Scorpion Racing the final chapter or part 2

[merc basher]

Anybody have the facts about SR demise. Rumours of bailiffs, liquidation, stock disappearing in the night, new premises, new companies,..............

[dodewalker]

yes, this is  true.to a degree but posts without facts can be very bad for any company. they are trading right now.  people need to check facts before rumours get out of hand. call their number and ask them if they are trading.they will tell you whats happening,and how they are operating. this is not the only website with a post like this. 4x4 forums can be discredited if people go repeating sh*t posts without checking. 
they are trading, they are in administration, the workshops,shop & mail order are trading, some parts of the company are in diffrent locations,and being operated seperatly, and there will be a new owner. if you are worried about ordering from them,pay by credit card not by debit card or cheque.then you are protected. if a 4x4 company is having problems, why make life more difficult for them, whether you like them or not.    george

[Mr Muddy]

To be fair, I think the post was asking the question as to whether the rumours are true.   If they are not true as you state, then the record has been set straight and the rumour mill can cease.

[merc basher]

Thanks george for clarifying the facts.

[Mr Muddy]

We have just spoken to Roz and she has stated that Scorpion are not in liquidation or any sort of trouble.

So there you go... straight from the source.

[Mr Muddy]

OK...  quick update.

We've just spoken to Colin on the phone, and he has confirmed that Scorpion are in administration, but still trading.

[WALFY]

37mins to call the administrators in???   If they can't be honest with you as another company in the same market How is the average person going to view them now. They have in some peoples views not had the best business ethics in the world and this No we're not Yes we are only compounds what people may think of them.
Wether you like them or not it's not a good sign that such a big company are having troubles

[dodewalker]

just a simple explantion for anyone interested.  They were allready in Administration before today.    This is an attempt to rescue a buisness.
For a firm to be under Administration it usually has some prospect of being sold intact as a still operating entity. it can be bought by another company who may inject new money into it. probably put their own managment in, and hope to keep it running & get it  running again in profit. (& keep peoples jobs)
Liquidation is something totally different, its final, everything stops,and the buisness is finished. Scorpion Racing is not being Liqudated.
                                                                             george

[Guy90]

37mins to call the administrators in???   If they can't be honest with you as another company in the same market How is the average person going to view them now. They have in some peoples views not had the best business ethics in the world and this No we're not Yes we are only compounds what people may think of them.
Wether you like them or not it's not a good sign that such a big company are having troubles

Easily done. My record is 10 mins. It depends on the type of adminstration. If it is director sought then it takes as long as it takes you to say the words. You only need notify the qualifiying chargeholder. You are not required to notify creditors. In certain cases such as pre pack adminstrations, the business can be in adminstration and back out in new ownership or even the same owners within minutes. Pre Packs are very contravesional and there has been great debate about them but on thier plus side, they do save jobs and businesses. Again no requirement to tell anyone other than the qualifying chargeholder and often bound by cofidentialy clauses. Employees and former directors would likely need permission of the Adminstrator before saying anything. There are numerous rules governing this.

When a qualifiying chargeholder brings on the adminstration, quite often the first thing you about it is when the Adminstrator knocks on the door. Creditors can do it also but they are required to attend Court and required to give the company and the qualifying chargeholder 5 days notice. The inevitable then happens.

It's not liquidation but it's no walk in the park.

Personally, I was sorry to hear the news.

[Mr Nick]

Very well put Guy, and hi dude we haven't spoke for ages 
As i posted on the wonderfull LR forum ! After Myself & Team Xtremelandy setup and put on a cracking Tailend Challenge the other week with Colin all i can say is i'm looking forward to laying on some more cracking events next year with the new Scorpion management !!!!!!!
Guy Dude see you at the Santa's lol.
Nick.

[WALFY]

37mins to call the administrators in???   If they can't be honest with you as another company in the same market How is the average person going to view them now. They have in some peoples views not had the best business ethics in the world and this No we're not Yes we are only compounds what people may think of them.
Wether you like them or not it's not a good sign that such a big company are having troubles

Easily done. My record is 10 mins. It depends on the type of adminstration. If it is director sought then it takes as long as it takes you to say the words. You only need notify the qualifiying chargeholder. You are not required to notify creditors. In certain cases such as pre pack adminstrations, the business can be in adminstration and back out in new ownership or even the same owners within minutes. Pre Packs are very contravesional and there has been great debate about them but on thier plus side, they do save jobs and businesses. Again no requirement to tell anyone other than the qualifying chargeholder and often bound by cofidentialy clauses. Employees and former directors would likely need permission of the Adminstrator before saying anything. There are numerous rules governing this.

When a qualifiying chargeholder brings on the adminstration, quite often the first thing you about it is when the Adminstrator knocks on the door. Creditors can do it also but they are required to attend Court and required to give the company and the qualifying chargeholder 5 days notice. The inevitable then happens.

It's not liquidation but it's no walk in the park.

Personally, I was sorry to hear the news.

Guy

Thanks for the prompt post. Didn't realise it could be so quick. Very informative post. At the end of the day it is bad news when any company has troubles like this.

[Guy90]

Very well put Guy, and hi dude we haven't spoke for ages 
As i posted on the wonderfull LR forum ! After Myself & Team Xtremelandy setup and put on a cracking Tailend Challenge the other week with Colin all i can say is i'm looking forward to laying on some more cracking events next year with the new Scorpion management !!!!!!!
Guy Dude see you at the Santa's lol.
Nick.

Nick,

I saw the photos. Looked like a good day out. I did see you from afar at Billing while you were testing and setting up on the Thursday afternoon

I'll see you at Santa's

[Guy90]

37mins to call the administrators in???   If they can't be honest with you as another company in the same market How is the average person going to view them now. They have in some peoples views not had the best business ethics in the world and this No we're not Yes we are only compounds what people may think of them.
Wether you like them or not it's not a good sign that such a big company are having troubles

Easily done. My record is 10 mins. It depends on the type of adminstration. If it is director sought then it takes as long as it takes you to say the words. You only need notify the qualifiying chargeholder. You are not required to notify creditors. In certain cases such as pre pack adminstrations, the business can be in adminstration and back out in new ownership or even the same owners within minutes. Pre Packs are very contravesional and there has been great debate about them but on thier plus side, they do save jobs and businesses. Again no requirement to tell anyone other than the qualifying chargeholder and often bound by cofidentialy clauses. Employees and former directors would likely need permission of the Adminstrator before saying anything. There are numerous rules governing this.

When a qualifiying chargeholder brings on the adminstration, quite often the first thing you about it is when the Adminstrator knocks on the door. Creditors can do it also but they are required to attend Court and required to give the company and the qualifying chargeholder 5 days notice. The inevitable then happens.

It's not liquidation but it's no walk in the park.

Personally, I was sorry to hear the news.

Guy

Thanks for the prompt post. Didn't realise it could be so quick. Very informative post. At the end of the day it is bad news when any company has troubles like this.

We rarely do adminstrations now as always a creditor and you won't be surprised to learn the qualifying chargeholders (mostly banks and other lenders) are very agressive. I have lots of other nasty tricks up my sleeve which I can deploy. You read a lot of rubbish in the papers about how easy insolvency is these days. It isn't. The Insolvency Act is one of the most draconian statutes on the books.

An Adminstrator will eventually become a liquidator. There must be a liquidation somewhere along the line. It would be a complusory one in this scenario. It is a Liquidator who would normally then deal with things like conduct of the directors, recovery of assets and issues the creditors might want looking at. If there is a personal guarantee situation then the qualifying chargeholder normally takes that one. They bankrupt at the drop of a hat. However, a benefit of adminstration is that a sale can alievate that situation. The person providing the guarantee has a right to be involved in that process given the effect it could have on them personally.

Adminstration is not a way of avoiding your debts or your creditors. It is a way of saving jobs and trade but you must take specialist advice before doing it. Liquidation might be the best route or the one prescribed in law. Make the wrong choice and you can be in serious trouble. You have to not only concern yourself with what's best for you and your company but also what is best for the body of creditors.

And don't believe that one year of banruptcy and then I'm off scot free. Doesn't happen that way.

[Dieselhead]

Is it not the case that they had two companies one for 4x4 and one for racing???

Heard this mentioned the other day and that it was the racing one that was in trouble???

[merc basher]

Sure