MAG - bit of a surprise

[BB]

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.

[WR6133]

Move assets, fold and reappear with new director maybe

[Dabz]

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.

[BB]

They have already set up another MAG organisation ready to roll following the EGM

[QB1]

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.

Is that the old or new company?

http://www.visordown.com/motorcycle-news--general-news/mag-uk-wound-down-after-losing-employment-tribunal/24651.html

[BB]

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 :(

[SupeRDel]

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.