- May 7, 2005
TVS bought certain assets but not the liabilities of SG's Norton, notably the exception of customer deposits for unfulfilled orders was taken on as a lability by TVS. To ensure this they set up a new company instead of using the SG Norton company, different legal entities ensures clear boundaries covered by the purchase contract. The rest of the liabilities have stayed with SG's Norton with BDO as administrators and this includes repair of sub standard bikes. TVS do have issues with the assets they bought not being what they thought ie the Trademarks and the design rights but on the lability side they have done a better job.