Classic cars forum & vehicle restoration.

[alastairq]

Didnt realise, Green Sparkplug Co.have been in liquidation since...ooooh....April this year?

That's another source of irreplaceable expertise gone.
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Dellow Mk2, 1951 built, reg 1952.
Fiat 126 BIS
Cannon special [1996 registered. Built in 1950's]
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Ford Pop chassis, Ashley 1172 bodyshell, in pieces.

[Ray White]

[ukdave2002]

I think you will find they went in to voluntary liquidation and will be buying back assets, trading as a new company "Green Classic & Vintage Spares"

As it wasn't compulsory liquidation the directors won't be disqualified from being directors of the new company. Creditors will at least get something back from the asset sale.

[alastairq]

Thanks for that!
I found that out after I posted....[I blame one of the cats!]

Is the original 'owner' still involved? {Should any of us need advice, & for no other reason]
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Dellow Mk2, 1951 built, reg 1952.
Fiat 126 BIS
Cannon special [1996 registered. Built in 1950's]
----------------------------------------------
Ford Pop chassis, Ashley 1172 bodyshell, in pieces.

[Rootes75]

I didn't realise they could buy back assets if it were voluntary liquidation.
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Various Rootes Vehicles.

[Ray White]

[ukdave2002]

Whilst the Directors of a company purchasing assets back with the intent to start a new company may seem underhand, in many cases it benefits the creditors because the alternative will be for the assets to go to auction, where they will normally realise a fraction of their value.
In this sort of case the liquidator will have had the assets independently valued, and is obliged to get the best price for them.

A mate of mine runs a plumbing business, he employs around 30 people and their business was focused on plumbing new houses for the larger developers, one of the developers went bust owing my mates firm around £300K, at that point whilst my mate had a profitable business, the business couldn't support that amount of debt, he had no choice but to go into voluntary liquidation.
He bought all the company assets back, formed a new company, changing his business model to ensure the same thing can't happen again.

We don't know the circumstances that lead The Green Sparkplug Co to go into liquidation, but it may have been circumstances outside of their control.

Both the directors of the new company have the surname "Green" I think it may be the son and daughter in law of the original founder?

[Norseman]

We don't know the circumstances that lead The Green Sparkplug Co to go into liquidation, but it may have been circumstances outside of their control.

Both the directors of the new company have the surname "Green" I think it may be the son and daughter in law of the original founder?[/quote]

On the net & listed at Company House ref. 16270413
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1987 classic Range Rover Vogue auto
1998 E39 523i SE auto sedan

A great many models have served me well since the 'sixties, all of them old & some even older than me.