RC Developments in liquidation

[Uncle Winnet]

http://www.lancerregister.com/showthread.php?t=227297

john

 

[Fire & skill]

didnt expect that

 

[leemh]

i thought that was wierd too that all there cars were up for sale.but with how todays money worries are going nobodys spending alot anymore.and you cant blame them as people dont know weather they'll have a job when they go in on monday.sadly thats how it is at the moment

 

[johnsy]

credit crunch maybe?

 

[bopper]

is that where rishi's car is?

 

[geoff pine]

So who has the deposits for the rolling road day.:lol:

 

[fubar andy]

So who has the deposits for the rolling road day.:lol:

Good question...


Perhaps it seems that today’s current issues are hitting many people in different areas

Who’s next, Norris, RSE?

 

[Mr GTiR]

credit crunch maybe?

No

is that where rishi's car is?

His car will be finished as promised.

So who has the deposits for the rolling road day.:lol:

I have the deposit's and yes the rolling road day will still happen. I know where the rolling road cell has gone and it's still in Warrington.

There are a lot of rumors as to why RC have gone into liquidation but all i'm going to say is don't believe everything you hear/read.

Once Clive / Andy and the boys have sorted themselves out I'll post up more info.

 

[fubar andy]

Dyno in CP already?

 

[Mr GTiR]

Dyno in CP already?

Yep, just waiting for the roof to go on the cell and for the extractor fan to be done

 

[antgtir]

:lol: :hug:

Shame about RC going under. Shame there wasn't more control over the finances

You never get told the full story so who knows what really has happened

Seems like CP will be the new premises for a while then im sure they will find a new location.

I wonder what the new name of business will be?

Ant.

 

[micra man]

sounds like a tax dodge to me,good on you clive

 

[ashills]

yeah good on all the guys on the mlr who paid for work to be done etc and be ripped off no offer of money back just shut the company and open next door lets hope the mlr dont let them advertise on there anymore

 

[pulsarboby]

totally agree!
its a disgrace that they can walk away and setup somewhere else straight away (never mind all the poor boogers that have paid for work to be done and those that have paid for parts that will have now dissapeared to line these peoples pockets):evil:
these people are not stupid they know exactly what they can get away with and what they cant.

rc, hiteq etc! there nothing more than legalised conmen and they wont be the last to rob people of there wedge and parts etc.

one bloke who does seem sincere though is simon norris, hope his business prospers now these scumbags are out the way.

 

[Fusion Ed]

Sad to see (for the customers) and very odd indeed. For clive et all to deny knowledge of any problems until 6 weeks ago is a joke, and imo blatant lie.

Looks to me as though the interests of the company shifted to that of its directors rather than their customers, inexperienced business people by the look of it...

 

[MarkTurbo]

The fact they announce within a day of going into liquidation that their rollers, ramps, tools, some staff etc etc are now at one of Rc's other directors companys smells fishier than a salmons c0ck to be honest :?

I put all the blame on Rishi, if his car hadnt been there so long using up valuble workshop space they might have been able to make some money :lol:

 

[red reading]

sounds like a tax dodge to me,good on you clive

i would so love to hear and see you say this to adi face,the blue evo in the pictures is a lad i know,25k car ruined and pretty much worthless,engine etc sold without his permission,and 37k up front payment gone.and you think it's a clever tax dodge..........one word for that comment....................stupid!!!!!!!!!:der:

 

[allsmiles]

some of the comments on here about money, paying in advance etc etc is simply crazy

more money than sence if u ask me

 

[fubar andy]

one bloke who does seem sincere though is simon norris, hope his business prospers

Nah fúck'em :thumb:

 

[fubar andy]

Statement from RC:

As of Monday the 20th of October 2008, it is with great sadness, for us to announce the closure of RC Developments UK LTD, with the company entering into receivership.

We are very sorry to declare this, even more sorry to pass this news to our close supporters, fans and friends who have supported RC Developments over the years. We thank you all for your 8 Years of support, and happy memories.

The reason for the closure is a shock to everyone here at RC Developments, and also we imagine to a large majority involved in the Performance Sports Car Sector.

Please allow us to surmise the situation, and explain to all the recent series of events that have lead to the downfall of RC Developments, widely respected by many as one of the leaders in innovation and success in the Mitsubishi tuning world.

2005 saw RC Developments rapidly expand as a company, brought about by the publicity of the company's successful Motorsport participation and continuing high class level of support for its customer base. This expansion required an addition to the company to handle managerial responsibilities, including office day to day running & finance control, and also overseeing the Motorsport Program at RC Developments, including securing sponsorship deals, and parts ordering.

Danny O'Hara bought into RC Developments 3 years ago, with 19% share of the company, and was made Managing Director for RC Developments. During this period of expansion and development of the company, Co-Founder of RC Developments, Max Waung, resigned as director from RC, to devote more time
to concentrate on his own business; Car Planet.

A great deal of trust was placed in Danny O'Hara, by Clive Seddon and Max Waung, to handle the business properly, and keep all accounts in good stead. Danny was made solely responsible for all financial matters, including liaising with the accountant who was contracted to handle such Tax matters.

Unfortunately for the company, this trust was misplaced. Around 6 weeks ago, Danny got married and took a week away from work to go on his honeymoon. During this period of time, a number of problems surfaced without Danny there to hide them. It was at this point that Clive and Max began to investigate the problems, and there was no doubt at the time, that there were a number of grounds of misconduct that Danny was proven to have been guilty of. The web of lies and deceit unfolded, and Danny was then released from his position as director, as mentioned in a previous thread.

There are a number of serious matters surrounding Danny's activities (some fraudulent) at the company that are still currently being investigated, to which we are not able to pass further comment, but have proven to be absolutely detrimental to the company. The web of lies Danny has been able to mastermind has caused the finances at RC Developments to reach a point of no return. 5 weeks ago, after Danny's dismissal, all at RC Developments tried to claw back finances to keep RC Developments open, by way of selling as much old and current stock, in order to keep the bank satisfied, to pay back suppliers owed vast amounts on accounts (that Danny had told us he had settled), and also back to the customers who Danny had taken money from (some of whom had placed large amounts of cash deposits with Danny).

However, the damage Danny has incurred on the company by way of his incompetence (including 3 CCJ's) has been too great of challenge to face, and despite our best efforts, the bank have made the decision to withdraw the overdraft facility and order all funds to be paid back to restore the company account (of which Clive Seddon and Max Waung are guarantors of)

With no other decision to be made, it is therefore with our deep sadness to announce the closure of RC Developments. The company has gone into receivership, with the liquidator appointed, who will assess the company and issue a creditors list.

As a result, Max has offered temporary employment to some of the employees of RC Developments, including Clive Seddon, in order to attempt to establish a Performance Tuning Sector within Car Planet, to offer Car Planet customers bespoke Motorsport and fast road preparation services.

Max has agreed with the liquidator to buy back equipment from RC Developments in order to reduce the debt, including the Ramps and Tooling. In addition to this, Max has also taken over the lease for the Rolling Road, of which Clive is guarantor. The directors of RC Developments remain responsible for the lease at the RC Developments premises for another 3 years.


With that said, all at RC Developments would like to thank each and every one of its customers, who over the 8 years of trading, have all been a pleasure to serve. We are very sorry for not being able to fight this monumental challenge, and very sorry for the community for our inability to now provide our services. Thankyou to the M.L.R and its members for all of your support. Thankyou to all of the people who have well wished all of the individuals who have built RC Developments over the years. So long and thanks for the memories.