GHA Group (Bryn Melyn, Vale Travel + Others)

[DLG817]

RE: GHA Group (Bryn Melyn, Vale Travel + Others)

(30/07/2016 10:30)knutstransport Wrote:  When you say they've left for financing companies, does that mean they've gone to companies who had given loans to GHA as a result of the loans not being repaid?

I am no expert but my understanding is that those allowed to leave are ones where the finance companies can prove ownership. That would mean the vehicles has been financed under an agreement similar to a hire purchase. If money was simply loaned to the company for the purchase of a vehicle then the loaner would just be a creditor and not entitled to the vehicle. I also understand that some of the buses are subjected to a 'chattel mortgage' and this means that the lender will have legal entitlement to the vehicle until the loan is satisfied.