Steve Prince creditors take CVA
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CREDITORS OF Steve Prince Transport voted to accept the terms of a creditors’ voluntary arrangement (CVA) proposed by the Essex haulier at a meeting held by turnaround specialist Antony Batty & Co on 22 March.
The total amount owed to creditors, who were entitled to vote and had submitted a claim, was £597,068.
The majority of the debt belonged to HM Revenue & Customs, which was owed £573,904. Anglian Truck Tyre Management is owed £14,296, with smaller debts outstanding for Alan Davie, Devereux Developments, Hays and The Windscreen Company.
The CVA will not be deemed successful until “all unsecured, non-preferential creditors claiming in the arrangement have received a minimum dividend of 64.2p [in the pound]” .
In addition, the company is not allowed to propose any variation to the CVA within 12 months.
Termination of the CVA will only happen in the event of a winding-up order or the company going into administration.