TVR - the end

Post by **simon** » Sat Dec 23, 2006 10:01 pm

http://www.pistonheads.com/gassing/topic.asp?t=338436

Rag_It · Post by **Rag_It** » Sat Dec 23, 2006 10:24 pm

GregR · Post by **GregR** » Sat Dec 23, 2006 10:33 pm

not entirely surprised tbh, but its still a bloody shame

Michael · Post by **Michael** » Mon Dec 25, 2006 7:26 pm

Excuse my ignorance but what is receivership - is that the same as liquidation?
Cheers

Gareth · Post by **Gareth** » Mon Dec 25, 2006 9:05 pm

Shame, I wanted a Sagaris

Post by ed » Mon Dec 25, 2006 10:58 pm

Might be cheaper now.......

IIRC dont think recievership is as bad as liquidation, not 100% on that though.....

Novice Racer · Post by **Novice Racer** » Tue Dec 26, 2006 12:27 am

As far as I understand, receivers are responsible for administering the failing company and trying to arrange its sale as whole, if possible. Liquidation is when the company is wound up and sold off (or just discarded) as individual parts.

NR

RDH · Post by **RDH** » Tue Dec 26, 2006 9:23 pm

Novice Racer wrote:As far as I understand, receivers are responsible for administering the failing company and trying to arrange its sale as whole, if possible. Liquidation is when the company is wound up and sold off (or just discarded) as individual parts.

NR

Near enough! Administration is where the bean counters come in and try and run the business - receivership is the next step where they try and find a buyer ( for the benefit of shareholders and creditors alike) - liquidation is the last option - for the benefit of the creditors (generally the banks!)

tuscan_thunder · Post by **tuscan_thunder** » Thu Dec 28, 2006 10:25 am

I think this means the end of TVR in the UK (production wise).

If reports are correct, production will move to Europe, possibly Italy.

I don't think this is the end.....

Novice Racer · Post by **Novice Racer** » Thu Dec 28, 2006 11:40 am

RDH wrote:
Novice Racer wrote:As far as I understand, receivers are responsible for administering the failing company and trying to arrange its sale as whole, if possible. Liquidation is when the company is wound up and sold off (or just discarded) as individual parts.

NR
Near enough! Administration is where the bean counters come in and try and run the business - receivership is the next step where they try and find a buyer ( for the benefit of shareholders and creditors alike) - liquidation is the last option - for the benefit of the creditors (generally the banks!)

Ah, clarification

.

In addition to learning about cars, I have learned some legal and business gambits during the last few months. Its like a University in here!!

NR

Titanium S1 111S (gla) · Post by **Titanium S1 111S (gla)** » Thu Dec 28, 2006 3:08 pm

[/quote]Near enough! Administration is where the bean counters come in and try and run the business - receivership is the next step where they try and find a buyer ( for the benefit of shareholders and creditors alike) - liquidation is the last option - for the benefit of the creditors (generally the banks!)
[/quote]

Near enough!! Administration is where the bean counters spend what little the company has left on their own fees. When the money runs out a receiver is appointed, he sells the business and pockets the proceeds. After the sale, if there is anything left a liquidator is appointed to pocket that.

Seriously you would not believe the racket which is the insolvency industry. I have seen accountancy firms (of supposedly good repute) charging £150 per hour for unqualified clerical staff working on administrations.

RDH · Post by **RDH** » Thu Dec 28, 2006 5:15 pm

Titanium S1 111S (gla) wrote:
Near enough!! Administration is where the bean counters spend what little the company has left on their own fees. When the money runs out a receiver is appointed, he sells the business and pockets the proceeds. After the sale, if there is anything left a liquidator is appointed to pocket that.

Seriously you would not believe the racket which is the insolvency industry. I have seen accountancy firms (of supposedly good repute) charging £150 per hour for unqualified clerical staff working on administrations.

A cynical lawyer - but pretty accurate!

I'm not an insolvency practicioner, but have dealt with them through some of my clients! That kind of thing goes on all the time. It's generally the bank that appoints the administrators - and they don't usually care about everyone else - because they usually have a security/floating charge over the assets.

So generally the insolvency practicioners and banks come out on top!

Titanium S1 111S (gla) · Post by **Titanium S1 111S (gla)** » Thu Dec 28, 2006 5:34 pm

I'm just jealous really. I actually do quite a lot of work for IPs. Lovely people, and very generous with the corporate ent.

I have actually met â€œTrevorâ€

ryallm · Post by **ryallm** » Fri Dec 29, 2006 10:32 am

Graham,

Complete aside, but just noticed this at the bottom of your post:

80s Ford / TVR powered Jet Boat (In many pieces â€“ long-term project)

Really curious to know more about your project. I spent a few weeks in New Zealand last year where the jet boat was invented, by an ex white water kayaker apparently who wanted a boat which could deal with rivers as well as his kayak. Had a couple of wild jet boat trips, the best one up the famous Kuwarau gorge. Amazing machines - capable 50mph+ in only 10cm depth of water and can spin like a top

Mark

Titanium S1 111S (gla) · Post by **Titanium S1 111S (gla)** » Fri Dec 29, 2006 12:20 pm

Long story about the jet boat. First of all its made by Dateline Boats who were a fairly big British speed boat manufacturer in the 70s and 80s. The hull is a fairly standard 16 foot design which was supplied in various guises to run with outboards, ordinary propeller driven inboards and a jet system supplied by PP Jets. Being a British company in the 70s / early 80s Dateline Boats inevitably went bust.

The jet system is a simple straight through arrangement with no gearing and a deflector to allow reverse thrust. Power is supplied by a Ford V6 Essex 3L with Webber carbs. The 3L essex was used in the Ford Capri, the Reliant Scimitar, TVRâ€™s of the day and various other things. The standard output with the Webber carbs is about 145bhp but there are lots of mod options and it is not uncommon to see them running up to 250bhp

My grandfather bought the boat new in about 1980 but it was swamped and sunk in salt water a couple of years later. Notwithstanding the fact that the boat was insured my grandfather took it to a local mechanic (who probably works for MMC now). The mechanic made a complete hash of it and the boat has not run since.

I have sourced a replacement engine and have discovered where to get replacement bearings etc for the jet unit but have not had time to get it all together and working. My plan is to get it mechanically sorted for the summer and if that works then Iâ€™ll look at spending some money on having it re trimmed etc.

I understand that when running properly it should be good for 55 mph which is horrifically fast on the water and I have a pile of bits salvaged from a TVR which would allow me to mod the engine if I get bored.