This does not feel right

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#21 Re: This does not feel right

Post by Herzeg » Tue Nov 27, 2018 11:29 pm

In my forty years plus in business I can tell you that certain things never change. These include:-

1. As a unsecured creditor of a failed business, there is never a chance of seeing a penny back once the "administrator" or his advisors puts in their fees.
2. Most businesses that have assets do a pre-pack these days so everyone gets ripped off. Usually in my industry it's the previous owners who buy the assets at max 30% of their book value
3. The customer is unimportant. If you don't owe them money forget it

I lost the will to live at a certain point of the report but what's saddest here is that the new company appears to have been part of the old setup and has just taken over the bit that they want. Having to be careful of libel laws, my experience is that most receivers are appointed by failing businesses because they can do the job the owners want, not what the creditors need. I have no idea if this is the case here, but have my views.

Retention of title is where most failing businesses try to cover their tracks and maybe that's where JD wrnt wrong.

1969 S2 OTS

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#22 Re: This does not feel right

Post by ralphr1780 » Wed Nov 28, 2018 9:16 am

Welcome Paul, you car looks stunning and I am particularly impressed by the trim.
Sorry that you are facing few minor issues which should have been normally taken under guarantee. Once sorted and some more miles put you will surely forget these and fully enjoy the ownership.
'69 OTS + '62 OTS - Belgium

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