FMS creditors get no more than 40%
Page 12
If you've noticed an error in this article please click here to report it so we can fix it.
• The 75 hauliers owed 4:90,000 by Fuel Management Supplies will be lucky to get 40% of their money back from the bulk diesel supplier which went into creditors voluntary liquidation last week (CM 20-26 May).
Liquidator Bulley Davey says the value of the dividend will depend on how successful it is in retrieving the £128,000 FMS is owed. The most it expects to give trade creditors is 40p in every pound; the least is 10p.
One haulier, Wolverhamptonbased S Smith & Sons (Removals), is owed more than £10,000 from FMS.
Fearing the worst it has already imposed a 6% rates increase on its biggest customer, Ultra Furniture of Pensnett, West Midlands, to absorb the loss.
Burton on Trent-based ownerdriver Stephen Gee says he faces an added problem because FMS is disputing his claim for £800: "It is a blow," says Gee. "I could have done with the money—if something goes seriously wrong with my new vehicle I could have a problem."