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5 Nov 2015, 23:14 (Ref:3588458)
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#1 | |
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Veteran
Join Date: Jan 2010
Posts: 801
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Scott McLaughlin Racing Pty Ltd Vs Stone Brothers Racing
Well this is new to me!!!
Courtesy of the RSR Facebook page In 2012 Stone Brothers Racing in conjunction with Scott McLaughlin Racing Pty Ltd won the Development Series. Everyone was very happy in victory and I was told I was like a father to Scott. However money is still owing by Scott McLaughlin Racing Pty Ltd to Stone Brothers Racing. We have been pursuing this money through the courts over the last 3 years. We have now been notified that Scott McLaughlin Racing Pty Ltd is insolvent and a month or so ago had a liquidator appointed. A sad end to what began with a promising start - Ross Stone It certainly puts a bad name to Scotty and where he has come from. |
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5 Nov 2015, 23:20 (Ref:3588462)
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#2 | ||
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Racer
Join Date: Jan 2007
Posts: 490
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Strange that when it has been through the courts for the last 3 years there hasn't been a mention of it anywhere??
Obviously there are 2 sides to every story, but Ross must feel particularly aggrieved to put this out in public. |
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5 Nov 2015, 23:49 (Ref:3588469)
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#3 | |
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Racer
Join Date: Mar 2005
Posts: 474
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When it comes to trans-Tasman motorsport deals, I'm afraid its CASH UP FRONT "only". More than a few bad apples have tarnished the reps of the good. I've never been burnt (yes I insisted on cash up front every time). Those times when it was a deal breaker, those who extended credit to these same people never got paid.
Last edited by davester; 6 Nov 2015 at 00:00. |
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6 Nov 2015, 00:11 (Ref:3588473)
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#4 | |
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Veteran
Join Date: Dec 2006
Posts: 1,982
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Maybe Scott will have to re-mortgage the house....
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__________________
Cromley: "With the margin Gareth has, he doesn't need to play for sheep stations"
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6 Nov 2015, 00:41 (Ref:3588480)
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#5 | ||
 Race Official1% Club
Join Date: Dec 2002
Posts: 46,647
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House
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6 Nov 2015, 01:09 (Ref:3588482)
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#6 | ||
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Veteran
Join Date: Apr 2004
Posts: 6,617
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There are quite strict rules about running a Proprietary Company when the primary work is a single consultant or employee.
Got to be a prickly subject for a racing driver. |
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6 Nov 2015, 01:19 (Ref:3588485)
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#7 | |
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Veteran
Join Date: Jan 2010
Posts: 801
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6 Nov 2015, 01:24 (Ref:3588487)
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#8 | ||
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Veteran
Join Date: Apr 2004
Posts: 6,617
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I'd be a little careful though, there's probably 3 stories in this... One side, the other side, and the actual truth.
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6 Nov 2015, 10:49 (Ref:3588542)
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#9 | |
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Rookie
Join Date: Feb 2015
Posts: 42
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All may not be lost for Ross and SBR. Scott's company, being in liquidation, gives him some interesting options. Assuming Scott is/was a director of the company, he has a fiduciary responsibility not to engage or commit the company to any financial undertakings if "to an ordinary person" it is apparent the company may be insolvent at the time and unable to pay its debts as and when they fall due and/or likely to become insolvent as a result of the transaction. Its called "Insolvent Trading". In such circumstances and if proven, the officers of the company can be held personally liable for the debt incurred. If Ross, via the liquidator, can prove that Scott undertook a financial obligation without the necessary ability to pay then the Liquidator has a right of action against Scott personally. Once that is established (via the courts) he can lodge a caveat on Scott's house as he now has a financial interest in Scott's asset(s). The liquidator can pursue the debt via the courts and have options ranging from garnishee orders on bank accounts or wages, to petitioning for bankruptcy if matters are extreme enough. Ugly stuff that a young guy like Scott could well do without at his stage of his life and career.
Given the game Scott plays in, he'd be very wise to front up to Ross and come to an arrangement to get the debt paid and maintain a good reputation and goodwill. I dare say the racing community hold Ross in high enough esteem to see any wrongs righted, particularly in light of the squabble with the other Kiwi ex member of the team. His boss would be half decent if he stepped in and 'assisted' Scott to sort it out amicably and professionally. Running for cover under company insolvency is not a smart long term strategy in any game. Proving the company was insolvent or likely to become insolvent at the time of the transaction is his best course of action but of course not easy to do but with a decent liquidator in place he will have access to the books and records of the company at the time and from there can determine his options. Interesting times ahead. Last edited by Starion13; 6 Nov 2015 at 10:56. Reason: added text for clarity |
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7 Nov 2015, 00:37 (Ref:3588684)
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#10 | ||
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Rookie
Join Date: Apr 2015
Posts: 30
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Starion13, Scott's Dad, Wayne, owners and directs the company. Its the same story with his New Zealand Entity which Owed/Owes money to V8 Supertourers 2013 Ltd (Now in Liquidation).
Also when you think about it, at the time Scott would have been too young to properly own and direct a company. |
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7 Nov 2015, 00:55 (Ref:3588689)
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#11 | ||
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Veteran
Join Date: Apr 2004
Posts: 6,617
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He is also old enough now to make it right to those that helped him get to where he is.
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7 Nov 2015, 02:57 (Ref:3588714)
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#12 | |
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Veteran
Join Date: Jul 2006
Posts: 1,069
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This might be the sort of thing Mick Gatto debt collections would be effective for.
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7 Nov 2015, 09:52 (Ref:3588766)
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Racer
Join Date: Oct 2010
Posts: 123
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Quote:
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__________________
Two days ago I saw a rig that would haul that tanker of yours.... You want to get out of here? You talk to me!!!!
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8 Nov 2015, 00:36 (Ref:3588915)
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#14 | |||
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Veteran
Join Date: Feb 2004
Posts: 1,135
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Quote:
Motor racing would certainly prove an eventful setting for some of Les' adventures... |
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__________________
A Smith & Wesson beats four aces
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12 Nov 2015, 01:06 (Ref:3589841)
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#15 | |
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Veteran
Join Date: Dec 2006
Posts: 1,982
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__________________
Cromley: "With the margin Gareth has, he doesn't need to play for sheep stations"
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12 Nov 2015, 02:03 (Ref:3589851)
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#16 | |||
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Veteran
Join Date: Mar 2006
Posts: 1,133
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Quote:
Also, why do this now?? I don't remember such things after the whole SVG drama and even during it. The SBR camp kept rather quiet. And what happened to court proceedings there?? Why no rant?? |
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__________________
It's all about speed! Hot, nasty bad-ass speed!! Velociraptor Performance Industries
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12 Nov 2015, 04:20 (Ref:3589862)
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#17 | ||
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Veteran
Join Date: May 2004
Posts: 16,040
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Quote:
not sure he owed them money either |
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13 Nov 2015, 08:07 (Ref:3590095)
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#18 | |
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Rookie
Join Date: Feb 2015
Posts: 42
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Reality check.... No one other than a complete idiot spends 3 years in court and maintaining lawyers for $1500. I have to use lawyers constantly in my line of employment and we don't go near them when owed sub $50K. Have personally dealt with various cases spanning 2+ years and they were for $500K. It will be a min 6 figure amount. What would a season in the development series cost? Not trying to turn this into a ****ing contest, just pointing out some commercial realities. Ross is owed heaps.
Last edited by Woolley; 13 Nov 2015 at 13:32. Reason: autocensor is there for a reason |
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13 Nov 2015, 12:43 (Ref:3590142)
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#19 | ||
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Veteran
Join Date: Feb 2006
Posts: 1,146
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__________________
.......just waiting for ANTON DePASQUALE to chalk up his first V8SC Championship!
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14 Nov 2015, 01:05 (Ref:3590260)
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#20 | ||
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Veteran
Join Date: Sep 2003
Posts: 4,373
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Considering the payout from Toll, it would seem relatively easy to square these away.
Although, didn't that result in a court case too?? |
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__________________
Tranquillity - What happens inside Shane's race car. Chaos - What happens outside Jamie's race car.
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14 Nov 2015, 02:37 (Ref:3590270)
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#21 | |
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Veteran
Join Date: May 2004
Posts: 16,040
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So dad Wayne signed an agreement for Scott to drive a car for Ross Stone Racing. Scott got all the benefit but dad Wayne got all the cost/liability.
Dad Wayne is in debt as a result but son Scott wont help him out for the benefit he received Sort of like when J Bright family put there house into mortgage to fund J Brights career, When J Bright hit it big he helped his parents get out of the debt they went through Quality son, compared to an A Hole son |
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14 Nov 2015, 02:50 (Ref:3590273)
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#22 | |||
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Veteran
Join Date: Apr 2004
Posts: 6,617
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Quote:
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15 Nov 2015, 05:32 (Ref:3590532)
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#23 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,647
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Lots of nice toys in the garage as seen on RPM this afternoon
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House
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15 Nov 2015, 06:00 (Ref:3590535)
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#24 | |
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Rookie
Join Date: Feb 2015
Posts: 42
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Yep, just saw that and thought of the timing and the irony. Plenty of liquid assets to draw upon if he chose to man up and do the right thing.
What's it going to be Wayne? Man or mouse. Look after the people who looked after you -first rule of business! |
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15 Nov 2015, 07:55 (Ref:3590547)
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#25 | |||
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Veteran
Join Date: Feb 2005
Posts: 8,611
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Quote:
I saw that too. Raises a few questions. I had the sound muted as I watching Super GT at Motegi. How many of those are his cars? Whose garage is that? Seems to be a lot for someone at the start of their pro career versus someone who'd been doing that for some years-if that indeed was his shed. |
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__________________
Somebody asked if the McLaren F1 was going to be like the Ferrari F40, Gordon Murray replied, "I don't think so, there's no one at McLaren who can weld that badly."
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