23rd February 2018
Established 1872. Online since 1996.

Younger settles dispute by paying back cash after High Court order

0 comments, , by , in News

Local businessman Malcolm Younger has paid a “significantly reduced” sum of money to settle a dispute with a firm that went to the High Court in London to get back £60,000 it was owed.

An order issued by the court had decreed that any debts owned by companies to one of Mr Younger’s firms, Shetland TV, should go directly to the bank account of Surrey-based Five Arrows Leasing, which according to its website provides “technology finance solutions”.

A “schedule of arrestment” was put in place on 16th June for any payments owed to Shetland TV – up to a value of £59,891.43 – to go to Five Arrows, and at least one company in Lerwick was served with notification of the arrangement by sheriff’s officers on Wednesday afternoon.

Mr Younger’s firm issued a statement on Thursday saying a legal agreement had been reached with a “significantly reduced figure paid in full today”, which it described as the “full and final settlement of the debt”.

It is understood that the money owed related to video camera equipment leased by Mr Younger. He said: “It has taken some time to sort this out, however both parties are happy with the outcome.”

Mr Younger’s Millgaet Media operation provides video footage to Scottish Television and publishes ii Shetland and the recently-launched ii Orkney magazine as well as producing calendars, brochures and leaflets for companies.

Millgaet Media last year received a £250,000 investment from Shetland Development Trust for “business development” which gave it 33 per cent ownership of the company, and it hopes to make a commercial return on its investment.

The economic development unit is aware of the dispute between Mr Younger and Five Arrows leasing, but Bobby Hunter, who was made co-director of Millgaet Media at the time of the investment to “give direction” on “strategic issues”, said it had now been cleared up and as far as he was concerned there was “no story”.

Mr Hunter said: “There was a disagreement between the two parties which has been fully resolved and paid in full.”

A spokesman for Five Arrows said yesterday that the two parties’ solicitors were discussing a “proposed settlement” of their claim: “This matter is being dealt with by both our solicitors and solicitors instructed by Mr Younger so I do not wish to make any further comment at the present time.”

Tags:

Your Comment

Please note, it is the policy of The Shetland Times to publish comments and letters from named individuals only. Both forename and surname are required.

Comments are moderated. Contributors must observe normal standards of decency and tolerance for the opinions of others.

The views expressed are those of contributors and not of The Shetland Times.

The Shetland Times reserves the right to decline or remove any contribution without notice or stating reason.

Comments are limited to 200 words but please email longer articles or letters to editorial@shetlandtimes.co.uk for consideration and include a daytime telephone number and your address. If emailing information in confidence please put "Not for publication" in both the subject line and at the top of the main message.

Win a £20 Voucher Complete our survey today
10 Winners will be drawn at random from completed entries
No thanks Take survey No thanks