John Hogan of Superbike post on Twitter 26th May 2021 SG declared Bankrupt

kommando

kommando

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Mr Stuart Garner was declared bankrupt at 10:54 this morning. The pension holders are the largest creditors.
12:59 PM · May 26, 2021·Twitter for iPhone
 
So Ladies and Gents, given this sad news regarding Mr Garner‘s affairs we’ve decided to pass the hat around for donations to help Mr Garner through this difficult time... oi you stop spitting in the bloody hat... and you stop pissing in it... and you... oh bollox to this...
 
Fast Eddie said:
So Ladies and Gents, given this sad news regarding Mr Garner‘s affairs we’ve decided to pass the hat around for donations to help Mr Garner through this difficult time... oi you stop spitting in the bloody hat... and you stop pissing in it... and you... oh bollox to this...
Click to expand...
I have to admit I was really swept up by all the hoopla in the early days of the Norton 961 .
 
Is this his get out of jail (almost) free card? Bankruptcy, clean slate, move on, new business name............... .
 
kommando said:
Mr Stuart Garner was declared bankrupt at 10:54 this morning. The pension holders are the largest creditors.
12:59 PM · May 26, 2021·Twitter for iPhone
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Usually , you can be sued in civil court if all else fails for the pension holders ?
 
This is for England and Wales.

Why might a creditor try to make you bankrupt?​

One or more of your creditors might want to make you bankrupt for any of the following reasons:

  • they know you have land or property which could be sold to pay back your debts
  • to punish you, because they believe you've been fraudulent or broken promises
  • to try to stop you from getting more credit in the future
  • they think you're being dishonest or hiding things of value, and want your financial affairs to be investigated
So assuming this was a forced bankruptcy then the investigations which can now take place will stop him from prevaricating and hiding his ill gotten gains. However it does cut out certain future legal actions by the creditors so it was not a lightly taken course of action. They must be certain there are funds around unaccounted for that will be worth the risk.
 
Which do you prefer ? I like the boot up the ass card myself.
 

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So, did he pay the pensioners? there was more than enough money to do so with the sale of the buildings. If he don't pay the pensioners it is looking like he will be sentenced, bankrupt or not.
 
kommando said:
Why might a creditor try to make you bankrupt?
One or more of your creditors might want to make you bankrupt for any of the following reasons:

  • they know you have land or property which could be sold to pay back your debts
  • to punish you, because they believe you've been fraudulent or broken promises
  • to try to stop you from getting more credit in the future
  • they think you're being dishonest or hiding things of value, and want your financial affairs to be investigated
Click to expand...
I am going with "All of the above"
 
So now he’ll just bugger off to his safari park and remain in a life of luxury? His type needs a good dose of being left alone with his creditors…… :mad:
 
I think the most common route into bankruptcy is to self-declare.... once you have stuffed the mattresses to the brim that is.
 
Ah, is this a slam dunk!? Not even old Slippery Git can stay out of jail with those circumstances can he? Looks like a couple of years hard labour - well, maybe pressing registration plates for someone else’s motorbikes. At least two at a guess. We should club together and buy him a soap on a rope! Don’t want to risk dropping a normal bar of soap in those showers:oops:!
 
"to reinvest into Norton motorcycles"
yeah sure, right. He clipped the pension fund to invest in his cushy lifestyle no doubt.
 
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