Driver Len Fraser has withdrawn legal claims against NIBS Buses’ parent company Regal Busways after Regal Busways ceased trading last year.
Mr Fraser made claims for breach of contract, unfair dismissal and a claim under the working time regulations against the firm which operated from Ongar Road, Cooksmill, Chelmsford.
The firm operated seven routes, including involving the Basildon and Chelmsford areas, ran services for Essex County Council and had a base at Braintree.
The future of Regal Busways looked in doubt, however, when it previously withdrew three major services and transferred two others to Stephensons of Essex.
Last year, the firm ceased trading after the owners said the business needed long-term investment which it was unable to accommodate.
The closure caused concern among local councillors at the time who warned that elderly people living in certain areas would become isolated by no longer having a bus service.
Mr Fraser could not be contacted for comment.
NIBS Buses is based in Wickford, Essex and provides local bus services in Wickford, Basildon, South Woodham Ferrers and Billericay.
