What doe's bankrupcy mean

[Billy Boy]

Why is it that two ex company director's from Norfrost who are declaired to be Bankrupt, can still drive about in a nearly new Jaguar & a Mini.
Am i missing the point here?
What is everyone else's views on this?

[The Angel Of Death]

Sad but we all know there are ways and means around this for example the cars are almost certainly not in there own names and as such cant be classed as one of "there" assets

[MGB1979]

It's part of the fun of owning a Limited Company (Ltd), you have limited liabilty if it goes belly up.

I wasn't aware that the directors in question declared themselves bankrupt, I know their business went into administration though. There's a huge difference between the two.

[pedromcgrory]

do u know for sure that there not still dirctors for icetech maybe thats why

[Saveman]

It's in threads like this that JJC is missed...... :p

[Gleber2]

We are not of the same opinion,it would seem. But we all know that[evil] :p

[Cedric Farthsbottom III]

Bankruptcy is when you go to the cash machine,it spits back oot your card and makes the Family Fortune wrong answer noise.......oouuu......ooooooou!!!!Man that sounds more like the character fae Little Britain .

[Naefearjustbeer]

Why should someone bankrupt themselves when a business is going down the tubes. It was a succesful business for a lot of years employing a lot of people. Did the directors not deserve to be well off? Why should they ruin themselves? better to cut your losses and walk away. I supose they could of sold all the personal property they built up over the years to keep the place running for a few more months and still end up with it going tits up! What good would that of done them? not a lot I would of said.

However what does bother me is when a business to goes bankrupt and then the original owners then buy it back and start again with a clean sheet. Wiping all the debts that they have built up. That stinks and it does happen

[Bobinovich]

...However what does bother me is when a business to goes bankrupt and then the original owners then buy it back and start again with a clean sheet. Wiping all the debts that they have built up. That stinks and it does happen

Like the Bowling Alley for example? Yeah, that really got on my thruppeny bits too!

[Fran]

Why is it that two ex company director's from Norfrost who are declaired to be Bankrupt, can still drive about in a nearly new Jaguar & a Mini.
Am i missing the point here?
What is everyone else's views on this?

I thought they had sold their mansion and moved to Poland

[captainbubba]

bankruptcy usually means u have a wife that is good at using the credit
card to often lol.

but seriously, the 2 people mentioned are supposed to have a company in
aberdeen, and all the equipment in it was robbed from norfrost before it
it went under. a company that size doesn't go under as quick as they did
unless there is dodgy dealings going on.

[Chillie]

I thought they had sold their mansion and moved to Poland

No,No first to Oxtervile,

Then bought yet another company called Somervile,

Then moved to England-shire,

Then back home to Scotland in e back o a lorry we its sides plasterd we MACE

Then got a massive Grant (HA HA) from CASE,

Then got another huge Grant (HA HA) from RACE,

Then SEPA told HRC to gvie them ton's of job's,

Then they moved into your garden to drill hole's we snowball throwing yob's

Then you gave them tea and scone's for info,

Then they told you, "don't know nought'o",

Then you went and told them to get out'o,

Then they said "wer coming back with a few pole's to fill em er hole's",

To stop Badger complaining about Her MOLES. [lol] [lol]

[Doleve]

but seriously, the 2 people mentioned are supposed to have a company in
aberdeen, and all the equipment in it was robbed from norfrost before it
it went under. a company that size doesn't go under as quick as they did
unless there is dodgy dealings going on.
I heard about this a few days before norfrost went into admin. The new company is called n-tech soloutions, the repair side of norfrost used to be called norfrost technologies- coincidence- i dont think so. Some of the people a member of my family knows who worked in norfrost work with the new co. in Aberdeen.The manager im also told used to work at norfrost. It gets better.

[AR]

Why is it that two ex company director's from Norfrost who are declaired to be Bankrupt, can still drive about in a nearly new Jaguar & a Mini.

The jag is at least 3 years old, and the mini must be about the same age. What could be more interesting is do they still have the porsche(PAT 1R) and the Rolls Royce(ASK 1)
If the cars are personal items, (not the companies) in the event of bankrupcy of a ltd company they dont get touched.I thought norfrost went into volentry administration, then got sold to the new owners, with the money from the new owners paying the debtors, if there is anything left over the original owners get that.

[Chillie]

Well said AR i tried to lighten the matter, what's happend has happend so why hold grudge's.:Razz :Razz

[Loafer]

I thought it strange that they got a "loan" of £1.4million from CASE not long before the place imploded. I then hear that they "bought" their home, which belonged to the bankrupt company, for.........................yep, you guessed it, £1.4million.

Will CASE see the money repaid???

It's still a "them and us" society.

The Loafer