Wrightbus Owed £38 Million to Bank of Ireland When It Collapsed

Wrightbus, the Ballymena bus builder, owed Bank of Ireland £38.1 million (€44.7 million) on the day it collapsed, and administrators have warned that the bank will not be repaid “in full,” The Irish Times reported. However, Invest NI, the North’s regional business development agency, which was owed £2.5 million, will get back all of the money it lent the business, according to administrators from Deloitte. The administrators have indicated that the amount owed to preferential creditors, which include redundancy payments to former employees, arrears of wages, salaries and holiday pay, will also be “paid in full”. But they have warned that they “do not anticipate that there will be sufficient asset realisations to enable a distribution to be made to unsecured creditors”, which are owed more than £20.6 million. Read more