Friday, June 14, 2024
HomeNEWSMAG MOVES TO AVOID TRIBUNAL'S FINANCIAL PENALTY

MAG MOVES TO AVOID TRIBUNAL'S FINANCIAL PENALTY

The Motorcycle Action Group has begun the process of liquidating its holding company MAG (UK) Ltd, to avoid the financial consequences of an Employment Tribunal judgment in favour of a number of former employees.

Insolvency practitioner PR Booth & Co has written to all MAG members and creditors, convening meetings to kick off the process of placing the company into Creditors’ Voluntary Liquidation.

According to a statement by directors, a new company — The Motorcycle Action Group Ltd — has already been contracted to take over the servicing of MAG (UK) Ltd’s members, in effect outsourcing all of its functions. Existing members are being invited to join this new entity when their subscriptions are due for renewal.

Once formally appointed as liquidator, Phil Booth of PR Booth & Co says he intends to communicate a directors’ report and statement of affairs to members/creditors via www.thecreditorgateway.com, accessed by the password ma26hw85bt.

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