Current Corporate up-date regarding the recent South African Liquidation Court Proceedures and the Australian Franchise
Ian Richards said
09:03 AM May 3, 2019
As we are seriously considering purchasing a Jurgens Caravan, I am very interested to learn the latest developments related to Jurgen financial South African and Australian crisis
I have read brief web based commentary mentioning 'Out of court settlements with Alko Suspensions' is that the end of creditor litigation ? and does Jurgen Australia now have positive cash flow to guarantee their ongoing future trading for the foreseeable future
I expect someone from The Jurgen Owners forum may have already requested Jurgen Australian Directors to make a corporate presentation at the Esk Jamboree to bring everyone up to-date Ie. Overview of the on going South African liquidation developments and how that may impact on the Australian Franchise, whilst detailing the recent Australian Jurgen Franchise restructure and ongoing financial strength of the company
Does anyone have more recent 'Good News' on the topic ?
Olive Oil said
05:31 AM May 4, 2019
You might be better of buying a different brand rather than getting involves with that quagmire & possibly losing your hard earned money.
Mamil said
12:39 PM May 5, 2019
As an employee of a company currently in administration, I agree with Olive Oil - look elsewhere!
Peter_n_Margaret said
02:11 PM May 5, 2019
If the product is what you want, and the price is right, go for it. Just make sure your money is protected until delivery is complete, but that goes for any product.
Plenty of good products out there made by companies that don't exist any more.
Cheers,
Peter
Mamil said
02:56 PM May 5, 2019
Peter_n_Margaret wrote:
Just make sure your money is protected until delivery is complete. Cheers, Peter
Peter, with respect, that's the problem - how do you suggest he does that? When a company goes into administration all the assets are frozen, and the Companies Act dictates the order in which creditors are paid. The administrators fee is paid first, secured creditors like banks are paid second, employees outstanding entitlements are paid third, and the rest, including any poor customers who've already paid, come last. And the sad fact is if the company had enough assets to pay all it's creditors then it wouldn't have gone into administration in the first place - that's the whole point of the exercise, to protect it from it's creditors! So, it's very unlikely everyone will get reimbursed. Doesn't matter what your sales contract says, unfortunately the law protects the company rather than the customers in this situation.
Then you have to think about future warranty support, parts, potential resale value etc etc.
As Olive Oil wisely said - why would you risk getting into this quagmire with your hard earned money if there's alternative products and companies out there?
-- Edited by Mamil on Sunday 5th of May 2019 03:09:54 PM
PeterInSa said
05:37 PM May 5, 2019
I thought if you paid by Credit Card you would get your money back... But maybe not so, How does the CC Company get their money back if there is none. By their Insurance?
I thought if you paid by Credit Card you would get your money back... But maybe not so, How does the CC Company get their money back if there is none. By their Insurance?
what about having the deposit being held by a third party and contract signed in that way, maybe held by solisiter. Maybe there could even be a gov department set up to hold ll deposits until sales are finalised
cheers
blaze
Santa said
06:52 PM May 5, 2019
What your talking about is an escrow account, easy enough to arrange if your determined to go ahead with the deal.
I'd think seriously about buying from a company that's on a sound financial footing.
Many hazards buying from a company in financial difficulty, not the least of which are quality control as well as future service and parts.
Possum3 said
09:49 PM May 5, 2019
Consider that any van you may end up getting may already be one that an unfortunate customer has already put a deposit on - they won't be getting any deposits back. Some of these companies that go under resurface again and repeat the same methodologies, again and again, leaving their customers out of pocket and no means of redress.
Pariss said
11:02 PM May 6, 2019
I totally agree with all the above comments. Even if the company survives for another couple of years, you will eventually have dramas with parts and servicing, as well as re-sale value will definitely be eroded. There are plenty of very reputable and long established caravan companies with 'as good or better' for the same price. We almost purchased a Lunagazer, but ended up settling on a Jayco Outback TL with all the fruit for the same price, and we are extremely impressed with the quality of construction and fit & finish.
As we are seriously considering purchasing a Jurgens Caravan, I am very interested to learn the latest developments related to Jurgen financial South African and Australian crisis
I have read brief web based commentary mentioning 'Out of court settlements with Alko Suspensions' is that the end of creditor litigation ? and does Jurgen Australia now have positive cash flow to guarantee their ongoing future trading for the foreseeable future
I expect someone from The Jurgen Owners forum may have already requested Jurgen Australian Directors to make a corporate presentation at the Esk Jamboree to bring everyone up to-date Ie. Overview of the on going South African liquidation developments and how that may impact on the Australian Franchise, whilst detailing the recent Australian Jurgen Franchise restructure and ongoing financial strength of the company
Does anyone have more recent 'Good News' on the topic ?
Plenty of good products out there made by companies that don't exist any more.
Cheers,
Peter
Peter, with respect, that's the problem - how do you suggest he does that? When a company goes into administration all the assets are frozen, and the Companies Act dictates the order in which creditors are paid. The administrators fee is paid first, secured creditors like banks are paid second, employees outstanding entitlements are paid third, and the rest, including any poor customers who've already paid, come last. And the sad fact is if the company had enough assets to pay all it's creditors then it wouldn't have gone into administration in the first place - that's the whole point of the exercise, to protect it from it's creditors! So, it's very unlikely everyone will get reimbursed. Doesn't matter what your sales contract says, unfortunately the law protects the company rather than the customers in this situation.
Then you have to think about future warranty support, parts, potential resale value etc etc.
As Olive Oil wisely said - why would you risk getting into this quagmire with your hard earned money if there's alternative products and companies out there?
-- Edited by Mamil on Sunday 5th of May 2019 03:09:54 PM
...www.choice.com.au/shopping/consumer-rights-and-advice/your-rights/buying-guides/what-to-do-when-a-company-collapses
Peter
At: choice.com.au/shopping/consumer-rights-and-advice/your-rights/buying-guides/what-to-do-when-a-company-collapses
Peter
cheers
blaze
What your talking about is an escrow account, easy enough to arrange if your determined to go ahead with the deal.
I'd think seriously about buying from a company that's on a sound financial footing.
Many hazards buying from a company in financial difficulty, not the least of which are quality control as well as future service and parts.