[an error occurred while processing this directive]
[an error occurred while processing this directive]
On-Air Now
Facebook

Court found no reasonable alternative to Raymotors winding up order

Fri, 27 Oct 2017


A judge says there was no reasonable alternative but to issue a winding up order for a well known car dealer in the north of the Island.

Raymotors in Ramsey, which employed 28 staff as of June this year, closed its showroom and garage earlier this week after more than 60 years trading on the Island.

Deemster Doyle heard that the relationship between the brother and sister who are joint shareholders in the business had broken down, preventing them from agreeing business matters.

Winding up proceedings had been adjourned earlier this year while the owners tried to agree an alternative, but with no progress the First Deemster ruled proceedings had dragged on long enough.

The court heard tax returns and accounts are outstanding from 2012 due to the owners' inability to agree, resulting in the threat of prosecution from the Treasury, while the company had failed audits with Volkswagen and SEAT.

A liquidator had been appointed by the court.


 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed
More News Stories
[an error occurred while processing this directive]

News Archive