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Author Topic: DJM - Statement of Affairs released  (Read 2305 times)

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Online Snowwolflair

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Re: DJM - Statement of Affairs released
« Reply #15 on: June 25, 2019, 07:53:04 PM »

They are signed by the liquidator.......         this means the liquidator has checked the information as accurate, or are you now suggesting an officer of the court is acting dishonestly?


Firstly they aren't an officer of the courts or appointed by the courts if they were all papers would have to be court stamped and no I am not suggesting they have been dishonest. It's voluntary so the liquidators are in effect been paid to prepare everything for the courts to sign off, if it was a court enforced winding up petition it is far from voluntary!   (my sister in law works owns an accountancy so has a lot of dealing with this, both voluntary and court enforce petitions)

This document that has been posted is purely what DJM has declared to the liquidators, what they are in the process of now is checking what he has declared is accurate, which as it shows no consumer creditors it is not, so their job is to ensure it is accurate before been submitted for the courts to stamp and seal.
I am in no way suggesting anything illegal however it is bloody shocking book keeping.

As I have had extensive experience in this area, and as someone who has put companies into liquidation as a creditor and bought companies from Liquidators as an investor I know exactly what I am talking about.

DJ has failed due to a sudden loss of assets and the ongoing reports of the Liquidators will state this.

I will stop this conversation now and when it becomes blindingly obvious to you I am correct, I look forward to your apology.


Offline Richard G Dallimore

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Re: DJM - Statement of Affairs released
« Reply #16 on: June 25, 2019, 08:38:45 PM »
It has been confirmed on RMWeb that this DJModels statement of affairs and is in the process of being checked by liquidators. This is from the liquidators, so this has not been signed off by them, just excepted or witnessed by them.
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Offline Richard G Dallimore

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Re: DJM - Statement of Affairs released
« Reply #17 on: June 25, 2019, 08:46:18 PM »
The 50k directors loan could be made up of a lot smallish cash advances over a period of time, hours worked unpaid, unpaid expenses (fuel, flights, hotels, post, envelopes, Internet, phone, heating, drinks, food, exhibition stand rent, flyers etc), could slowly build up.
« Last Edit: June 25, 2019, 08:48:24 PM by Richard G Dallimore »
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Offline Doc Pye

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Re: DJM - Statement of Affairs released
« Reply #18 on: June 25, 2019, 09:11:56 PM »
Can we all have a group hug and stop talking about DJM...please...I got sucked into the previous thread and my view of things remains the same, namely the guy running DJM was not operating a proper business and screwed/ripped off a lot of people. It happens.

Online Snowwolflair

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Re: DJM - Statement of Affairs released
« Reply #19 on: June 25, 2019, 09:28:08 PM »
Case Law

"The liquidator is an officer of the court (Re Oasis Merchandising Ltd [1998] Ch 170). As such, he has a duty to act fairly and impartially (Condon, ex parte James [1874-80] All ER Rep 388)"

Offline Richard G Dallimore

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Re: DJM - Statement of Affairs released
« Reply #20 on: June 25, 2019, 09:42:09 PM »
Case Law

"The liquidator is an officer of the court (Re Oasis Merchandising Ltd [1998] Ch 170). As such, he has a duty to act fairly and impartially (Condon, ex parte James [1874-80] All ER Rep 388)"

The liquidator has told RMWeb that the statement of affairs is from the director of the company ie DJ Models and that they are in the process of checking this statement. It may well get updated, no one is suggesting that the liquidators are dishonest. They are reporting facts as given to them at the beginning of the process.
Regards
Richard
Formerly NtasticShop
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Grumpy Old Git (Late 40s)
Member of NGS (but not allowed to comment)
Why am I surrounded by maroons?

Online Snowwolflair

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Re: DJM - Statement of Affairs released
« Reply #21 on: June 25, 2019, 10:15:54 PM »
Case Law

"The liquidator is an officer of the court (Re Oasis Merchandising Ltd [1998] Ch 170). As such, he has a duty to act fairly and impartially (Condon, ex parte James [1874-80] All ER Rep 388)"

The liquidator has told RMWeb that the statement of affairs is from the director of the company ie DJ Models and that they are in the process of checking this statement. It may well get updated, no one is suggesting that the liquidators are dishonest. They are reporting facts as given to them at the beginning of the process.

You are quoting "RMweb LLB"  :-X

Offline class37025

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Re: DJM - Statement of Affairs released
« Reply #22 on: June 25, 2019, 11:04:13 PM »
I'm sure we all have our opinions on what went wrong, perhaps we should wait for some actual facts rather than keep up the recent sniping
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Offline red_death

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Re: DJM - Statement of Affairs released
« Reply #23 on: June 25, 2019, 11:12:02 PM »
I didn't want to get involved in this but we all need to be clear. The statement is that given by DJM to the liquidator. That is not a court appointed officer or anything similar. The liquidator has stated they take DJM's statements at face value.

The statement shows us a few things without being the whole picture:

DJM Ltd owes 19k to Hattons and 33k to Funding Circle (a P2P lender). Funding Circle will have required regular loan repayments and that *might* have been one reason for failure ie cash flow wasn't sufficient to meet loan repayments.

The 50k owed to DJ personally is more ambiguous - that could be anything from a personal cash injection to a deferred salary. If I was betting I would suggest the latter as I would expect seed capital to appear on earlier accounts.

That is possibly the limit of what the statement shows us. I completely disagree with the idea that if DJM had access to the disputed tooling that would have made him solvent - we don't know that. Some factories are clearly disputing payment (and I've checked at both ends); even if the amounts were fully paid they aren't enough for all the tooling so there would have been additional amounts due in the tooling and production ie back to cash flow.

Sorry to wade in in this but I've tried to stick to verifiable facts.

Mike



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Re: DJM - Statement of Affairs released
« Reply #24 on: June 25, 2019, 11:13:06 PM »
this thread has generated  a number of complaints to the Mods. Perhaps it would be better to suspend it until some clarity over the affairs of DJModels has emerged?

we are willing to hold fire but are concerned at the tone and implications of some statements.

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Re: DJM - Statement of Affairs released
« Reply #25 on: June 26, 2019, 12:08:53 AM »
Forgive me if this is a stupid question, but who owns the tooling for the already produced items, the OO J94, N Mermaid etc.?

Are they not valuable assets that could be sold on to help pay off debts?
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Offline red_death

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Re: DJM - Statement of Affairs released
« Reply #26 on: June 26, 2019, 06:44:53 AM »
From the statement of affairs it appears that ownership of existing tooling is being disputed by the factory that holds them.



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Re: DJM - Statement of Affairs released
« Reply #27 on: June 27, 2019, 04:31:36 PM »
The 19,150.12 owed to Hattons has been bugging me as it seems too much for an advanced payment for stock.

This is probably a guess but does anyone know if Hattons commissioned DJ to design their Garrett locos.

Online Bartercode

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Re: DJM - Statement of Affairs released
« Reply #28 on: June 27, 2019, 06:25:44 PM »
It is not necessarily just one thing.

For example, did he promise to pay anything to Hattons for the right to use 4mm scale King class information and CADs for the N gauge version?

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Re: DJM - Statement of Affairs released
« Reply #29 on: June 27, 2019, 06:44:28 PM »
It is not necessarily just one thing.

For example, did he promise to pay anything to Hattons for the right to use 4mm scale King class information and CADs for the N gauge version?

True, it's a real mess.  Only time will tell.

 

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