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Fury as wheels come off stricken bus firm
SCHOOL bus firm On A Mission Coaches was £1.3 million in debt when it collapsed, it has emerged,
A report issued by liquidator Robert Day, who was appointed to wind up the troubled firm on Friday, revealed that more than 130 companies and customers were owed money when it ceased trading.
Now they face an anxious wait to find out if they can reclaim their cash, but many say they are far from optimistic.
Just weeks before the Soulbury business, which had a £1.44 million contract to run 50 school bus routes in North Bucks, collapsed it sold off a big chunk of its coaches and machinery.
But creditors learned on Friday that the owners were unable to salvage the company’s fortunes.
After the meeting Mark Nolan, from Bicester fuel firm Nolan Oils, which was owed more than £35,000, said: “I’m not happy at all.
“We’ve got to wait for the dust to settle and put it to our solicitors.
“I don’t hold out very much hope. We’re insured for commercial debts, but it’s a large sum of money, and the insurance company might not accept it.”
He said On A Mission had a good credit rating, so it came as a huge surprise when the company went bust.
And Glen Marshall, from Marsalls Coaches, which was owed more than £15,800 from sub-contracting work, said: “There was a big turnout (at the creditors meeting), but I don’t think we’re going to see much of our money back.
“We’d done the whole of July’s work for them.”
Many of On A Mission’s vehicles have been repossessed by finance firms.
According to figures released this week, On A Mission owed HM Revenue and Customs £191,330, and former employees – who were made redundant on August 3 – were owed more than £74,000.
And the list of trade and expense creditors says Aylesbury Vale District Council is owed more than £10,000 – although the council believes the figure is lower.
A spokesman said: “As the company is no longer liable to pay business rates, it will not have to pay the total amount for the 2010/11 financial year.
“However, £699.10 is owed up to 3 August 2010 (the day the company ceased trading).
“It is too early to say whether the council will receive any of this money as we are still awaiting information from the relevant insolvency practitioner.”
Winslow liquidator Mr Day said he will be investigating the reason for On A Mission’s collapse, with the conclusions going to the secretary of state.
The company was set up in Milan Bjelobaba and Jason Ellaway in 1998, who have blamed tough trading conditions and high insurance costs for the problems.
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