Expedition Truck Fit out Companies - Gone bust or in Liquidation / Buyer beware

OverlandSphere

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May 26, 2013
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if anyone is thinking about appointing a company to fit out or build their vehicle its extremely important to carry out some due diligence in advance.
  • ask for references, both from the supplier, and openly in public from others ( in places like this)
  • ask the company if any of their previous companies have ever gone bankrupt or have been in liquidation
  • find out how old the current legal entity is
  • ask the company for a copy of their accounts, to show that they have sufficient equity/assets
    • search your countries local register of companies for the supplier's accounts, i.e. companies house in the UK
    • ask if they are insured, and what warranty guarantees come with the build.
    • Find out in advance, how payments will be made, are they in advance, stage of completion, or on completion
    • Will there be any retainer, held back in case any issues arise after collection of the vehicle.
It is come to our attention over the past few years, that some companies, have gone into liquidation, and have subsequently reemerged, with a brand-new company.
This is all perfectly legal, however, if the company has previously gone into liquidation, and their current business has not been trading for long, they don't have current accounts or they have few assets, there could be a higher risk of them going into liquidation once more.

Therefore, we wish to use this thread, to highlight companies that have gone into liquidation, companies that have resurfaced with a different or similar name, and companies that have had a significant amount of bad feedback.

This thread should be factual, it should not be based on rumor, and only significant material issues should be highlighted.

Not all businesses get things right the first time around, but it is important both legally, and to be fair you give any business the opportunity to make things right.
Only if they have not made things right, and it's a significant issue, should you add details to this thread?

Note this thread has also been created in our Overland Trucks Facebook Group here: