All articles by Fred Crawley
Fred Crawley
Shetland TV debtors to pay Five Arrows £60k
A Scottish media companys debtors have been ordered by the High Court to pay outstanding debts straight to Five Arrows Leasing, as a result of some £60,000 (70,000) of unpaid lease instalments. Shetland TV, owned by Shetland businessman Malcolm Younger, owed the money to Five Arrows for the lease of camera equipment, which it used to provide video footage for Scottish Television. Consequently, a schedule of arrestment was put in place on 16th June, instructing companies owing money to Shetland to make payments to Five Arrows instead.
New insolvency figures: Q2 sees UK no better off
Lessors continued to be plagued by client insolvencies in the years second quarter, as figures released by the Insolvency Service and law firm Freshfields Bruckhaus Derringer show the aftermath of another relentless three months The second quarter of 2009 saw 5,055 corporate insolvencies in England and Wales, 2.9 percent up on Q1 (4,914) and nearly 39 percent up year-on-year. The number of companies put into administration also rose 9.5 percent year-on-year to reach 1,027, although this figure was 21 percent lower than Q1s total of 1,311.
Translinc signs 51-vehicle contract hire deal with Sunderland
Public sector fleet specialist Translinc is to provide Sunderland Council with 51 Iveco tipper vehicles, on maintenance-inclusive, five year contract hire agreements 21 6.5 tonne 65C18 tippers have already been delivered to the councils Highways and Parks divisions, while 30 smaller 3.5 tonne 35C18 models are due to be allocated to the Highways and Cleansing divisions later in August.
Schmitz Cargobull builds up used trailer leasing operation
Road freight trailer lessor Schmitz Cargobull says it has seen an increase in demand for ex-lease trailers, in the context of a Europe-wide crash in new trailer sales. In the current financial conditions, refurbished trailers clearly represent an attractive alternative to new models for a lot of applications,” commented Brian Parkinson, general manager for Schmitz Cargobulls UK used sales division
HBOS leasing legacy hobbles Lloyds’ balance sheet
Towering impairment charges of £0.4 billion (0.5 billion) have seen Lloyds Banking Groups (LBG) asset finance division report a loss totalling £250 million for the first half of 2009, contributing to the banks overall £4 billion cash haemorrhage.
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Lloyds Banking Group backs Microlease with ?10 million
International test equipment lessor Microlease has been reinforced by a 9.8 million investment from LDC, the private equity arm of the Lloyds Banking Group The UK-based company, which also provides short term rental and asset management services across Europe, the Middle East, Africa and the Americas
PwC administrators appointed to Aberdeen drill lessor
Bruce Cartwright and Laurie Manson of PricewaterhouseCoopers LLP have been appointed joint administrators of Stable Leasing, a firm involved in leasing down-hole drilling tools to the oil and gas industry. The Aberdeen based Stable group of companies, which includes Stable Leasing Limited, was been put into administration despite growing turnover from £7 million (8.2 million) to £22 million following a December 2006 buyout, Cartwright said in a statement.
Latest results of major bank-owned lessors
SG Equipment Finance saw new financing drop by 5.8 percent year-on-year to 2 billion during the first quarter of this year BNP Paribas Lease Group suffered pre-tax losses of 16 million during the first quarter, a drop of 82 percent year-on-year, while revenues declined by 25 percent to 212 million.
Electric Dreams
Leasing Life research has revealed that demand for public sector leasing of electric LCVs is on the rise Much has been said in the media about the car and commercial vehicle sectors desire to invest in electric vehicles
Heart ripped out of Irish lease banking sector
Last month, leasing staff at Bank of Scotlands Ireland (BoSI) operation in Dublin waited with bated breath for news of their future. In total, around 1,700 staff at the Irish bank including the organisations leasing employees are awaiting the results of a root-and-branch review of the whole bank.