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Bulmers debts totalled £14m

Friday 01 May 2009 06:46

Bulmers Logistics had total debts of £14.1m when it went into administration in January, according to papers filed at Companies House.

The statement of affairs, prepared by its directors, reveals £11.5m was owed to preferential creditors - principally its main funder Yorkshire Bank and members of staff - while unsecured creditors, the majority of which are haulage sub-contractors or other trade creditors, are owed £2.5m.

So far the administration has succeeded in realising £5.7m of the £6.9m signed over to Yorkshire Bank under an invoice finance agreement.

Additionally, Bulmers Transport, which bought the trade and assets of the collapsed firm for £1, has taken over the leases of 56 vehicles and trailers worth £3m, again with Yorkshire Bank, further reducing the total deficiency.

There are 300-plus unsecured creditors and the administrator warns: "We do not expect any funds to be available to pay a dividend to unsecured creditors of the company."

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