Proof of Ownership

[wanstead]

I’m looking into the pros and cons of having my car prepared and run by a professional team next season and on balance I think it’s the right way to go. However I am concerned about proof of ownership. If all goes well I don’t see it as a problem, but if the team were to go bust and the administrators came along to seize all the assets how would I prove the car is mine? Should I draw up a Certificate of Ownership or make sure a contract includes a paragraph about ownership? Maybe a note sating who owns the car and signed by both parties would suffice.
Obviously if I had the slightest suspicion that could happen to the team then I wouldn’t go anywhere near them, but I’m sure others have dealt with this issue before. What’s the best way to arrange it and does anyone have a suitable sample document?

[anonymous-user]

No idea of a suitable document i'm afraid but i dont think you would need one. Private Administrators or the Official Receiver would not take anything which they can not prove without reasonable doubt belongs to the Ltd Company, partnership or sole trader. it is highly unlikely that they would take the car and dispose of it before you were aware of what was happening.

there are some common myths regarding bankruptcy or liquidation, the primary one being the Recievers come in and realise everything as quickly as possible. Should the worst happen, an inventory would be drawn up to ascertain ownership of the contents of the place. The winding up of a comapny takes a long time. you would be more than well aware if the Company was in trouble before proceedings started, they would be clamouring for your money and chasing invoices from all and sundry in a bid to stave off liquidation before the Recievers were on the scene.

If you are that concerned, go to a race meeting and have a look around at the owner/drivers who use race teams for preperation and event services. You should be able to get a good idea of costs, who is well known in the industry etc

for me it would depend on the racing championship, it would have to be a pretty serious championship before i started approaching companes to run my car.

[wanstead]

Pablo

Thanks for that.
I’m just after peace of mine really, I’ve considered all aspects of getting a team to run the car and I think I’ve done all the homework I need, it’s just this one aspect I’m not sure about. Your right of course, there would be clues if the company was getting into trouble and my car would be well away from them before ownership became an issue.
I’ve done a few races this season and been looking at three of four outfits who could run the car for me. I’ve just about made my mind up who to go with just a few loose ends to sort out.