Court found no reasonable alternative to Raymotors winding up order
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.