TVR faces possible government probe

[sammi]

In todays Sunday Times (Business Section) "Details of the controversial collapse of Blackpool carmaker TVR have been passed to the Department of Trade and Industry's companies investigation branch.Officials are considering whether to recommend a full investigation...".

[sidewayz]

About time. Anyone know how we could organise some lobbying in support.

[Tripps]

I can't what they can do to TVR, as the previous owner acted within the law, they could change advise policy changes for the future in similar circumstances I guess.

Worst case scenario I see likely is some written statement about Smolenski being a bit mean in the way he acted to the workers, nothing more.

[prostang]

Whats the point it will not change anything and will just cost us the taxpayer money

[dvs_dave]

prostang said:

Whats the point it will not change anything and will just cost us the taxpayer money

.....and almost certainly destroy what's left of the already battered brand. Delorian anyone?

[ATG]

Tripps said:

... as the previous owner acted within the law ...

But is that certain? Surely the investigation will be seeking to determine whether or not he did behave legally? I'm not one for conspiracies and imagine the chaos of the last year was primarily just TVR floundering around as per usual, but it is surely worth investigating whether there was any fraudulent activity divying out the assets and liabilities between the various paper companies? One has to wonder whether certain companies were only set up in order to dodge obligations to creditors. I'd want to see it demonstrated that any balance sheet items moved between the companies were done so with sensible valuations attached ... i.e. that no one shoved a huge liability onto Blackpool Automotive's books and offset it with some nebulous valuation of the brand and goodwill (and, not being an accountant, I wonder if both of those items could be conveniently considered to have been seriously devalued by the bad publicity following the collapse of BA and subsequently bought back cheap? ... call me a cynic).

[sidewayz]

perzactly

and when you consider the whole thing was so ineptly handled the loss of ownership of the brand was only identified shortly before the press conference causing its cancelation I would not be suprised that there were further 'mistakes'

[SEN 18]

Now then all you people out there in the big wide world if you come across NS who crucified TVR Engineering here in the UK beware, he will do it again.


Sorry for the edit BUT although what you posted may be true it's against the site Naming and Shaming policy


- who in their right mind would want to work for him or be involved with him in any way shape or form .... you have been warned.

Edited by Big Al. on Sunday 4th March 21:31

[GJR]

SEN 18 said:

Now then all you people out there in the big wide world if you come across NS who crucified TVR Engineering here in the UK beware, he will do it again. who in their right mind would want to work for him or be involved with him in any way shape or form .... you have been warned.

Unfortunately money talks..... and for some the above sentiments will vanish the moment the cash is waved around

G

Edited by Big Al. on Sunday 4th March 21:32

[Devil's Advocate]

It is highly debatable whether NS acted within the law, that's exactly why the DTI are considering a "full" investigation (which presumably means they have already looked into the matter to some extent and see that it may merit further investigation.

Having seen the level of his ethics and morals I'd be very surprised if he had any more regard for our laws than he has for our culture, our people, our industry and our beloved TVR brand.

sidewayz said:

Anyone know how we could organise some lobbying in support.

Someone must...

[SEN 18]

GJR said:

SEN 18 said:

Now then all you people out there in the big wide world if you come across NS who crucified TVR Engineering here in the UK beware, he will do it again. who in their right mind would want to work for him or be involved with him in any way shape or form .... you have been warned.

Unfortunately money talks..... and for some the above sentiments will vanish the moment the cash is waved around

G

Quite agree GJR ,but I believe this carries the stigma of dirty money , we would be better off without that kind of thing in our country.How sad that the powers that be don't seem to care too much. Just hope there is an investigation & that on this occasion justice is done.

Edited by Big Al. on Sunday 4th March 21:31

[grumbledoak]

"Timidity and Inaction" will do nothing but waste more taxpayers money. Whether "close-to" or "nearly" legal, what has happenned is already history. Try to focus on something more positive.

also, try to leave the messenger alive...

[E2DJH]

Joan Humble MP has been banging on the door of the DTI for a while now, and is determined to see that an investigation is carried out. She is passionate about the plight of the workers, and has assured them that she will do all she can to establish that the actions of NS and his co-directors were legit and above board - or not! Unfortunately, i suspect that these things take a great deal of time.

[Big Al.]

Please respect the sites NO Naming and Shaming policy.

[Devil's Advocate]

grumbledoak said:

Whether "close-to" or "nearly" legal, what has happenned is already history.

Oh, that's ok then. Same thesis for Bin Laden???

[grumbledoak]

Devil's Advocate said:

Oh, that's ok then. Same thesis for Bin Laden???

No, not ok, but don't expect much from the DTI.

Not aware of the camel-lover making many staff redundant, though I'm sure his pension policy looks great on papyrus.

Apt name.

[DJC]

Joan HUmble isnt passionate about anything unless it involves copious quantities of votes. Of either her or Blackpool Council gave a flying f**k they would have done something about it last yr. Its not as if you werent all told *exactly* what they were like last yr is it?

Ppl are missing a few points though...like what exactly are you going to lobby?

St. Nic is no linger resident in the UK, he has buggered off. Nominally to Vienna, but resident in Macedonia. Way out of reach of HMG arms.
TVR is gone, its owned by a pair of yanks. Way out of reah of HMG arms.

So, er, what exactly do you hope to accomplish?

I wouldnt mind, but I kinda find a lot of this rather amusing. All the hoohaa is coming from the most ignorant ppl in the whole saga! There is sh1t about St. Nic floating around, that various ppl knew about which is a hell of a lot more damaging than "he didnt pay a few ppl" and has been for quite a while.

The horse has long since bolted folks, get over it. Now all you are going to do is piss off a cpl of Yanks who dont deserve it.

[Bodo]

prostang said:

Whats the point it will not change anything and will just cost us the taxpayer money

Want to share how you know that it will not change anything?

[cafcfan]

Speaking in general terms of course and not dealing with anthing specific to TVR, when the DTI CIB undertakes a full investigation it probably means that a referral has already been through a "vetting" process. Receivers and administrators can (and do) send reports to the DTI which can investigate matters such as a breach of the Companies Act or Insolvency Act. "Trading while insolvent" and "fraudulent trading" are sometimes investigated although clearly I have no idea what they might (or might not) be looking at here. Such matters are criminal offences and trials can follow. The DTI can also put before the Courts a recommendation under the Company Directors Disqualification Act. An order under this legislation does what is says on the tin. Hope that helps!