So what is the latest news? I know some folks have some information on the ground in Australia, what is happening?
nota2266 said:In time the administrator will reveal all, until then speculation is not warranted.
Sorry, terminology is not correct here. A lot of that has to do with the fact I don't understand the terms in Australia as they are slightly different from the terms used in the US, and slightly different from the UK as well. I use the term business loosely - that is, to me it includes all the parts, tools, molds, jigs, RF name, website etc. but I think folks have the general idea. There are certainly arguments on both sides for and against a name change but I think the new owners have already decided what they will do though:nota2266 said:Ron,
The company is in Administration not liquidation. The Administrator has sold the known assets of the company. The company "the business" has not been sold. The rights to the name 'roaring forties' formed part of the assets. The new owners could ,if they choose, form a new company with the name Roaring Forties, the existing Roaring forties company will undergo a name change more than likely.
My understanding is the Camco bits and pieces, a part completed car, a partially paneled car, a couple of frames, and some jigs have been sold to a bidder from Australia. The molds from SA are being sold separately per IP agreements. So, it appears that sorting out the mess there is proceeding fairly quickly.nota2266 said:Companies in Oz have a number, that is its identity, it can have 100 differing names over time, but the number never changes.
As I understand it Administration will continue for some time to sort out the mess which would include the Camco issues. I also understand that no distribution to creditors is made until Liquidation and winding up of the Company is complete.
I have contacted CJL and I've specifically asked about updates or information but I've not received anything. I've also asked our attorney to check with CJL and her last email indicated she'd not had any contact with them either. Folks in the US are interested in the money trail from overseas to Australia, and then from Australia to ????. I know that other members concerned about tracing the money have also requested money trail information but have not received it from CJL.nota2266 said:A company in Liquidation ceases to exist, it therefore does not have the ability to enter into any litigation or due process to recover more assets or debtors. There is nothing to stop you or, any other creditor for that matter, contacting the Administrator , CJL Partners, and asking what is happening.
It is my hope that the insolvent trading is pursued. From looking at cash flow in the administrators report it appears that the company was broke mid-2005 and basically lived on cash infusions taken through dealers for deposits on cars that were not being built. Furthermore, there was no way to build those cars either since the cash was gone almost immediately. I don't know all the people that knew this, but one certainly did, Robert Logan.nota2266 said:The insolvent trading issue is different . My understanding is that the Admin has to reconstruct the books of the company to get a true and accurate picture of the companies affairs. This would include overseas transfers of cash. I don't know whether or not the Admin has to report a case of insolvent trading but it is very likely that he would have to. I believe that a final financial report is forwarded to ASIC,the regulator of companies in Aust,
http://www.asic.gov.au/asic/asic.nsf is very militant with Company Directors that dont act within the Corporations Law.