Reply With QuoteAll the best and chin up and go fishing.
We are all ripped off at the moment, but time will tell. We have all the legal information and support we require but usual time will tell.
All the best and chin up and go fishing.
FISHING FISHING AND MORE FISHING. IS THERE ANYTHING ELSE TO DO?
tin can marlin,
you seem to be the one always in the know and 1st to post when some poor bugger is going belly up, what is your position in the marine industry?
on the hulls never failing.............. I'm sure we could dig up a few stories there!
hope it works out for the employees, at least the guys with warranty's have dealer support in this case, or so it seems.
cheers
lippa
Hi Lippa i just get some good mail of the boys at stones and also cunningham's but trailcraft has been old news they have had issues for over 12 months. I just feel sorry for the dealers.
G'day,Originally Posted by Noelm
You are not being naive. I guess you may not be old enough to have seen anything like this before.
Businesses are sometimes caught by sudden changes in economic conditions. Businesses like boat builders are the types of businesses that are hardest hit. They sell "luxury" goods and these are the first off the shopping list when consumers are belt tightening.
Now, a prudent business would not have expanded too fast or borrowed too much and would have kept something in reserve - if they had seen this coming. Did the world's economists, bankers, superannuation funds, governments, anybody see this coming? Don't look for someone to blame - let's just deal with it.
Voluntary administration allows a professional accounting firm to deal with the affairs of the business independently of the owners/directors. They are impartial (unlike owners/directors) so they can rescale the business for survival provided they have cooperation from creditors - especially banks and other lenders. They can negotiate to suspend debt, renegotiate repayments, deal with suppliers claims, etc, etc.
Now (1), the future employment of Australians and the continued training of apprentices depends on having businesses that survive this, and the boat building business is a hard case - luxury goods - but don't we do them well!
Now (2), the banks have benefitted from the largess of the Government (i.e. taxpayers) in guarantees bank deposits and by ASICs measures in preventing short selling of bank stocks. So the banks (and their shareholders) have received a huge leg up from you and me to support the Australian economy and that means keeping industry afloat and people working.
So here's to the banks for keeping us employed - because we paid them to.
White Pointer
Curiously YES! In 2006 it was well foretold and right up until the first "shock", I even and 1 other on this site also let our 'crackpot' prediction air with ample time for anyone to shore up their position...I did, sold out and moved to a renter and term deposits instead of shares, I was too early in hindsight but still better for it, more is to come.
Sorry couldn't help myself it's easier to just sheeple it but I hate the way we reinvent history to justify the present...it's almost an Australian tradition.
Cheers fnq
My Father had this pegged way back when Bill Clinton threw things open to allow mortgages to be written "lo-doc". How long ago was that???
Dad was a longtime board member, and for a while chairman, of a large building society in South Oz. He also wrote the Building Society Act. He had the experience and understanding to know. Many others did too.
But the world (media & financial) was so caught up in the hype about how good this was for "the people" that the protests were lost in the bullshit.
Tim
Carbon Really Ain't Pollution.
White Pointer, I am plenty old enough to have seen stuff like this before (I think you may have paid me a compliment with the age) BUT I was just sort of mumbling about how a succesful? business can be saved by a rank outsider, when the owners could not keep it afloat, if you get what I mean.
The theory is, and apparently it works quite well, is that it's a fresh set of eyes, very experienced in Business.
They also know how to negotiate with your creditors far more effectively than you do. They can see the forest from the trees, and can often resolve issues the Business owner cannot.
Consider that often a Business has some fairly illogical attachments to some methods/income streams/activities that are actually not profitable, and burden the Business. Owners often can't see them. Administrators find them and chuck them. Ruthlessly. All very upsetting, but the amount of times they have rescued Businesses speaks for itself.
Cheers,
Tim
Carbon Really Ain't Pollution.
Dealers warrantying boats themselves? hmmmm
A warranty is only as strong as the company giving it........as weve just seen. Most companies are backed by $2 in assetts. (no disrespect to the great dealers who are assocciated with ausfish members).
Is there anywhere where one can get some more information on this? Newspaper articles etc?
Actually usually it's $10. I'm not kidding...
Cheers,
Tim
Carbon Really Ain't Pollution.
a bit off topic...the entire financial debacle has been brought on by one group of people and they certainly have not been short changed in any of this.
White Pointer.."continued training of apprentices"..that would be great but it is bloody hard ot find many kids that really want to work..they all seem to want to start as managing directors.
warranting a weld here or there or a part replacment is easy
accepting resonsibility for major defects or degin deficiencies that may cause incidents where law suits are place is an area where your statment we will warranty any boats sold is worthless
so what fees does an administrator charge? is it a standard %
how does that affect the viability of the business?
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