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The administrator of Stanian Transport said the company has about 70 lorries participating in a legal claim for compensation from truck manufacturers involved in a price-fixing cartel.
Alvarez and Marsal Europe LLP are currently managing the Manchester haulier’s affairs after it entered administration on 18 November 2019.
On the same day, it was sold in a pre-pack deal to the children of its directors, who run a smaller transport firm called HNC Transport.
In its latest report to creditors, the administrator said this sale achieved a better outcome for creditors than trading in administration, but preferential and unsecured creditors are still unlikely to receive any money.
The report also said Stanian Transport is involved in two legal claims against third parties.
The first is being funded by its parent company, Stanian Holdings, and the administrator is in discussions with legal advisers about how the matter is progressing.
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The report added: “The second claim relates to a long-standing action being brought by the Road Haulage Association, which the company would be a beneficiary.
“It is understood that the company has approximately 70 vehicles participating in the claim and, if successful, we understand that settlements could be significant on a per vehicle basis.
“Initial estimates are that it could take up to two years before any settlement is reached.
“Given the uncertainty, particularly regarding the timing, we are exploring a number of routes to realise value for the company’s interest in the claim.”
The RHA is representing more than 11,000 operators in its claim against the truck manufacturers, who admitted participating in a price-fixing cartel between 1997 and 2011.
The legal process was temporarily halted last year by a separate landmark case being heard in the Supreme Court, relating to the standards applied to a collective proceedings order in a major competition claim.
