Ripmax under "New" Management

[Cuban8]

On 13/08/2023 at 07:18, Nigel Heather said:

 

Must admit, I’ve got lost in all the speculations, but I figure there must be something significantly different about the ownership for the administration buy out leading to writing off the debts.

 

As far as I know, a company can’t simply declare themselves bankrupt, default all the debts and then continue exactly the same.

 

There must be something to define Ripmax 2.0 as a new company.

In the very enlightening TV series 'The Sheriffs are Coming', as far as I recall, wasn't this exactly the tactic that some firms used to avoid their responsibilites?

Edited August 14, 2023 by Cuban8

[Nigel Heather]

5 minutes ago, Cuban8 said:

In the very enlightening TV series 'The Sheriffs are Coming', as far as I recall, wasn't this exactly the tactic that some firms used to avoid their responsibilites?

A different scenario.  The program is typically where a company owes a person money but won’t pay up.  The Sherriff is sent in to get payment or seize goods to the value.

 

The trick they play is to shift the ownership of the company or assets - so they say that the company with the judgment no longer exists or that they don’t own any assets to take.

 

This is a different matter to going into administration and writing off debts.

 

But the real issue is that they could potentially change the ownership and shaft Futaba, there is not much Futaba could do about it but would they continue to do business with them - I wouldn’t.

[Phil Olson - Model Technics]

I wonder what happened to all the money when they sold the Enfield site that was proposed to have 100 odd flats and 10 shops built on it

[FlyinFlynn]

On 15/08/2023 at 12:52, Phil Olson - Model Technics said:

I wonder what happened to all the money when they sold the Enfield site that was proposed to have 100 odd flats and 10 shops built on it

Wot?......that £6.4 million you mean?

 

[John Lee]

If you look through the filings at Companies House you can see that it was pledged as security to a number of different lenders. The 2019 & 2020 accounts show the sales proceeds being received & what they were used for.

[Andy Stephenson]

I wonder what the proceeds from this sale are for...