RC Developments go Bust...
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From: The Middle of Nowhere
Originally Posted by PaulF,Oct 22 2008, 10:49 AM
A conspiracy theory for you:
Directors seek investment for thier company, and give said investor a directorship. One of the existing directors starts a new company and decides he wants the investor in the original company out so he can have the business, but the new investor/director won't budge.
Said new director goes on Honeymoon and gives the other two enough time to get him out, close the business and get all the equipment on the cheap from the liquidators. Also in the process they make accusations of false accounting and fraudulent behaviou to prevent the other guy mounting a challenge to what's going on. They are also still liable for the lease on the premesis so it would make sense if they move in there also.
I have to admit that I'd never heard or RC and so don't know any of those involved, and that the above is just wild speculation from reading between the lines
Directors seek investment for thier company, and give said investor a directorship. One of the existing directors starts a new company and decides he wants the investor in the original company out so he can have the business, but the new investor/director won't budge.
Said new director goes on Honeymoon and gives the other two enough time to get him out, close the business and get all the equipment on the cheap from the liquidators. Also in the process they make accusations of false accounting and fraudulent behaviou to prevent the other guy mounting a challenge to what's going on. They are also still liable for the lease on the premesis so it would make sense if they move in there also.
I have to admit that I'd never heard or RC and so don't know any of those involved, and that the above is just wild speculation from reading between the lines
Never ascribe to malice that which is adequately explained by incompetence
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From: Oxfordshire
Hmmm, directors of a company have a fiducial responsibility to not only the company, but its employees and customers to ensure it is run properly. So the blame does not just like with one person here.
If I was this Danny bloke and they wrote something like that about me, I'd be inclined to sue them for libel I think.
How convenient that they have bought the major assets back off the administrator
If I was this Danny bloke and they wrote something like that about me, I'd be inclined to sue them for libel I think.
How convenient that they have bought the major assets back off the administrator
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From: North Yorks
Originally Posted by C7BLE,Oct 22 2008, 11:09 AM
As Napoleon said:
Never ascribe to malice that which is adequately explained by incompetence
Never ascribe to malice that which is adequately explained by incompetence
A friend of my dad was the 'mug' investor in a fabrication firm, ended up losing over
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From: South Coast
Something very fishy about the whole affair and they are far too quick to go pointing the finger and apportioning blame if you ask me. I bet they knew this would be around the car forums like wild fire.
I feel sorry for that poor bloke who only has a shell of a car left.
I feel sorry for that poor bloke who only has a shell of a car left.
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From: A powerslide near you
Sounds as much like it's a advert for this "car planet".
i.e. Hey RC is now dead but come on over to car planet. most of the staff at RC are now at car planet.
Chances are, people who lost money through RC won't be able to get it back unless they're lucky, however the main guys are still in business under a new name.... I could be wrong but that's how I read it. Smells all wrong imo.
i.e. Hey RC is now dead but come on over to car planet. most of the staff at RC are now at car planet.
Chances are, people who lost money through RC won't be able to get it back unless they're lucky, however the main guys are still in business under a new name.... I could be wrong but that's how I read it. Smells all wrong imo.
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From: Leigh-On-Sea
Originally Posted by Dracoro,Oct 22 2008, 02:28 PM
Sounds as much like it's a advert for this "car planet".
i.e. Hey RC is now dead but come on over to car planet. most of the staff at RC are now at car planet.
Chances are, people who lost money through RC won't be able to get it back unless they're lucky, however the main guys are still in business under a new name.... I could be wrong but that's how I read it. Smells all wrong imo.
i.e. Hey RC is now dead but come on over to car planet. most of the staff at RC are now at car planet.
Chances are, people who lost money through RC won't be able to get it back unless they're lucky, however the main guys are still in business under a new name.... I could be wrong but that's how I read it. Smells all wrong imo.
The old Phoenix Company routine?
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From: Hampshire
I am aware of a similar tuning company, who dealt mainly, though not exclusively, with the aftermarket modification of a certain type of sports car and suffered a similar fate (no names, no pack drill).
A very good friend and mentor of mine was invited to invest quite heavily in what was basically a profitable company that had been inefficiently run. For a time, under his guidance as one of the directors, things were improving and the business was looking up, but ultimately the company went bust due to a mixture of incompetence and avarice.
Spookily enough, a valuable racing car was also stripped of its insides and returned to its owner as a shell.
Fortunately, my friend managed to get out with his investment returned, but a lot of hard work and good will on the part of the majority of the employees, the customers and their business relations went down the tubes due to the actions of a small section of the management.
Why is it that this sort of thing crops up so often in the motor industry?
A very good friend and mentor of mine was invited to invest quite heavily in what was basically a profitable company that had been inefficiently run. For a time, under his guidance as one of the directors, things were improving and the business was looking up, but ultimately the company went bust due to a mixture of incompetence and avarice.
Spookily enough, a valuable racing car was also stripped of its insides and returned to its owner as a shell.
Fortunately, my friend managed to get out with his investment returned, but a lot of hard work and good will on the part of the majority of the employees, the customers and their business relations went down the tubes due to the actions of a small section of the management.
Why is it that this sort of thing crops up so often in the motor industry?
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From: Heart of England
Originally Posted by MB,Oct 22 2008, 12:02 PM
RC were a big tuning company in the world of Mitsubishi.
Quite a surprise.
Quite a surprise.
I visited them a while back looking for them to do some work on my S.
Never went back after what I saw and heard!
No surprise to me it ended like this.