SG will have been removed as a director the minute BDO walked in and took over the administration of the business, although they will still need him on hand to access what he has in his head, or at least try to. @bradders I'm sure there are a number of entities/individuals looking at the business at present and I don't believe the Govt will be injecting anymore funds into Norton after what's happened so any future investment will have to come from the purchasers own pocket and as there's nowt left to asset strip, not even a pension fund, I don't share the same cynicism as you; whoever gets it will want to build it up IMHO and I'm sure the administrators will be looking at that as well.
I'm sure he will have, haven't learnt enough about this case but from past experience it doesn't mean all legal ties with S.G. will be removed that easily.
Yep. They were given a 500mill dowry by BMW to cover any possible future redundancies, a big chunk of which, well 42mill, ended up in their own pockets over the 5 years they had it. But the Unions had a big say in who was going to take that one over (they went on strike and marched against Jon Moulton's Alchemy partners taking it on coz he was going to lay a whole load of people off and streamline production around specialist sports cars) and then how the business was run going forwards ie as a mass car producer when the product was shite and production was uncompetitive with other car manufacturers around the world. Not quite the same as Norton where there's the kernel of a good product and no-one to hand over a dowry to take it on. Cynicism is good, but I'm for BDO having learned from past debacles in various other household name businesses.
still possible today it's true but hopefully massively improved media awareness since the Phoenix Group or even the Phillip Green etc pension scandals will have brought about a greater discouragement in the form of a corrective peer pressure maybe.. I can only dream.
Had my deposit refunded today by lloyds bank , for those of you that it may concern I paid my deposit by debit card as well.
It wasn't Phillip Green tho (as odds as he may be) it was the other croook who killed the business for financial gain
Can I ask when you raised this with the bank asking them to refund? I'm curious as to the amount of time it takes to be resolved.
I contacted Lloyds the day after it made the news. I have not heard back yet. At most it sounds like it can only be a few weeks. When I spoke with them (Lloyds customer services) they stated that unlike credit card section 75, a refund from using a debit card is voluntary, so not guaranteed. This is good news though.
If they do it for one they ought do it for all, otherwise think of the adverse publicity. Good news for you from Mvman
I had a call from Lloyds today re my deposit there will be a refund initially of £500 from section 75 claim, the £15 k debit card payment has been passed on to the debit card disputes side so await a decision from them as payment was recent (Dec 19), section 75 claim is still open pending that outcome. Meanwhile i was expecting a new bike in March so a Ducati V4S is on order for delivery mid March. have chassis number.
