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Page 12
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IUFD administrators to pay
creditors 17p in the pound
By Chris Tindall
THE CREDITORS of United Freight Distribution (UFD) will receive just 17p in the pound following the company's move into administration last year. Although the figure seems paltry for the many businesses owed money by the Scottish transport and distribution firm, administrators at Deloitte & Touche say it "represents a significant increase" on the 15p it was estimating six months ago.
However, the latest figure is still subject to accountants recovering remaining assets and quantifying unsecured creditor claims.
Administrators have received unsecured creditor claims that dwarf the amount available by almost six to one. They have also had to factor in a £.165,000 reduction in an insurance claim for the Buneefield depot disaster and a £100,000 increase in the bill from its own staff because of the extra work accountants have carried out sifting through claims. Deloitte & Touche will now pay itself Lim from UFD's available funds.
Joint administrator John Reid says: -We have spent considerable time and effort in the adjudication of creditors' claims, as a result of which our estimate of the final claims has dropped from £8.4m to £6.3m, increasing the dividend from 14.9p to 17p."
UFD went into administration in July last year after "facing increasing financial difficulties". Rival Ramage Distribution then bought the business, except for the Hemel Hempstead depot, but Ramage also went into administration earlier this year.
According to Reid, all company employees, except for 65 at Hemel Hempstead, transferred over to Ramage and preferential claims of £47,657 have been paid in full.
Reid adds: "We anticipate that an interim dividend will be paid to creditors in the next few months."