Home Mobile Forum News Cookbook FaceBook Us T-Shirts etc.: Europe/Worldwide. eBay Motorsport Links Advertising  
Site Partners: SpotterGuides Veloce Books  
Related Sites: Classic Cars Monthly Your Link Here  

Go Back   TenTenths Motorsport Forum > Historic Racing & Motorsport History > Historic Racing Today


Reply
 
Thread Tools Display Modes
Old 19 May 2020, 07:09 (Ref:3977073)   #31
coppice
Veteran
 
Join Date: Apr 2016
Australia
Thirsk, North Yorkshire
Posts: 582
coppice has a real shot at the podium!coppice has a real shot at the podium!coppice has a real shot at the podium!coppice has a real shot at the podium!coppice has a real shot at the podium!
Quote:
Originally Posted by Paul D View Post
Well, maybe so... but there are two examples given on this very page of them taking months to pay up, so I think we can be reasonably sure the allegations aren't baseless - and it's a matter of fact that they have gone bust before (early 2000s I think) and then miraculously resurrected under a different name shortly afterwards.

English law is based on the perception of 'a reasonable man'. I think any reasonable man (or woman, for that matter) would find their behaviour 'unreasonable'. So I suspect they're 'guilty as charged'!

Would be happy to be corrected if we hear from anyone who has glowing reports of their outstanding professionalism and quick payments to creditors, but I suspect we may not be hearing any...

Guilty as charged - with what ? You get charged with a criminal offence . As Peter says , there are different burdens of proof but the reasonable man only rarely appears in criminal law and whilst he has a place in civil law being 'unreasonable ' is not actionable per se .



Sorry to be po faced but making allegations , based only on what others have said, of dodgy behaviour on a public forum isn't wise.



Suppose for a moment the firm is completely innocent - as they must be treated as being at the moment - is sticking the boot in the right thing to do ? Fill your boots with bile and criticism after a conviction , or civil judgment against them, if it makes you feel better ....
coppice is offline  
Quote
Old 19 May 2020, 09:45 (Ref:3977112)   #32
Paul D
Veteran
 
Paul D's Avatar
 
Join Date: Feb 2010
England
Southport, Merseyside
Posts: 559
Paul D should be qualifying in the top 10 on the gridPaul D should be qualifying in the top 10 on the grid
OK, fair enough... I've never had any dealings with them myself, so can't say for sure, I accept that.

It just seems to me (and it is only an opinion) that the 'balance of probability' would suggest that not everyone is likely to be making up those stories - there are rather a lot of them out there if you check around...

It would be interesting to know if anyone has taken them to court over withholding payments, but if the stories are true, then I imagine they would pay up before it got to court?
Paul D is offline  
__________________
"Light travels faster than sound - that's why, at first, some people appear bright... until you hear them speak!"
Quote
Old 19 May 2020, 10:19 (Ref:3977117)   #33
Paul D
Veteran
 
Paul D's Avatar
 
Join Date: Feb 2010
England
Southport, Merseyside
Posts: 559
Paul D should be qualifying in the top 10 on the gridPaul D should be qualifying in the top 10 on the grid
For clarification - I put 'guilty as charged' in inverted commas as I wasn't actually suggesting they're guilty of criminal offences, but rather using it as a phrase to suggest they may be guilty of immoral ones. Apologies if it came across wrong.
Paul D is offline  
__________________
"Light travels faster than sound - that's why, at first, some people appear bright... until you hear them speak!"
Quote
Old 20 May 2020, 09:35 (Ref:3977286)   #34
morninggents
Veteran
 
Join Date: Apr 2007
England
Up north, near York.
Posts: 2,142
morninggents should be qualifying in the top 10 on the grid
Interesting to read through the accounts for the last few years and some unusual movements of personnel and assets. Directors come, leave to form a partnership then rermerge as directors. Partnerships are formed, goodwill is transferred at a disputed value then sold back to the company at the same value it was originally sold. Presumably partners in a partnership are responsible for the debts of the partnership but shareholders of a limited company are only liable for the share capital which for this company was a paltry £100. In the last couple of years assets have been substantially revalued (upwards) and during this time debts have also risen drastically, presumably monies owed to sellers of cars auctioned, trade creditors and the government (you and I) for taxation, etc.
morninggents is offline  
Quote
Old 22 May 2020, 12:54 (Ref:3977687)   #35
Lancsbreaker
Veteran
 
Lancsbreaker's Avatar
 
Join Date: Jun 2009
England
Padiham, Lancashire
Posts: 2,904
Lancsbreaker should be qualifying in the top 3 on the gridLancsbreaker should be qualifying in the top 3 on the gridLancsbreaker should be qualifying in the top 3 on the grid
And should you be interested in acquiring this august institution, I received a link to this, today:


https://mailchi.mp/wyleshardy.com/a-...r?e=a77091d06e
Lancsbreaker is offline  
__________________
Richard Murtha: Back Racing with CSCC, and another first, I've finally done a rolling start!
Quote
Old 22 May 2020, 14:48 (Ref:3977711)   #36
relativtortoise
Racer
 
Join Date: Jan 2004
Location:
Cambridge
Posts: 191
relativtortoise should be qualifying in the top 10 on the grid
Quote:
Originally Posted by Lancsbreaker View Post
And should you be interested in acquiring this august institution, I received a link to this, today:


https://mailchi.mp/wyleshardy.com/a-...r?e=a77091d06e
Tangible assets include:

De Lage Rolling Chassis
relativtortoise is offline  
Quote
Old 22 May 2020, 15:16 (Ref:3977715)   #37
andy97
Veteran
 
andy97's Avatar
 
Join Date: Aug 2003
United Kingdom
Castle Donington
Posts: 4,304
andy97 should be qualifying in the top 10 on the gridandy97 should be qualifying in the top 10 on the grid
Quote:
Originally Posted by Lancsbreaker View Post
And should you be interested in acquiring this august institution, I received a link to this, today:


https://mailchi.mp/wyleshardy.com/a-...r?e=a77091d06e
How could you resist?
andy97 is offline  
__________________
Born in the Midlands, made in the Royal Navy
Quote
Old 22 May 2020, 15:34 (Ref:3977719)   #38
Gerard C
Veteran
 
Gerard C's Avatar
 
Join Date: May 2013
Wallis & Futuna
Paris area
Posts: 4,381
Gerard C should be qualifying in the top 10 on the grid
The ad states: Specialists in fine. Where is the surprise?
Gerard C is offline  
__________________
Stay safe at home, spread the word not the virus, please. L'humour, c'est comme les brûlures, ça ne devient vraiment grave qu'à partir du troisième degré!
Quote
Old 22 May 2020, 16:13 (Ref:3977730)   #39
Moneyseeker
Subscriber
Veteran
 
Join Date: Mar 2007
Posts: 1,663
Moneyseeker is going for a new lap record!Moneyseeker is going for a new lap record!Moneyseeker is going for a new lap record!Moneyseeker is going for a new lap record!Moneyseeker is going for a new lap record!Moneyseeker is going for a new lap record!
Interestingly the web address for sale in the process is still active and showing next auction as 27th June.
Moneyseeker is online now  
Quote
Old 22 May 2020, 17:22 (Ref:3977748)   #40
midgetman
Veteran
 
midgetman's Avatar
 
Join Date: Jul 2003
England
Rural Wiltshire
Posts: 5,447
midgetman is going for a new world record!midgetman is going for a new world record!midgetman is going for a new world record!midgetman is going for a new world record!midgetman is going for a new world record!midgetman is going for a new world record!midgetman is going for a new world record!
There's bugger all for sale really. If they have been trading as badly as hinted here, there's not much goodwill to sell.

Sent from my SM-G950F using Tapatalk
midgetman is online now  
__________________
Midgetman - known as Max Tyler to the world. MaxAttaq!
Quote
Old 22 May 2020, 18:40 (Ref:3977771)   #41
morninggents
Veteran
 
Join Date: Apr 2007
England
Up north, near York.
Posts: 2,142
morninggents should be qualifying in the top 10 on the grid
Quote:
Originally Posted by midgetman View Post
There's bugger all for sale really. If they have been trading as badly as hinted here, there's not much goodwill to sell. Sent from my SM-G950F using Tapatalk

I agree, Max, despite the goodwill in the accounts having been revalued upwards to just over £1 million as at the last accounts to 31st December, 2018.
I feel sorry for the unsecured creditors as they are not likely to receive much out of the almost £4.5 million owed to them as at 31.12.18. The shareholders will also unlikely be paid out their share capital - all £100 of it.
morninggents is offline  
Quote
Old 22 May 2020, 23:15 (Ref:3977808)   #42
Paul D
Veteran
 
Paul D's Avatar
 
Join Date: Feb 2010
England
Southport, Merseyside
Posts: 559
Paul D should be qualifying in the top 10 on the gridPaul D should be qualifying in the top 10 on the grid
That's not much in the way of 'tangible assets' is it?

For such a longstanding company, who would have us believe they're one of the market leaders in the sector, I would have expected a few more assets than that.

I'm no expert in such matters, but I take it that it means they basically didn't own anything (apart from an engine, a chassis and a trailer!), and everything they had was either leased or on the never-never?

I too feel sorry for any poor sods who are owed money from the sale of a car. They'll be lucky to see much, if anything, I imagine. By the time the priority creditors have had theirs, there probably won't be much, if anything left for anyone else.
Paul D is offline  
__________________
"Light travels faster than sound - that's why, at first, some people appear bright... until you hear them speak!"
Quote
Reply

Bookmarks




Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Didn't see this one coming! Zytek Motorsports goes into Administration. cg7aa Sportscar & GT Racing 1 26 Oct 2010 03:09
V8 Supercar administration are they competent?? Sweet Corn Australasian Touring Cars. 30 4 Oct 2009 17:40


Powered by vBadvanced CMPS v3.2.3

All times are GMT. The time now is 13:26.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Original Website Copyright © 1998-2003 Craig Antil. All Rights Reserved.
Ten-Tenths Motorsport Forums Copyright © 2004-2018 Royalridge Computing. All Rights Reserved.