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Joined: Jul 2007
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le Asbo du Bling Talk Morgan Addict
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le Asbo du Bling Talk Morgan Addict
Joined: Jul 2007
Posts: 3,842 Likes: 11 |
I've seen this happen a few times now and the business always emerges as if nothing has happened.
It'll be interesting to see what happens now. Julia was on Geneva on Tuesday and it wasn't mentioned ( not that I asked).
Slowly going green
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Joined: Oct 2013
Posts: 6,723 Likes: 2
Talk Morgan Sage
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Talk Morgan Sage
Joined: Oct 2013
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I'd kinda heard what Lawrie mentioned too, but only through a few throwaway comments. Bloody typical - the start of another promising career for me ruined.. 
Steve
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Joined: Sep 2006
Posts: 7,363
Talk Morgan Guru
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Talk Morgan Guru
Joined: Sep 2006
Posts: 7,363 |
I've seen this happen a few times now and the business always emerges as if nothing has happened.
It'll be interesting to see what happens now. Julia was on Geneva on Tuesday and it wasn't mentioned ( not that I asked). I understand that most of the staff did not know what was happening, let's hope that they don't loose out on any entitlements they have in the way that Matti and Kate did. How did Dorrell ever end up being a Minister? Makes you wonder doesn't it? P.S. Like Peter I will not renew my subscription.
Last edited by Aeroman; 05/03/16 10:36 PM. Reason: To add P.S.
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Joined: Apr 2012
Posts: 5,013 Likes: 32
Charter Member
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Charter Member
Joined: Apr 2012
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It looks as though it is a legal way of walking away from problems, leaving the business running.
The only loosers are those that have invested in the business or those it owes money to. That's a reasonable summary.
+8 4.8
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Formerly known as Aldermog Member of the Inner Circle
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OP
Formerly known as Aldermog Member of the Inner Circle
Joined: Aug 2013
Posts: 15,794 Likes: 15 |
It may be legal, but it isn't ethical.
I will have nothing further to do with the owners of the Magazine.
Peter,
66, 2016 Porsche Boxster S
No longer driving Tarka, the 2014 Plus 8...
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Joined: Oct 2012
Posts: 6,538
Talk Morgan Sage
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Talk Morgan Sage
Joined: Oct 2012
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I can also say that Project Viva Limited the publishers of Mog went into administration on Monday 29th Feb, I also have heard the reason is why, was to avoid paying any money owed to Matti who was taking them to an employment tribunal later this month I have seen this happen before as well. Usually no good comes from it.
Neil
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Joined: Aug 2010
Posts: 5,469 Likes: 172
Charter Member
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Charter Member
Joined: Aug 2010
Posts: 5,469 Likes: 172 |
It may be legal, but it isn't ethical.
I will have nothing further to do with the owners of the Magazine. Not at all ethical - it leaves the creditors in the lurch and the owners move on. One (and only one) thing to commend it as a way forward - it can protect many jobs - recently saw an IT firm go through this (owing us money!) - but they did save 20+ jobs.
Paul
Costock, UK
Plus Four 75th - Furka Rouge - Pip
Disco 5
Teddy - 17h1 Irish Draught cross
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Joined: Jun 2014
Posts: 11,616 Likes: 43
Wave & smile... It's a Morgan Member of the Inner Circle
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Wave & smile... It's a Morgan Member of the Inner Circle
Joined: Jun 2014
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I know it doesn't sound ethical and I don't now about this particular example at all but Company Law does help to keep businesses and directors going even through periods of insolvency unless of course Freud has taken place
If a business is failing through unforeseen bad debts, claims or withdrawal of funding or trading to the point of insolvency, yes it it terrible for creditors but quite often creditors will gain longer term if they can help to keep the business going as many creditors are regular suppliers and will be required for support
Once a company is insolvent, the company directors responsibility is with the creditors and no longer the shareholders and if a pre pack administration can be shown to help the magority creditors by keeping the business going and continue to trade then it's entirely ethical
2008 XXVII Platform, Bugatti Blue Roadster 4 Seater
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Joined: Mar 2012
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Part of the Furniture
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Part of the Furniture
Joined: Mar 2012
Posts: 4,657 Likes: 124 |
Think we here instances of companies where directors fold the business to avoid debts then start identical businesses with similar names.
Also, even directors who eventually get banned from this role, using a spouse or someone to front the firm, but in reality still control the company.
2021 Lapis Blue Plus 6  You know it makes sense!  2016 Carmine Red 991.2 C4S
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Joined: Dec 2008
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Roadster Guru Member of the Inner Circle
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Roadster Guru Member of the Inner Circle
Joined: Dec 2008
Posts: 22,371 Likes: 354 |
Contrived insolvency is more common than you think.......
DaveW
'05 Red Roadster S1
'16 Yellow (Not the only) Narrow AR GDI Plus 4
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