Companies owed money following the administration of sugar beet haulier M and J Haulage are estimated to receive a dividend of 10p in the pound.
The Lincolnshire firm has now entered liquidation and in a report to creditors liquidator Mark Orton at KPMG said the timing and amount of any dividend will depend on further realisations and associated costs of winding the business up.
KPMG was appointed to the firm in October 2017 following an announcement by British Sugar that there would be a significant reduction in contract volumes from April 2018. The move compounded M and J’s existing financial problems.
Secured creditor Natwest has now been repaid in full and preferential creditors have received a dividend of 100p in the pound.
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Seven vintage tractors, listed as assets of M and J Haulage in its accounts, have subsequently been claimed to be owned by director Mark Popplewell.
The report said: “We have continued to pursue recovery of the tractors through our solicitors. The matters remains on-going and we shall advise you of the outcome in our next report.”
It added that £5,003 has been paid to a firm of solicitors for advice regarding the recovery of the tractors, plus outstanding loans.
The company held an O-licence for 34 lorries and operated out of six depots across Lincolnshire.
