Allisons' receivership rejected
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• In the Scottish Court of Sessions, on Friday in Edinburgh, Lord Fraser rejected a petition by which Lloyds Bank sought to appoint a provisional liquidator to Allisons Freightlines Ltd., Dundee. A provisional liquidator is approximately the Scottish equi'valent of a receiver.
As reported in CM last week, the bank had served Allisons with a notification to repay E300,000 or face the prospect of a receiver and manager being put in. The chairman and managing director, Mr. James Allison, had put forward proposals which he hoped would protect the interest of shareholders and creditors and satisfy the bank, which is the trustee for debenture stockholders.
It was following this move that Lloyds made application to the Scottish court with a petition which was opposed by the company. Allisons maintained that the debenture stocks were well secured and before the court case had already given directors' guarantees that the assets of the company would not be sold.
On Monday, Mr. James Allison told CM he was confident that the company was still a viable proposition; there had, he said, been remarkable pledges of support by customers and employees.
Early in the week it was not known whether Lloyds would attempt to take similar action in the English courts or. whether a new proposition might be put to the company.