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Just had a letter today to say that MAG is convening an Extraordinary General Meeting with a view to placing the company into Creditors Voluntary Liquidation!
They are citing they are 'no longer viable owing to it's inability to attract the necessary donations as a direct result of the Employment Tribunal proceedings brought by a number of ex employees'
Sure didn't see that coming.
Move assets, fold and reappear with new director maybe
A real shame that ex employees may be the downfall, but by this stage surely there would have been an option to settle and protect the organisation.
They have already set up another MAG organisation ready to roll following the EGM
Is that the old or new company?Quote:
Originally Posted by BB
http://www.visordown.com/motorcycle-...nal/24651.html
I haven't got the letter with me so can't say which for now. Just feel it's very sad it has come to this :(
Got the same letter, as an committee member of the Aircooled RD club we are affiliated to them so I get their magazine.
We are affiliated to the BMF who seem a better crowd. One advantage is the free public liability insurance we get when we club stands at shows.