• Guys, we've spent considerable money converting the Les Paul Forum to this new XenForo platform, and we have ongoing monthly operating expenses. THE "DONATIONS" TAB IS NOW WORKING, AND WE WOULD APPRECIATE ANY DONATIONS YOU CAN MAKE TO KEEP THE LES PAUL FORUM GOING! Thank you!

Music Ground to close but E-bay operation now musicincuk

Billy Porter

Well-known member
Joined
Mar 16, 2005
Messages
1,129
Didn’t know were to post this but thought it would be of interest to some forum members

If you read the comments you’ll note that although Music Ground has ceased trading that its E-bay operation has changed name to musicincuk (Music Inc UK)

One of the partners states that its merely closing its Northern shops - seems a bit 'iffy'.
 

Tom Wittrock

Les Paul Forum Co-Owner
Joined
Aug 2, 2001
Messages
42,567
Didn’t know were to post this but thought it would be of interest to some forum members

If you read the comments you’ll note that although Music Ground has ceased trading that its E-bay operation has changed name to musicincuk (Music Inc UK)

One of the partners states that its merely closing its Northern shops - seems a bit 'iffy'.

:wah

Link?
 
B

Banker

Guest
http://www.mi-pro.co.uk/news/30985/Music-Ground-closes-liquidator-to-be-appointed

Will be interesting to follow this one and see whether a traditional liquidation event has occurred (by order or voluntary), or whether a "pre-packaged" liquidation has been arranged. If the latter, another separate company, for discussion sake only say Hiwatt, could acquire the name and assets of MG without incurring its liabilities. Fully legal and arranged with the receiver before the liquidation event. Creditors, however, have no recourse in this situation and there are examples of pre-pack's being used by the unscrupulous to avoid their liabilities. No suggestion that this is the case here, there are legitimate reasons for their use too. Besides, Director's have a general legal duty manage the business affairs in such a way as to minimise loss to creditors. Failure to do so opens Directors to personal claim.
 

Joe Ganzler

Active member
Joined
Jul 18, 2001
Messages
6,911
http://www.mi-pro.co.uk/news/30985/Music-Ground-closes-liquidator-to-be-appointed

Will be interesting to follow this one and see whether a traditional liquidation event has occurred (by order or voluntary), or whether a "pre-packaged" liquidation has been arranged. If the latter, another separate company, for discussion sake only say Hiwatt, could acquire the name and assets of MG without incurring its liabilities. Fully legal and arranged with the receiver before the liquidation event. Creditors, however, have no recourse in this situation and there are examples of pre-pack's being used by the unscrupulous to avoid their liabilities. No suggestion that this is the case here, there are legitimate reasons for their use too. Besides, Director's have a general legal duty manage the business affairs in such a way as to minimise loss to creditors. Failure to do so opens Directors to personal claim.

Check out the big brain on Banker!:hee
 
Top