 14 days for the next three months; • 21 days for the next two months.
Transport lawyer Stephen Kirkbright, brought in by the Road haulage Association, says the new deal "totally revises" the credit terms. He describes the move as a "dramatic improvement".
Accountancy firm Dempsey Mullen, which worked with Bell Lines examiner David Hughes, had called for a reduction in credit terms from 90 to 30 days.
Payment to hauliers, expected to be 35p in the pound, should now be resolved by the end of this year.
Irish Road Haulage Association director-general Chris McCormack says: "There isn't an industry in the world which works on 90 or 120-day credit terms as standard."