Property sell-off could help reduce insolvent Hurst’s debt
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By Joanna Bourke
THE ADMINISTRATORS of collapsed Lincolnshire-based Hurst Transport are hoping property sales will help to lessen the irm’s £1.82m deiciency.
The Immingham operator had £561,000 available to pay the 79 staff it made redundant and other preferential creditors when it appointed Ian Green and Chris Rooney of PricewaterhouseCoopers joint administrators on 31 March.
However, there were limited funds left for unsecured claimants, including £399,000 owed to trade creditors and £865,000 for the company voluntary arrangement (CVA) it entered in 2009. The irm left a total deiciency of £1.82m on 8 April.
Rooney tells CM: “The principal asset of the business is the property that is being marketed for sale, but this will take a number of months
to be sold. Accordingly, it is too early to conclude on the inal outcome of any deiciency, but we do not expect any funds to be available to the non-preferential creditors. We will be writing to the creditors of the company shortly.” The Fortec and Hazchem Network member had an O-licence for 175 vehicles and 175 trailers, but at the time of insolvency Hurst Transport was running approximately 50 trucks (CM 31 March).