Firms thought to be left out of pocket following the administration of car transporter Eulos.EU will now receive a distribution after an unexpected insurance settlement led to an £11,000 payout.
The Sheerness-based business entered administration one year ago after the struggling haulier refinanced its funding facilities in anticipation of a new contract – and was then told it had not won the deal.
In a report to creditors, Arvinder Singh at FRP Advisory Trading said unsecured creditors had not been expected to receive a dividend. But this situation changed when insurance brokers contacted him regarding a claim in relation to damage caused by one of Eulos.EU’s vehicles in 2016 and it had now been settled.
“The settlement due to the company was £10,860.30 and I am currently awaiting receipt of the settlement from the underwriter’s solicitors,” Singh said.
However, he added that the distribution was estimated to be less than one pence in the pound.
The company held an international licence for 25 HGVs and 25 trailers at an operating centre in Sheerness docks.
