Inglis crash leaves creditor trail
Borders and Lothians farming businesses rank high among the unsecuredcreditors owed more than £6 million following the collapse of grainmerchants Alexander Inglis and Son.
Growers, hauliers, grain merchants, fertiliser companies and otherorganisations are amongst the 116 unsecured creditors caught up in thecompany failure, with farming businesses accounting for almost a thirdof that number.Almost two dozen of the largest farm creditors are out of pocket to thetune of close to £3 million in total, with several individual businessesfacing losses of over £200,000.The complicated picture investigated by the administrators found aconsiderable discrepancy between the stocks of grain claimed and thosewhich were actually held by the company.And while the administrators noted that the stock assessment process wasstill underway, wheat stores were believed to be 90% lower than claimsreceived; malting barley 60% below; feed barley 40% below; oilseed rape30% below; while oat stocks were close to the claim figure.Due to the complicated nature of validating ownership, theadministrators had sought permission from the courts to sell the grainsas the most commercially viable option.The administrators also reported that the majority of the grain storesand other facilities owned by the business were currently under offerfrom buyers, although sales had yet to be concluded.While it was indicated that some funds might be available to unsecuredcreditors under the ‘prescribed part’, no indication was given of whatlevel this was likely to be.
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