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.”