Sad news about trailcraft

[stevej]

take solicitors fees and double it

seceratary takes a photo copy $15 charge for that

the fees most administrators charge would be 100% the amount it would normally take to manage the company.

administrators are generally there just to make sure the carcass goes to the secured creditors, and manage whats left for the unsecured

[timddo]

admistrator fees, we had a couple debtors in voluntary administration

director fees $700 an hour
mangers $300
Normal admin $100 an hour

After the administrators have finish - there is not much left of the organisation.

There are usually two types of problems.

1.If the company is cash flow insolvent but balance sheet solvent- then most likely they will survive

2. if the company is cash flow insolvent and blance sheet insolvent - no way they can trade out - very unlikey.. This particular company that went into voluntary admin had $300,000 in assets and $1.5million in debt ,, 4 weeks later ( in liquidation).

[Grumpah]

Like I said earlier in this thread Receivers are usually the winners because they will always get their fees and often exorbitant ones at that. For receivers read any administrators. There are firms out there that do nothing else and you can bet they don't drive Holdens and live in your blue collar suburbs. I was thinking about it yesterday and if all the stock in dealers has been bought and paid for, unless they own their company buildings (unusual these days), have other good company owned assets (possible) or have money in the bank (unlikely if in admin) then I'd reckon there's not much hope. If you then take out the administrators fees - it doesn't sound too good.

I've just been through a month of listening to Financial experts talking about this sort of thing and one of them made a comment that really stuck in my head. He said "you have to really keep an eye on trends in your business. If there's a downward trend and you don't fix it, as soon as the trend goes below the break even point you're in severe trouble. Your creditors will take over and then they will decide if you will stay in business. And, he said, believe me they very very rarely let anyone stay in business because they want as much as they can get NOW! So much as I hate to see a Qld business fold - I cannot see how they will survive if their stock is all sold and they're in admin. But - where there's life as they say. I hope for the employees sake there is something left to share around.

[Grumpah]

Sorry to hog this space but i just read something to this effect:

Andrew Murphy, National Marketing Manager for Trailcraft Boats has advised that management has placed Trailcraft into voluntary administration. The firm Ferrier Hodgson has been appointed as administrators and have started a review of the business.
According to how I interpret what I read, Trailcraft had taken steps to reduce manufacturing volume to help dealer stock management. Apparently a “significant” reduction in orders has resulted in the business having weathered "exceptional" cash-flow pressures over an extended period. This report said there are parties interested purchasing Trailcraft and Ferrier Hodgson are meeting with them to discuss options. The report says it may be some weeks before a final decision is made as to the future of the company.

So it seems there may be some hope of a "white knight" rescue of Trailcraft so - don't give up hope just yet.

Cheers.

[tin can marlin]

That is great news lets hope someone takes it over and saves peoples jobs and also helps dealers with there business plans. It is great to see them saving such a great brands and a aussie buit boat.

[searay215ec]

We have all lost our jobs since 4th March, administrators said mot viable to have anyone there working on boats even the ones that have been ordered and the ones paid for.

[tin can marlin]

We have all lost our jobs since 4th March, administrators said mot viable to have anyone there working on boats even the ones that have been ordered and the ones paid for.

I must say i'am sorry to hear you have lost your job but it sounds like they are going to get it going again so maybe they can re hire you and fancy a dealer being that silly that he pays for a boat before it is finshed. I really hope they can get it started again so that you guys can get your jobs back. And also were you in a union if so what are they saying. I think at the moment being in a union is the way to go so that greedy bosses don't dud the worker who is the back bone of industry in this great country.

[John Martin]

Sorry to hog this space but i just read something to this effect:

So it seems there may be some hope of a "white knight" rescue of Trailcraft so - don't give up hope just yet.

Cheers.

Just read in the newspaper (Friday 13th) Ferrier Hodgson advert.... "FOR SALE: The Assets of Trailcraft Australia." To me that does not look like a rescue package or a night in shining armour but rather the adminsitrators trying to sell of whatever assets they can turn into cash, more than likey to pay their massive fees! I wonder if Brett Martins' Porche is part of the companies assets?

[MICHAELG]

Hi all

Can somebody confirm Trailcraft have closed their doors?

Why I am asking is a friend was looking at a 2nd hand Trailcraft boat and when he asked about warranty (boat & motor) the owner apparently told him it still had the balance of the manufactures warranty on both parts???

If they have indeed closed the business and the owner makes statements like this to me the owner is either lying or doesn't know his business or the industry.

Anyway my friend is no longer looking at it but it does raise a very interesting legal point about misrepresentation.

I am just curious if anybody knows if legally the owner could be held accountable if it was purchased by somebody and had an issue at a latter date

michael

[krill]

Ever wondered what equipment you need to start an alloy boat factory?

http://www.beevisandco.com/auctions/a897/a897.html

[tin can marlin]

You would be a game man opening up a alloy boat plans in these times the industry would have to be going thougth one of the hardest times in the last 30 years. But we can stand behind the ones that are left and hopefully they will survive the test of time.

[finga]

Why I am asking is a friend was looking at a 2nd hand Trailcraft boat and when he asked about warranty (boat & motor) the owner apparently told him it still had the balance of the manufactures warranty on both parts???

If they have indeed closed the business and the owner makes statements like this to me the owner is either lying or doesn't know his business or the industry.
michael

If it's a dealer making the statement then he's a fool who should know better. Run...and run hard from them.
If it's a private party then they may not know there is no phone number to ring for warranty...so it makes it hard.
Warranty on the motor should be OK though.

[DeadWater]

Hi all just a quick statment from brett the old and still current owner of trailcraft, seems he does not care about the marines he owes money to, not to say also the workers he owes money to.

Please read below.:cry: :cry: :cry: :cry:

Trailcraft powers ahead



Submitted by Brett Martin on Wed, 2010-05-05 13:33.

• Boating/Engine - Information/Questions

Hello Everyone - My name is Brett Martin and i am the owner (past present and future) of Trailcraft Boats.
Since i started Trailcraft over 10 years ago, i have often logged on to different forums to read what people are saying about Trailcraft. I have never included myself within the forum discussions because i believe it best that a forum run independantly of someone who has a vested interest in giving opinions. I would like to be a part of the forum in the future, but it will only be on the basis of everyone knowing that i am the owner of Trailcraft and my obvious thinking that Trailcraft is the best.
Their has been alot of miss-information written about Trailcraft and i thought this a great opportunity for everyone to hear it from the "horses mouth". As with most boat manufacturers - Trailcraft has had a tough time through the GFC - the good news is we have come through this period stronger and better - a bit wiser and a bit leaner.
*We have been and are currently producing boats.
*We have retained "selectively" the prodominance of our Australian dealer network.
*We have increased our warranty from 3-5 years on all new boats produced
*We are continuing to support our brand and warranty - now and in the future
*We will remain a national powerhouse brand.
I would like to thank all of you for your supportive - favourable and constructive comments in the past.
To the existing Trailcraft owners (6000 australia wide) - i would like to thank you for your loyalty and hope you get many more hours enjoyment from your boat.
Thanks everyone - Cheers Brett

[DeadWater]

Hi all just a quick statment from brett the old and still current owner of trailcraft, seems he does not care about the marines he owes money to, not to say also the workers he owes money to.

Please read below.:cry: :cry: :cry: :cry:

Trailcraft powers ahead



Submitted by Brett Martin on Wed, 2010-05-05 13:33.

• Boating/Engine - Information/Questions

Hello Everyone - My name is Brett Martin and i am the owner (past present and future) of Trailcraft Boats.
Since i started Trailcraft over 10 years ago, i have often logged on to different forums to read what people are saying about Trailcraft. I have never included myself within the forum discussions because i believe it best that a forum run independantly of someone who has a vested interest in giving opinions. I would like to be a part of the forum in the future, but it will only be on the basis of everyone knowing that i am the owner of Trailcraft and my obvious thinking that Trailcraft is the best.
Their has been alot of miss-information written about Trailcraft and i thought this a great opportunity for everyone to hear it from the "horses mouth". As with most boat manufacturers - Trailcraft has had a tough time through the GFC - the good news is we have come through this period stronger and better - a bit wiser and a bit leaner.
*We have been and are currently producing boats.
*We have retained "selectively" the prodominance of our Australian dealer network.
*We have increased our warranty from 3-5 years on all new boats produced
*We are continuing to support our brand and warranty - now and in the future
*We will remain a national powerhouse brand.
I would like to thank all of you for your supportive - favourable and constructive comments in the past.
To the existing Trailcraft owners (6000 australia wide) - i would like to thank you for your loyalty and hope you get many more hours enjoyment from your boat.
Thanks everyone - Cheers Brett

Sorry whole post can be read here http://fishwrecked.com/forum/trailcraft-powers-ahead

[searay215ec]

As an employee of Trailcraft at the time it went under i can tell you that there is a lot of crap written into the above and have pages and pages of documents regarding the whole matter. I can also so we did not receive one cent of our entitlements from Brett while he carrys on business as usual.

What goes around will come around is all i can i say.