UK Karting - Notice Board (Combined Forum) : Re: FKS Bulletin #1

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Re: FKS Bulletin #1
Posted by 'FKS Action Group' on 15 Jun 2016 @ 14:36

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FKS Action GroupJoined: May 2016
Total Posts: 15
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Dynamax

I hope we can sort the fact from the fiction here. The facts will be made available on the FKS Action Group website as and when we are able.

* Some engines are known not to comply with non-FKS MSA regulations (ie Supercadet). The cadet engines can, we understand, be converted for a pull-start. That does NOT mean that they cannot be used in the UK, as there are non-MSA interested parties.

* There may have been other reasons why GYG did not proceed

* Hilco have made it clear that they are available if anyone has questions about the assets themselves

* The Liquidators are dealing with the assets which are not part of this viewing process separately, due to different issues arising

* There appears to be no doubt about the arrangement FKS made to hire some additional Junior chassis and no doubts have been expressed about the authenticity of their disposal process (now nothing to do with FKS)

* We are not aware of any challenge to FKS' right to sell these assets

* The figure quoted by "Smithers" is the forecast balance sheet deficit reported to the Creditors Meeting (ie recoverable assets minus estimated known creditors)

* The funds generated will be used with oversight by the Liquidation Committee (represented by 3 creditors, 2 of which are MSA Entrants) to optimise the outcome

* The list of Creditors was compiled by the original Liquidators, based upon information supplied by the Directors, and is subject to the following statement: "Inclusion or omission of an amount due to a creditor should not be taken as an admission or rejection of a creditor's claim. All claims from creditors will be adjudicated on by a liquidator should a dividend become payable."

These assets are one component of the liquidation and you are more than welcome to make arrangements with Hilco (aclarke@hilcoglobal.eu) to view them for yourself tomorrow.

Your support for this process is appreciated.

Message Thread:

FKS Bulletin #1 by 'FKS Action Group' (14 Jun 2016 @ 14:09)

Re: FKS Bulletin #1 by 'Smithers' (14 Jun 2016 @ 14:22)

Re: FKS Bulletin #1 by 'dynamax' (15 Jun 2016 @ 11:57)

Re: FKS Bulletin #1 by 'FKS Action Group' << You are here!

Re: FKS Bulletin #1 by 'dynamax' (16 Jun 2016 @ 0:39)

Re: FKS Bulletin #1 by 'orton1966' (16 Jun 2016 @ 6:50)

Re: FKS Bulletin #1 by 'richydehav' (16 Jun 2016 @ 9:32)

Re: FKS Bulletin #1 by 'FKS Action Group' (16 Jun 2016 @ 11:30)

Re: FKS Bulletin #1 by 'richydehav' (16 Jun 2016 @ 12:06)

Re: FKS Bulletin #1 by 'FKS Action Group' (16 Jun 2016 @ 12:20)

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