Pig debt tops £11.5m
SCOTLANDs biggest pig farmer Arthur Simmers had debts of £11.5m when his business went into receivership in late August while it was losing £100,000 a week.
The figures emerged at a meeting of creditors in Aberdeen on Monday when it was stated that Lloyds TSB was owed more than £7m and £800,000 was due to a hire purchase company. The debt to ordinary creditors was £2.2m but receiver Iain Bennet said no list was yet available.
He defended the decision to sell the assets of the Simmers business back to a new company headed by Mr Simmers. "There is nothing legally, ethically or morally against selling the assets of a company in receivership to one of the directors," he said.
Mr Bennet refused to give the sale price but said 130 jobs had been saved as a result. *