Link line Wellingborough have called in the administrators
Something very fishy going on.
Happens all too often. Directors put a company into admin and then start up again the very next day. They will have dismissed all the drivers and take on new or take on ex drivers at a much lower rate and yep it stinks to high heaven. I’d guess it’s also not the first time he done so either most likely.
It appears there is one director, and he has been involved in just that one company, (associated other companies recruitment and property) all at the same address since 2016.
Probably walked away from all the debts, wonder how many smaller companies, suppliers are affected.
The whole limited company system is legalised fraud.
The TC sould refuse their O licence application
Always thought they were in the doo doo as they started doing containers earlier in the year when they were mostly a general firm then started seeing at least 3/4 a day in Southampton on containers
The TCs are there to administer the laws set by Government.
They aren’t there to make moral judgments.
If anyone has the funds available, and no convictions, then they will probably get an O-Licence.
Going bust isn’t an offence in itself.
Maybe the rules do need tightening up so that some serial company owners/folders don’t get to carry on, but no one is saying anything illegal has happened here, that I can see.
Does “repute” not come into the equation?
Sure it does.
But what does that mean?
Some of us might not like a person’s business practises, but so long as they are legal? No issues.
They retain “good repute”.
As I said, TCs are not making moral judgements.
They can’t refuse because the applicant is a hard, (but legal) businessman.
If the law allows what some of us may view as bad practise, or what should be illegal, then that is a failure of the law.
Maybe in this case but it is a tactic often used by directors to walk away from loads of debt and start up a new company the very next day.
It is ridiculous that a director can appoint administrators one day, make everyone or most redundant and then go a start a brand new business the next day.
I know its down to being LTD as a business and having limited liability, but they should not be allowed to just start up again unless they pay a percentage of profits to ex creditors of the ex business.
It potentially could but It seems this is the only time he has done this.
Businesses do fold every day all of the time due to cash troubles, as I said it’s a limited liability which means the debts belong to the dead company not the director, so yes nothing is really wrong legally by what is being done, morally of course is subjective depending on who you ask.
Perhaps an enforceable five year break between one ltd co going bankrupt and becoming a director of another ltd co might change attitudes.
100 people lost there jobs.
Something along those lines sounds like a good idea to me.
Agreed.
Generally speaking
The idea of limited liability companies is a sound one. It does encourage investment of funds without gambling the family home etc.
But it seems that some will always take the mickey, and the laws may be too lax.
There has been a culture where some “entrepreneurs” are proud of all the failures they have had before they hit on success.
Another view is that if you chuck darts at a board, one will hit the bull’s eye eventually.
No real skill involved, and with a string of failures, someone else has paid for all the darts that fell short.
Some one who works hard and invests time, effort and lots of cash into a business doesn’t deserve to end up homeless because of a one off failure, but the pendulum has swung too far in favour of the serial reckless, gambling with the money of others.
Franglais is spot on with that last sentence.
Bankruptcy can cause huge problems down the food chain (as a company we were on the wrong end of a couple thirty years ago)
An extreme example was when Carillion crashed.
A major Northumberland plant hire / transport co (established just after WW2) went down as a direct result with the loss of over 100 jobs. One of the directors lost his house.
Another local engineering company who supplied / installed steelwork worth over ÂŁ100,000 on one major project did not get a penny but were legally bound to guarantee the work for 25 years.
There is also one or two of our regular TV “personalities” who get paid six figure sums but have been directors of a series of bankrupt companies. The main creditor is usually HMRC ie the general taxpaying public.
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Yep…Unfortunately some fall for the “spin” that not paying taxes etc is somehow putting two fingers up to the system, or denying a minister a new pool car.
It isn’t. It is taking money away from the NHS and schools etc.
It is taking money out of everyone’s pocket.
I won’t go much further here. I can feel a post for the politics thread in Bully’s forming though!