Limited Company Update
Posted by: barry herbert
Date: August 8, 2009 07:13AM
This is an interim report by the Directors of the Steam Car Club of Great Britain Limited (Barry Herbert and Greg Walker).
After great difficulty we have finally received as much information and cooperation as the six people responsible for running the club are willing to give. We have finally received the club's computer, from Joy Davies, but it has been completely wiped clean and therefore any clubs data on it totally lost. They have provided some records on CD's and they have e-mailed the register of members so we have had something to work on. It is the responsibility of her directors to hand over everything to us. They are the ones who are responsible for seeing this is done. We are not convinced that they have done this.
However, we have received the entire, very detailed file, from the firm of Solicitors instructed by Gerry Stoneman. This file contains all written, faxed and phone records both sent and received by their Solicitor including his hand written notes made relating to conversations, etc. These records are very revealing and of great concern to us. It is also clear that those running the club after the Annual General Meeting in February, knew their actions would bankrupt the club yet they still went ahead.
Gareth Jones and Gerry Stoneman have obstructed the handover of control of the Bank Account to the new directors throughout. It is clear that their Board, that resigned on 5th May, had been planning this action since before the Extraordinary General Meeting on the 7th May was requisitioned - this could never be in the best interests of our members. They were advised by their own Solicitor that they were not entitled to claim costs they incurred by their own decisions against Jeff Theobald and Chris Busk, without incurring further legal costs that exceeded the net worth of the company.
We hope to have a final report ready once we have dealt with the bank who have admitted, in writing to us, that it was an administration error on their part in removing the "stop" on the account. We have a claim against them which is proceeding. At long last they have also assigned control of the bank account over to the two of us.
You will see from the Steam Car Club's Chairman's statement, on this website, that we agreed to sell for the sum of £800, the various assets of the Limited company, magazines, badges, etc. including the use of the name "The Steam Car Club of Great Britain" in order to offset a liability we had to re-imburse the sum of £800 to the Energy Trust. The new Steam Car Club has taken over this liability to the Energy Trust and this move, together with two loans from members, has stopped the Limited Company becoming bankrupt, thereby giving us, the Directors, more time to sort the situation out.