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Safety Devices call in administrators!!!

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Guy90:
Adminstration does not mean they have gone bust (that would be liquidation of some kind).

Since the Enterprise Act came in there are two forms of adminstration. One where creditors force a company into adminstration by petition to the Court. 5 days notice must be given to the company which normally means the second option is employed. That is that the company put themselves into adminstration. They need give no notice save tell thier bank and simply need apply for a Court order. The Adminstration protects the company from its creditors as recovery action must cease and those owed money have to prove claims with the insolvency practitioner appointed. Adminstration must achieve one of two goals. Firstly that the company continues to trade to enable either its debts to be paid and for it to continue in business or for the company to be sold as a going concern to acheive a higher value for the creditors.

The other goal is to make an orderly descent into liquidation ensuring that creditors are not harmed. The IP has 8 weeks to decide the course of action and reccomend it to creditors. They may either vote to allow the company to continue with a plan to pay off debts like a Company Voluntary arrangement or if prospects are bleak to have the company pushed into liquidation. Creditors cannot start to recover debts until the company is wound up.

Incidentally companies are wound up, they cannot be made bankrupt. Bankruptcy is for individuals except in certain partnerships where individuals are wound up under the Insolvent Partnership Order 1994.

Normally an IP will know very quickly if the company is a goer or not and will try to trade if they can. If SD has actually ceased trading, it indicates that one of two things has happened. The directors have moved to protect themselves as all hope is lost or the IP has examined the books and come to the conclusion the company is hopelessly insolvent and has to shut. It is an offence under the Insolvency Act 1986 to trade while knowingly insolvent.

So all hope may not be lost although if trading has ceased it looks bleak. However ideal opportunity for someone to buy a well known business on the cheap and restart.

iianorthants:
They make some quality stuff, but these days quality doesn’t always sell. If they did a cheaper roof-rack to run alongside their expensive ones … might have had a few more orders. I always did feel that £1500 was a bit on the pricey side for a full roof rack system  :? .
 Someone will fill their spot as the cages and RR’s looked the dogs*****cks. Just hope the prices are a bit more pocket friendly with the current climate  :wink:  :D

Skywalker:
Try here for roll cages etc.

http://www.evansuk.ltd.uk/

Dave

mud4brains:
you could always make one if your good with a welder

Range Rover Blues:
They could always move to China.

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