Thread: Gregory Machinery still trading ?

It is possible that one of the brothers will buy back some machinery from the auction at lower prices that they paid for it originally.

Interesting - is that technically legal? I cast no aspersions in this particular case, noting your points about voluntary liquidation, but if that process were legal, I can imagine less than honest people taking advantage of it to restock -at a discount - under a new trading name, having wiped out debts...

It is completely legal and very moral.

They went into voluntary liquidation, not because they could not pay their debts, but because the owner partners could not come to an agreement on how to split the business between themselves. And so this way, an independent party controls the sell off for a fee, and then splits the money from the asset sales between the partners according to the agreement that they signed between themselves

They do not owe any money, (actually, they may, I don't really know), they are just liquidating the assets so they can all go their own ways each with money from the sale of everything.

If they do owe money for stock etc., then that would be paid to the creditors before they get anything themselves.

Thank you - interesting, and as I specifically said, I cast no aspersions in this case.

However, I can definitely imagine use-cases in which the unscrupulous would not be 'very moral' at all... Plainly I have a jaundiced world-view based on my personal experience.

I share your jaundiced view, it just happens that in this case I know the main protagonist.

Originally Posted by Bob Willson

It is completely legal and very moral.

They went into voluntary liquidation, not because they could not pay their debts, but because the owner partners could not come to an agreement on how to split the business between themselves. And so this way, an independent party controls the sell off for a fee, and then splits the money from the asset sales between the partners according to the agreement that they signed between themselves

They do not owe any money, (actually, they may, I don't really know), they are just liquidating the assets so they can all go their own ways each with money from the sale of everything.

If they do owe money for stock etc., then that would be paid to the debtors before they get anything themselves.

You mean the creditors?

Originally Posted by rustynail

You mean the creditors?

Yes, thanks Rusty.

All fixed now.

From Facebook Market place today, seems the auctions start Thursday 28/3/24

Gregory Machinery Liquidation Auction - Pickles AU

Interesting the auction starts on the 28th and inspection isn’t until the 2 and 3rd.
H.

Originally Posted by clear out

Interesting the auction starts on the 28th and inspection isn’t until the 2 and 3rd.
H.

Probably meant collection. They don't call them Pickles for nothing.

A mate and I are interested in machines in the auction.

Just looking at options for transport to Sydney.

Is anyone interested in sharing freight costs or is there any companies that will pick up single items from the auction?

Unfortunately they have closed down.

Looks to be a few things worth buying

Any Brisbanites picking up machinery from the auction interested in teaming up for mutual help with loading and unloading? I'll have an afternoon free, probably doing two trips from the southside.