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Eco City Vehicles

  • BY: Andrew Hore |
  • POSTED: 01/12/2014 |

Eco City Vehicles, the distributor of the licensed Mercedes Vito taxi, is undergoing a CVA and this could be a precursor to a reversal into the company.

Begbies Traynor was appointed as administrator on 17 October. According to documents, Eco City Vehicles has little in the way of assets because its subsidiaries have no realisable value. HMRC has submitted a claim for £139,000 of VAT from the group. There are also trade creditors. Total unsecured debts are estimated to be £1.65m.

Unsecured creditors are likely to receive 5.1p in the pound under the CVA. If the CVA is approved at the meeting on 22 December then the company will exit administration. Shareholders will be asked to approve and increase in share capital.

Allenby replaced Numis as nominated adviser and broker on 14 November and it will be paid after the CVA is completed.

Download the latest AIM Journal from http://www.hubinvest.com/ AIMPDFNovember2014_62

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