Originally Posted by SteveB
I am not sure about what contracts were issued by the organisers (if any) as i did not enter anything and i am not sure what sort of entry fee was asked for.
Obviously there is always a risk of companies going belly up but due diligence only goes so far. Correct me if i am wrong but i thought the days of setting up a company, which then folded with debt, was not the get out of jail ticket it used to be. I was under the impression that you can now go after the directors of the company, even if it has folded.
i am asking out of curiosity more than anything as i was not involved in any of the previous race cancellations. Maybe this is the wrong thread to be asking the questions. I know a company compliance officer so may ask them out of interest.
Nope, very VERY difficult. Unless the actions by the directors are fraudulent, itself hard to prove AND the numbers are significant enough to justify the costs, AND the directors have money to repay it, you're on a hiding to nothing. It goes on all the time.
The Irish even come over here, transfer assets/debts, then use our lax laws to go bankrupt and claim benefits until they're cleared, in a shorter time than their laws, only to go back again once cleared. Our Ltd company and personal bankruptcy rules are a joke open to constant abuse. I see it daily.