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Nigel Rice Transport owed £1.7m to creditors when it collapsed

  • 25 February 2014
  • By Chris Druce

Nigel Rice Transport owed creditors more than £1.7m when it was place into liquidation last month, according to a newly published statement of affairs running up to 17 January.

Those owed the most comprised of: Rice Trust (£1m), which is connected to Westerby Trustee Services the pension fund understood to have been the owner of the haulier’s multiple premises (and in effect its landlord). Palletways UK (£194,906), its pallet network; and Renault Trucks Financial Services (£118,153).

Heathcliff Haulage, a fellow Palletways member, was owed £15,660 as of the statement date. It has since gone into administration.

Eurovision Logistics (£10,056), Redhead International (£1,174) and the Road Haulage Association (£1,158) were also owed money.

Other creditors on the list include Maxim Logistics, DS Smith Recycling, Gerry Jones Transport Services, and Pollock (Scotrans).

Richard Marchinton, insolvency administrator at BWC Business Solutions, which is handling the process, said it was too soon to say if the money owed would be paid off in full or if creditors would face a deficit.

Marchinton confirmed there had been no property to sell – despite the haulier operating out of two locations in Beverley and Thorne -and that much of its fleet had been leased and therefore returned to the owner.

However, a small selection of five Nigel Rice rigids and tractor-units did appear for sale on trucks2go.co.uk in recent weeks, spanning the age range from a 2005 Renault Midlum up to a 2012 Renault Premium.

Marchinton said the vehicles that Nigel Rice, which had had a combined O-licence for approaching 50 trucks, had owned outright had now been sold. An exact breakdown of the vehciles sold was not available.

In total, creditors of the failed firm were owed £1.73m on the 17 January 2014.

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Article source: http://www.commercialmotor.com:80/latest-news/nigel-rice-transport-owed-%C2%A31-7m-to-creditors-when-it-collapsed