Old record of Hull account (7)
I believe the answer is:
shellac
'old record' is the definition.
(I've seen this before)
'hull account' is the wordplay.
'hull' becomes 'shell' (shell is a kind of hull).
'account' becomes 'ac' (abbreviation for account).
'shell'+'ac'='SHELLAC'
'of' acts as a link.
(Other definitions for shellac that I've seen before include "Material of pre-vinyl 78 rpm records" , "Thin varnish used to finish wood" , "Take a shine to" , "Resin used in varnishes" , "Defeat" .)