The secured creditors list? Or the total owed including non secured?

No the figure is right, The list was sent to me because they purchase product from us, but no Im not owed any money

So does that list include private people he's ripped off?

There is busineeses and private names on it , about 110 combined

Company I did work for has gone into liquidation and the people who come in to wind the company down sent me a letter that informed me I had to lodge any money owing and documentation, and when reading the paperwork from these people and it has a list of charges they charge(havent got the paperwork with me, going by memory) there is 8 people ranging from $200 an hour down to $95 an hour, so after these people have finished winding it down, more than likely anything that was there will be eaten up by their fees. Correct me if im wrong, as i have never had to deal with anything like this before, but do these people get their money out first? as i feel that may be the case and will this be the case for chopperworks?

Guys you are on the right track but the order of people being paid is not as you have stated.

1. Liquidators at what ever their rate is in $ per hour
2. Secured creditors, banks etc or whoever holds previous directors guarantee's, old landlord on rental property etc.
3. ATO
4. Unfortunatly then the unsecured creditors.

The funds for paying all these people are obtained from any assetts that the company have, like stock that they own or fittings and machinery that is unemcumbered. Unumcumbered simply means that there is no money owing or any lein on the goods. Any person involved whether you are a secured or unsecured creditor will be invited to a liquidators meeting at some stage indicating what the final $ outcome will be. This is a seperate number should the previous owner be found guilty of fraud/ conversion then they will apply to the court to seize any assetts owned by him to be sold. Hence we see people selling million properties to wives or friends for a $1 to hide their assetts. If these alleged frauds preceed any assett transfers then he will not be covered regardless who now owns any of his assetts. In other words if he owns a house or property, commited a crime, realised he could be found quilty, changed the ownership to a different person, he is GONE. But if he changed any assett over to a different person THEN commited a fraud offence it is more challenging, but not impossible to get justice. Hope this helps

I wonder if money changed hands that perhaps wasn't on the books...

Hmmm the liquidators charge an absolute fortune, I was a creditor for a company that went into liquidation a few years back , I have not seen a red cent as yet !
They send you documents which state their charges which if I can remember we're between $80 to $400 per hour depending on the persons skill base , who ripping who off ! Creditors are the last to be reimbursed .
As scouser mentioned only one winner out of this and that's the liquidator
I hope it works out well for all involved

Many thanks my error , the ammended list supplied by FLSTC is the correct sequence. Dont get on the piss and try to write on the forum is the lesson here for me!

 I can relate to all of this myself as I've been through it too. A former company I worked for went bust, liquidators were called in and I had to document any entirlemenrs owing to me. Yep the liquidators charge an absolute gold mine for their services, and the other parties get stuff all if anything. I was lucky enough to get 2 weeks holiday pay, yet was promised by the director of the former company that I'd receive an extra 2 weeks severance pay. I know I was one of the lucky ones, many creditors got nothing.

Hopefully the Chopperworks is only in debt a couple of hundred thousand so there might be some left over for the unsecured creditors.

When I went in there last time I geussed that his wages bill would be over $20,000, with the bikes so cheap, they coud easily  lose a Million dollars in twelve months.  Hope not.  

Hope the economy improves shortly, dropped into Cunninghams Marine at Redcliffe today and the doors are shut. 

Regards

Geoff

 

 Geers did nothing for my case, luckily I was paid by the receivers after the company was wound up. I had registered with the receivers my entitlements.

Just read all of these threads. This sucks guys. Sympathies too all affected. Damn shame. Hard to find honest people nowadays!

He is still on the run, and I've got it on good authority that he on sold quite a few bikes that were in there getting repairs, and some of those bikes belonged to 1%ers. I can't wait to see how this unfolds, I wonder who will catch him first, the police or the bikies

If anyone knows where he is, be sure to call the Hendra CIB and give them his location.

 we feel 4 yas

When you buy a bike / car ,, its simple you do a security check to see if the bike /car has money owing on it ,, if it does , you don't buy , if it does'nt or even if it does but the person/ company who is actually owed the money if they have not registered a encumberance , and you bought it in good faith , i'm not 100% sure but i think has long has they done the security check and they got the certificate saying they did ,,, well that leaves whoever bought the bike in the clear

However , in this case buying from a shop ,/ dealer I doubt very much if anyone buying a bike of him would off done the checks and got the cirtificate of clearance , after all thats one of the things dealers have going for them you are supposed to be buying unencumbered vechiles . .

So the solution is simple ,, report your bike stolen ,, then go to your insurance company and wait ,, Your insurance company will do the checks find the bike and reposses it , , the poor bastard who bought it will be the one caught out ,

I will never ever buy a vechille from dealer or private unless i do these checks ,, Evn with a dealer i nearly got caught out a few years ago i asked the dealer if there was money owing on the car ,, he swore there was'nt ,,i could trust him he's a dealer bla bla ,, my checks with the rego place shown there was encumbarences on the car ,, when i approached the dealer ,, his answer was ,, the guy we bought it off told us he owned it , yeh right ,, Alls i could see would be my 20 grand going for a swannee when the finance come to reposses it ..

Its bad all round whichever way you look SOMEONE is gonna be burned .

You don't have to be dumb to lose your money, although it probably helps.  

There were 22,163 Bankruptcies last year so be very very careful when buying anything from anyone,  you just never know if a company is having trouble staying afloat, even the well established ones like Chopperworks.  

I imagine Chopperworks expended with all good intentions, however the overheards would have been huge.  Not a good move when you're dealing with all the 1% clubs.

 

Regards

Geoff 

Just a small thing to remember, Buying from a LICENCED motor dealer guarantees you clear title. So if you purchase a car/bike from a licenced dealer and someone knocks on your door wanting to repo it the Dealer is the person who ultimatly looses out. Now its a different game here as if the allegations are true then the dealer has commited a act called "conversion". Conversion is a similar offence to fraud, embezelment and theft where an personal item (bike in this instance) was sold to a 3rd party (some other person/customer) without payment or permission from the original owner. The dealer "Converted" something that was not his, the bike , for cash that now is his! Have to agree with boxa that this is going to hurt plenty of people.

Was this in USA?

Other than hiring bikes in USA have no idea about their requirements. Having been involved in car/bike dealerships for long periods of time i have never heard of a franchised dealer knowingly selling a encunbered car/bike. Not sure why you would as you have to guarantee the title. Every car/bike was REVS checked to ensure its title at trade in time or when bought "at the door" It is easier to get caught with a rebirthed vehicle until recently when they have put write offs on a national data base. Still not sure why a  franchised dealer would risk loosing his lic and dealer agreement for the sake of a few grand.