QLD Power Boats --- Gone!

[MrWong]

Went for a drive today to have a look at Qld Powerboats (Fromosa) and would you know it they are gone. All stock taken by liquidator - reciever on Friday. Office furniture etc going in a removal truck today.
Anyone know the future for Fromosa boats? Glad I got my Poly and not the deal I almost did at Qld Power Boats 18 months ago ( re warranty)
Interesting times

nb

[PinHead]

there were no boats in the yard the previous friday

[Mad-One]

Try Coastal Power boats on the Gold Coast Highway Miami 55260858
they sell Formosa boats
Cheers Mad

[Black_Rat]

Coastal Power Boats still sell them down the Goldie. I think Formosa boats are made in Capalaba ?

Beat me by a minute ;D I noticed the yard empty a week or two ago as well and assumed they had moved to a larger yard.

[shaneoo]

mate i no a bloke that lost 23000 to qld power boats he payed it to them in the thursday before they went down.
low life bastards

[finga]

Crikey, looks like I won't be getting my spark plugs I ordered then will I :(
Anybody check the workshop around the corner??
Website is still working. I'm so confused :-/

[FNQCairns]

Crikey, looks like I won't be getting my spark plugs I ordered then will I :(
Anybody check the workshop around the corner??
Website is still working. I'm so confused :-/

Quick Finga don't miss out get you deposit in, someone will take it, no problem if it is a standard form contact you can trust them:)

Always a bugger when this happens, Aussi boat manufactures have a long history of belly up!

cheers fnq

[Tangles]

Shaneoo

Not knowing the circumstances, but that sort of stuff really gets my goat, but karmas a good thing, theres a thing called Directors responsibility, if they took the money knowing they couldnt trade etc they are personally liable and cant hide behind the company, especially if the transaction is so close to going down,,

but it depends on the facts, ie different if they reasonably believed they could trade out of it and could pay their bills, for your mate shaneoo, its a question of facts and tell him to get a good lawyer and get in the line quick!! Problem he will face is, he's most likely an unsecured creditor and will be down the pecking orderm after the secured creditors.

I know this doesnt help but when that big super fund went down a month ago, some poor bloke wacked in his life savings ( ie retirement of close to 600k ) the week before it collapsed and hes only looking like getting 30 cents in the dollar at best over a long time,

I know it sucks, tell your mate to get a good lawyer fast!

cheers
Mike

[Marlin_Mike]

His money has gone, despite what liquidators o anyone says, he wont get any back.

SAD BUT TRUE.....THEY SHOULD SHOOT THE DIRECTORS, THEY BLOODY WELL KNEW WHAT WAS GOING TO HAPPEN WHEN THEY TOOK HIS MONEY, NOTHING WILL DISPUTEN THAT FACT.

rEasonably knew they might trade out of it??? Nice sentiment igutso, but thye knew, thye always know, thats why they took the moeny. They could have said no, we cant as we are insolvent, but the $$$$$$ signs, any guessses where the money went, in the books or soemones pocket???

Sorry if im overly cynical and untrusting, but have been there years ago, know what hes feeling

Mike

[FNQCairns]

Marlin Mike what did he buy to hand over that much money without claiming possession on the spot?

cheers fnq

[chuss]

so there should be a few cheap razerlines and formosas up for sale soon then??

[Tangles]

Marlin,

mate, understand your cynicism, dont shoot me mate, im just outlining the system this guy has to operate in,, like i said, i think it sucks, but if he doesnt do anything about it then he has definitely lost his money.

my point is to take it on, get a legal and get in line and get his claim in. If he does that maybe he has a shot at getting his money or some of it back, if he doesnt and just says the directors where crooks and leaves it at that then he has no chance;

If the Directors knew and traded whilst insolvent they are personally liable ,if people take action then the Directors stand to lose their house/property etc ( but that depends on who holds it etc,, but thats another can of worms but courts will look behind property ownership like house in name of wife etc or trusts) but point being he will never know unless he takes a stance legally,,,

Also like FNQ said we dont know what was the 23k for, if it was for a deposit or if it was for full price, if it was for full payment he should never of paid it over until he got full possession of the goods, we dont know.. only advice in circumstances like this get a legal;

whatever the facts, it still doesn't excuse whats happened

Mike

[MobileBoatCanopies]

Have heard of a few dealers and manufacturers going under recently. It was always going to happen though considering that the last 2 years have been incredibly quiet in the marine industry. Fuel prices and interest rates always hit us very hard.

Terry

[sjp2]

yup- theres a few suffering up here too,could be the first signs of the boom coming to an end ,non essentials always start first

[Mick King]

Peter is still at the workshop but that is a seperate enity to queensland power boats.He is a hell of a nice bloke so please don't go around there and shooting him for the incompitence of others. Thank You Mick

[Hoodie]

i had mine in there for sale, i had a funy feeling about them and pulled it out, i was lucky. there are some bastards out there.