Norton trouble

Im an attorney, certified by California Bar as a Specialist in Bankruptcy. Other than my assumption that the same principles apply, I know nothing of UK insolvency law.

That said, I imagine that marshalling of assets and liabilities, with an eye toward paying creditors according to legal priority is what is done. That means that secured creditors are paid first IF their claim to the security is sound, and that costs of administration - the appointed receivers - and taxes come next.

Given the magnitude of debt here and the questionable value of the assets, it is “lights out” and some one might pick up some pieces by throwing some money in.
 
MxMartin said:
Why are out of warranty owners getting letters from BDO? Surely they aren't suggesting our bikes were undervalued and want us to cough up a few more grand lol
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Guess I’m on their books as the buyer of the 961, which is still under warranty actually. And as the orderer of a SL.
 
trident sam said:
ZFD is the boss at Andover Norton
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Good to know, I haven't had an original Commando since the mid-80's so I'm a bit out of touch. Wife works for Mortons Media and she is in regular contact with the guys at Norvil but don't think Andover are on the books.
 
MxMartin said:
I thought the 2 years warranty was from purchase date and not reg'n date?
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You collected yours early remember so in that case you may be correct.
I picked mine up from the factory early March. So, March reg and March collection would mean March warranty I reckon.
 
Gino Rondelli said:
Lets face it many people have been taken in by this professional conman, it was a giant Ponzi scheme, decades in jail for SG would be a fair punishment. The signs have been there since 2008, it was never a viable business, "playboy turns round bike business " is a headline you won't hear. Let's let it go, never mention the mans name again and move on. Only my opinion
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Henceforth to be know as Voldenort ?
 
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jan nelder said:
when I had my Cali 961 serviced at Donnington last July, an employee told me there were 100 staff: at £30k average cost each to the company, that’s £3million pa bill. That would be covered by £3k profit on 1000 bikes sold from HQ, except they didn’t sell anything like that many, and it doesn’t include any other costs...... the whole enterprise relied on other sources of money, clearly.
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Theft?
 
MxMartin said:
Good to know, I haven't had an original Commando since the mid-80's so I'm a bit out of touch. Wife works for Mortons Media and she is in regular contact with the guys at Norvil but don't think Andover are on the books.
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No, that's right. Happily, Andover Norton have nothing to do with "the beard"
 
The warranties are now void , those went when Norton Motorcycles went into administration .BDO will not be honoring any future warranty claims after the date they were appointed . There are third party warranty providers if you want to go and buy a new warranty, but unless someone buys Norton as a going concern ( very unlikely I think ) , then the Norton warranties issued with your bike won’t be honored by BDO... I have been told that by BDO , but was aware of it anyway as it would be normal once a company enters administration .
 
Seems pretty harsh. One would think that warranty holders are contingent secured creditors and a fund would be set aside to satisfy their potential claims. But what do I know.
 
Bodger said:
Seems pretty harsh. One would think that warranty holders are contingent secured creditors and a fund would be set aside to satisfy their potential claims. But what do I know.
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If they were intending to continue to operate the company as a going concern you’d be right.

But it seems they aren’t. They are there to sell whatever they can to recover some cash for their employer.

Norton is at least £30m in debt according to conservative estimations on this site. Sadly there is no cash vault from which ‘some can be put aside’...
 
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