More deliberation and responsibility needs to be brought to transactions by dealers, buyers and sellers in the classic car world, say London Solicitors Healys LLP, following the distressing news which was announced yesterday in the classic car world of the appointment of administrators to the troubled historic car sales, restoration and preparation business JD Classics which had publicly been perceived as a beacon in the sector.
Clive Robertson leader of the firm’s classic car group said “The administrators, Alvarez & Marsal are reportedly hoping to find a buyer for the business. In the meanwhile, there will be considerable concern amongst a diverse group of parties who will be affected, including staff, investors, lenders, trading partners and not least, those with cars at the Mayfair and Maldon premises for sale or restoration.”
Clive expanded upon the issues faced by JD, and by extension their customers and suppliers: “There had been rumours of financial irregularity at the business which were apparently confirmed in March of this year when judgement in the case of Michael Tukes v JD Classics was given, there being several cases lodged by the same claimant still pending. It may be some time before the full picture emerges, so it could be premature to be seeking to know what lessons , if any, can be learnt,but it may be no more simple than saying, that in such a relatively new and fast-growing industry, balance and reason may have been left behind, so that more deliberation and responsibility needs to be brought to transactions by dealers, buyers and sellers.”
Clive concluded by restating that due diligence simply HAS to be key in such high-value and high-profile activities: “There has probably not been a more important time to make use of skilled and established legal advice. You’d not buy a house without a conveyancing solicitor, so why spend, potentially, more money, without similar professional advice and guidance?”
For Further Information please contact David Barzilay: telephone 0207 544 8980/07860 322333
Clive Robertson,Consultant. Tel +44 (0)7768 997439. Email: email@example.com