I'm unaware of the trading period agreed, in any case the company is now being wound up.So my question to KSA and the IP in particular would be
1. What was the trading period agreed at the 24 jan 2019 CVA ?
2. Did 50c accept orders after that date ? If so why is that not wrongful trading and have KSA considered their duties to make a report on the company site directors
3. And if ksa have been intructed to wind up then they have now fully stepped into the shoes of the outgoing directors. In which case why the hell are THEY still taking orders
I am not a legally interested party (basically I didn't order a bike) but others who have been caught up in this would have a legitimate to claim to getting these questions answered
Any company can continue trading if a CVA has been agreed: it's a way in which a company can try and trade their way out of a situation such as this, rather than go into immediate liquidation.
The potential loophole here, as explained to me this morning by the KSA Group, is that having instructed solicitors to wind the company up, there is a 6-8 week period before the directors have to appear in court in order for the company to be put into liquidation.
KSA also explained that they may not ultimately be handling the liquidation: it could go to a government official receiver.
Note through all of this in the last 48 hours, the Snaith Brothers have refused all contact withe the KSA Group, which will not go in their favour either.
I did ask as to why on earth 50cycles can still be selling bikes via their website, and was told that they can still keep doing that until either the insolvency solicitors or the court appearance stops them in their tracks.