Have Picton gone bust?

[A.C.]

Thread on the 'Boatmad' site saying Picton have folded today. Does anyone have any info on this, is it true?

[RichardB]

Originally Posted by A.C.

Thread on the 'Boatmad' site saying Picton have folded today. Does anyone have any info on this, is it true?

Interesting - website was down the past few days. I was trying to look up Cobra's

[codprawn]

Dave Picton sold out a year or two ago - he just sells boats now - bet he saw the writing on the wall..............

[nikster]

went pop over the weekend - recievers number 01722 432 651

Already people interested in moulds etc and sure will re-invent themsleves...!!

[PeterM]

Quite a lot of these boats in the solent all quite newish . Not sure what sort of warranty they had , but would this be picked up by anyone now ?

[nikster]

ive never known of a company willing to insure a failed companies products - as with all things you pay's your money, you takes your chance!! rumour mill saying VAT bill was big part of the problem??? so if you paid VAT on a new cobra in the last year - you may be paying for it twice soon..... watch for HMRC letters popping through the door...!!! and yes i think they can..........?

[Doug Stormforce]

Originally Posted by nikster

rumour mill saying VAT bill was big part of the problem??? so if you paid VAT on a new cobra in the last year - you may be paying for it twice soon..... watch for HMRC letters popping through the door...!!! and yes i think they can..........?

I don’t know the details of this case but am unsure why someone with a VAT receipt would have to pay again.

The crown / HMRC are one of the first people to get paid from the sale of assets when a company goes into receivership/liquidation. For that reason it’s a fairly safe strategy for them to cause the company to go into receivership.

[John Kennett]

Originally Posted by nikster

so if you paid VAT on a new cobra in the last year - you may be paying for it twice soon..... watch for HMRC letters popping through the door...!!! and yes i think they can..........?

I'm pretty sure that's not correct. The purchaser doesn't have any VAT liability to HMRC.

John

[Phil]

1. Crown preference ceased to apply from September 2003 under the provisions of The Enterprise Act 2002; the idea being that the company's assets be spread amongst a wider class of beneficiaries particuarly unsecured creditors.

2. No way can HMRC call upon a purchaser to pay the company's VAT liability which is theirs and theirs alone

[nikster]

mmmmm not going to get into an argument here - but a fairly well known case involves a commercial invoice raised and VAT payment made for a vessel - which in turn was never paid to HMRC so being as the vessel was used commercially and the operator was trying to reclaim VAT on his purchases the 2 needed to marry up. Bottom line is the VAT was never paid on the boat, so they made the operator pay again as the vessel was in commercial use.