Non-preferential creditors of Van Hool UK, which ceased trading in 2024 after parent Van Hool in Belgium entered bankruptcy, can expect around 17p in the pound as a dividend payment after liquidation of the business, an administrator’s proposal has stated.
That document reveals how Van Hool UK had taken £1.88 million in “customer prepayments” as of a statement of affairs on 14 November 2024. Two months prior it had been subject to a winding up petition brought by a coach operator, although that was later withdrawn.
A further two months before that, a county court judgement of £21,000 was filed against the business. That sum is understood to represent the deposit laid on one coach by a different operator. Customers that have prepaid are grouped among non-preferential creditors.
In proposals dated 6 January, administrator Gary Pettit of PBC Business Recovery and Insolvency underlines how Van Hool UK directors Filip and Jan Van Hool are not cooperating with his efforts to wind up the business. Mr Pettit was appointed on 13 November 2024, but he notes that Van Hool UK had ceased trading “many months” before that.
VDL has purchased parts of the Van Hool coach and bus business and confirmed that it will continue to build some members of the Van Hool T range of coaches. VDL Bus and Coach UK has taken on sales and service responsibility here.
The two directors have told the trustees of Van Hool in Belgium that “they do not want to be involved and have provided no assistance,” says Mr Pettit, who describes them as having “washed their hands” of Van Hool UK “numerous months ago.”
Because of that, the statement of affairs as of 14 November 2024 prepared by Mr Pettit is an estimate compiled from available records of the company. A separate insolvency valuer and auctioneer was engaged to value “both the company’s chattel assets and freehold property.”
A provisional estimate of those chattel assets is around £24,900. The Wellingborough base owned by Van Hool UK is valued at in the region of £1.28 million. Debtor information is less clear. Because of that, Mr Pettit is as yet “unable to commence collection procedures.”
While that collection position remains uncertain, for the purpose of the estimated outcome statement a figure owed of £1.48 million on 31 December 2022 coupled to a 50% bad debt provision has been adopted. Mr Pettit proposes to “establish the debtor position with a view to commencing collection procedures.”
When administration costs are deducted from estimated assets, £1.91 million is set to be available for creditors. £966,539 of that will be for non-preferential creditors. In total, £5.66 million is owned to non-preferential parties, leaving a shortfall of £4.69 million and the estimated dividend of 17.08 pence in the pound, although the latter is not guaranteed.
Accompanying the administrator’s report is a proof of debt form that should be returned to Mr Pettit by creditors with proof to support any claim.
Administrator’s proposals and debt form available at Companies House.
