JD Classics, what have they been up to?
Discussion
Bizzarini said:
Books off to LE & SG
Total of Book 1 sold...now over 2000
Children's Charities & Addenbrookes Cancer Trust have now benefitted by over £18,000 ( see book 2)
Total of Book 1 sold...now over 2000
Children's Charities & Addenbrookes Cancer Trust have now benefitted by over £18,000 ( see book 2)
Ordered last night. Look forward to it.
I used to do the Supercar fundraising day years ago for Littlehavens. Good memories.
Rockettvr said:
Morning all
So JD/ charme are facing a bill of £9 million to settle Mr Tukes claim, plus legal expenses , plus the possibility (if rumours are to be believed) of further claims to come, yet it would seem that Mr Hood - who’s actions led to the whole situation- gets to disappear into obscurity with only the loss of his job and reputation???
Surely that can’t be right ? Is there no possibility of legal action for fraud/misrepresentation either civil or criminal being brought against him ???
In my opinion it isn’t looking comfortable for Mr Hood. The Tuke Claim is also against Hood personally if I recall correctly which means even if the company didn’t satisfy any judgement (in case of any liability) Mr Hood is still facing the claim.So JD/ charme are facing a bill of £9 million to settle Mr Tukes claim, plus legal expenses , plus the possibility (if rumours are to be believed) of further claims to come, yet it would seem that Mr Hood - who’s actions led to the whole situation- gets to disappear into obscurity with only the loss of his job and reputation???
Surely that can’t be right ? Is there no possibility of legal action for fraud/misrepresentation either civil or criminal being brought against him ???
In addition, there are usually lots of conditions and warranties in the sale of a business and I expect Charme will be looking new closely at Mr Hood and trying to recover some of their losses. Presumably Charme paid Mr Hood quite a bit for his shares, and the value of those has taken a hit.....
I stress I have no actual knowledge and this is just my opinion.
It certainly seems he is going after both the company and the individual: ‘Mr Michael Tuke instructed Michael Grenfell to institute multiple proceedings against J D Classics Ltd and Derek Hood the first case of which (against the Company only) was concluded successfully on the 18th of April 2018.’
http://www.wilmotslitigation.co.uk/blog/2018/04/19...
http://www.wilmotslitigation.co.uk/blog/2018/04/19...
SlowAndDull said:
It certainly seems he is going after both the company and the individual: ‘Mr Michael Tuke instructed Michael Grenfell to institute multiple proceedings against J D Classics Ltd and Derek Hood the first case of which (against the Company only) was concluded successfully on the 18th of April 2018.’
http://www.wilmotslitigation.co.uk/blog/2018/04/19...
Thanks. I was pretty sure I had read a reference to that but it has been a few months since I read the judgement and that helps to refresh my memory.http://www.wilmotslitigation.co.uk/blog/2018/04/19...
jaisharma said:
SlowAndDull said:
It certainly seems he is going after both the company and the individual: ‘Mr Michael Tuke instructed Michael Grenfell to institute multiple proceedings against J D Classics Ltd and Derek Hood the first case of which (against the Company only) was concluded successfully on the 18th of April 2018.’
http://www.wilmotslitigation.co.uk/blog/2018/04/19...
Thanks. I was pretty sure I had read a reference to that but it has been a few months since I read the judgement and that helps to refresh my memory.http://www.wilmotslitigation.co.uk/blog/2018/04/19...
I'm sorry but I've lost the thread now a bit - am I right with this:-
So Mr Hood is gone and the action is nothing to do with him personally it's only against JD. JD do have assets and they're trying to sell them to raise cash to pay back their creditors and investors.
Mr Tuke won a court hearing to the effect that JD were indeed acting as his agent.
Where does Mr Tuke stand now?
So Mr Hood is gone and the action is nothing to do with him personally it's only against JD. JD do have assets and they're trying to sell them to raise cash to pay back their creditors and investors.
Mr Tuke won a court hearing to the effect that JD were indeed acting as his agent.
Where does Mr Tuke stand now?
Julian Thompson said:
I'm sorry but I've lost the thread now a bit - am I right with this:-
So Mr Hood is gone and the action is nothing to do with him personally it's only against JD. JD do have assets and they're trying to sell them to raise cash to pay back their creditors and investors.
Mr Tuke won a court hearing to the effect that JD were indeed acting as his agent.
Where does Mr Tuke stand now?
Tuke has multiple cases pending court dates. To date he has been successful in proving he was wronged. Hood gone, yes. JD wetting themselves I would imagine. Only they know what their options are. Other customers are also making claims for skulduggery So Mr Hood is gone and the action is nothing to do with him personally it's only against JD. JD do have assets and they're trying to sell them to raise cash to pay back their creditors and investors.
Mr Tuke won a court hearing to the effect that JD were indeed acting as his agent.
Where does Mr Tuke stand now?
Julian Thompson said:
Got it. Thanks. So with pending cases do JD have to reserve any of their assets to cover potential litigation or are they allowed to liquidate everything and say "sorry guys we don't have any money" if they lose?
In general that won’t be likely to work although I know people have tried it on occasion.Key will be what assets there actually are.
I have it on good authority that the position is this.
Following a failed attempt to sell JDC the company has entered administration which is a legal limbo land and has the effect of putting all legal process on hold. It can apparently maintain this state for a year while the administrators try and sort out the mess, sell some of its assets etc. However it is often a precursor to winding up the company, selling off the assets cheaply and probably the name to a different company which then carries on trading leaving the unsecured debts behind without the general public realising what has happened. This is known in the trade I gather as a " Prepack ". The showrooms have been closed by the banks.
So far as Hood is concerned all the claims against him are live and being actively pursued. He is not affected by the fate of the company except that Charme will want their money back, and the Company itself may sue him for breaches of directors duties.
Mr Tuke's claims against Mr Hood are said to exceed £40 million. No doubt settlement talks are being held!
Following a failed attempt to sell JDC the company has entered administration which is a legal limbo land and has the effect of putting all legal process on hold. It can apparently maintain this state for a year while the administrators try and sort out the mess, sell some of its assets etc. However it is often a precursor to winding up the company, selling off the assets cheaply and probably the name to a different company which then carries on trading leaving the unsecured debts behind without the general public realising what has happened. This is known in the trade I gather as a " Prepack ". The showrooms have been closed by the banks.
So far as Hood is concerned all the claims against him are live and being actively pursued. He is not affected by the fate of the company except that Charme will want their money back, and the Company itself may sue him for breaches of directors duties.
Mr Tuke's claims against Mr Hood are said to exceed £40 million. No doubt settlement talks are being held!
Livia1 said:
I have it on good authority that the position is this.
Following a failed attempt to sell JDC the company has entered administration which is a legal limbo land and has the effect of putting all legal process on hold. It can apparently maintain this state for a year while the administrators try and sort out the mess, sell some of its assets etc. However it is often a precursor to winding up the company, selling off the assets cheaply and probably the name to a different company which then carries on trading leaving the unsecured debts behind without the general public realising what has happened. This is known in the trade I gather as a " Prepack ". The showrooms have been closed by the banks.
So far as Hood is concerned all the claims against him are live and being actively pursued. He is not affected by the fate of the company except that Charme will want their money back, and the Company itself may sue him for breaches of directors duties.
Mr Tuke's claims against Mr Hood are said to exceed £40 million. No doubt settlement talks are being held!
In fact, a "Prepack"is when the sale of the assets has been arranged before an administrator is appointed.Following a failed attempt to sell JDC the company has entered administration which is a legal limbo land and has the effect of putting all legal process on hold. It can apparently maintain this state for a year while the administrators try and sort out the mess, sell some of its assets etc. However it is often a precursor to winding up the company, selling off the assets cheaply and probably the name to a different company which then carries on trading leaving the unsecured debts behind without the general public realising what has happened. This is known in the trade I gather as a " Prepack ". The showrooms have been closed by the banks.
So far as Hood is concerned all the claims against him are live and being actively pursued. He is not affected by the fate of the company except that Charme will want their money back, and the Company itself may sue him for breaches of directors duties.
Mr Tuke's claims against Mr Hood are said to exceed £40 million. No doubt settlement talks are being held!
Elderly said:
Was this Hood trying to hide at the Revival yesterday? 
I think that's what happens to JD's show stand when a cloud is spotted over a neighborouring country, or possibly continent.On a happier note, I saw a couple of Mr Tuke's other cars the other day and very nice they looked too.
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