Unhappy Sick Bicycles Customers. BEWARE!

PB Forum :: United Kingdom
Unhappy Sick Bicycles Customers. BEWARE!
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flag mattvanders
O+
Posted: Sep 30, 2019 at 23:30 Quote
Spec is:
Sick Wulf ruby/OG in large
Fox 36 fit 4 150mm
Nextie carbon 29mm internal 29” on hope hubs with magic Mary and DD aggressor with rim impact insert
Renthal carbon bars 780, stem 40 and grips
150mm reverb
11 speed sram gx/x0/x01 drive train and carbon cranks

It’s used for local rides in Essex, Surrey Hills and even trail centres in wales

sacalobra wrote:
13.2kg isn't bad is it, it's still sub 30lb

They funked up big time, they had a good idea with no rear competition (no real long low slack 29er hardtails that I can think of that were as extreme), took little risk with pre orders and selling merch for day to day running costs but they still funked up. For a company that prided themselves on being open with they potential customer they certainly weren’t open and honest to their customers
flag PHILXX1975
Posted: Oct 1, 2019 at 7:25 Quote
It will be very interesting to see the letters they send to the creditors (that's you the customer) before they try to wind up Sick bicycle co.

Obviously having been directors of Sick Corp and using Companies house own mechanism to get that struck off would mean that if they try the same in November questions will be asked by you the customer when

By law they have to tell any creditor in writing of their intention and not everyone did the crowd funding thing, from memory I read some companies also manufactured and were not paid for their services.

From reading its actually a criminal offence not to inform your creditors, added that 30k of peoples money has gone somewhere and not a penny of tax has been paid a phone call to HMRC might also be useful , wether or not it was obtained through crowd funding is irrelevant. Its is at best trying to hide the nefarious behaviour and worst tax evasion especially as your going to object to the striking off aren't YOU ALL.

This means that the fines for late filing will increase with companies house allowing HMRC to estimate a tax liability and whilst creditors are objection (HMRC would be a creditor) and the Punters objecting this could lead nicely into a little tax investigation.

Especially given that it could be their second abuse of mechanism to wind another company up that hasn't filed accounts whilst walking away with money rather than comply with their duties as directors.

The best outcome is for them to have to pay to liquidate the company at least

See funny thing is that when fraud occurs the limited liability goes out the window and HMRC can pursue personal assets, failing that Karma might break some ones legs.
flag sacalobra
Posted: Oct 1, 2019 at 7:48 Quote
Depends what income they declared.

There was the UK Kickstarter and another US created one wasn't there? The latter brought I £30,000 in pledges.

If they've declared at least both to the HRMC they'll be alright.

Has anyone brought these to the HMRC's attention?
flag justanotherusername
Posted: Oct 1, 2019 at 8:09 Quote
sacalobra wrote:
Depends what income they declared.

There was the UK Kickstarter and another US created one wasn't there? The latter brought I £30,000 in pledges.

If they've declared at least both to the HRMC they'll be alright.

Has anyone brought these to the HMRC's attention?

Why would you assume it hasn’t been declared by them or won’t be declared if/when accounts are filed? (Big if) - it’s up to them not a third party to declare source of income. The post above outlines a lot of realty, I am not sure you need to add outright tax evasion / fraud to the equation though of course anything is possible from this shower of shite- it would be a huge portion of their turnover being ‘hidden’ however and bring much more serious trouble down on them so probably unlikely.

I do hope customers follow the advise above and the full force of any possible action is taken against them, why should they walk away without consequence?
flag BrantleyB
Posted: Oct 1, 2019 at 8:27 Quote
PHILXX1975 wrote:
It will be very interesting to see the letters they send to the creditors (that's you the customer) before they try to wind up Sick bicycle co.

Obviously having been directors of Sick Corp and using Companies house own mechanism to get that struck off would mean that if they try the same in November questions will be asked by you the customer when

By law they have to tell any creditor in writing of their intention and not everyone did the crowd funding thing, from memory I read some companies also manufactured and were not paid for their services.

From reading its actually a criminal offence not to inform your creditors, added that 30k of peoples money has gone somewhere and not a penny of tax has been paid a phone call to HMRC might also be useful , wether or not it was obtained through crowd funding is irrelevant. Its is at best trying to hide the nefarious behaviour and worst tax evasion especially as your going to object to the striking off aren't YOU ALL.

This means that the fines for late filing will increase with companies house allowing HMRC to estimate a tax liability and whilst creditors are objection (HMRC would be a creditor) and the Punters objecting this could lead nicely into a little tax investigation.

Especially given that it could be their second abuse of mechanism to wind another company up that hasn't filed accounts whilst walking away with money rather than comply with their duties as directors.

The best outcome is for them to have to pay to liquidate the company at least

See funny thing is that when fraud occurs the limited liability goes out the window and HMRC can pursue personal assets, failing that Karma might break some ones legs.

Where do we object? Here in the states, we usually just have a lawyer do all of this.
flag sacalobra
Posted: Oct 1, 2019 at 9:35 Quote
Google hmrc report tax evasion?
flag PHILXX1975
Posted: Oct 1, 2019 at 9:55 Quote
sacalobra wrote:
Depends what income they declared.

There was the UK Kickstarter and another US created one wasn't there? The latter brought I £30,000 in pledges.

If they've declared at least both to the HRMC they'll be alright.

Has anyone brought these to the HMRC's attention?

And to declare anything they have to submit accounts, as you can most probably not have grasped they have a habit of not submitting accounts when they need to by relying on the default position and letting the mechanism of companies house close them down, walking away gratis, don't even have to submit a form DS01

Once a LTD Co is closed there's little come back unless your a massive concern and the sum owed is worth HMRC re activating the LTD Co which costs a fair few quid but not unheard of for tax evaders.
flag sacalobra
Posted: Oct 1, 2019 at 11:04 Quote
Yes if IF they've declared anything. If they haven't declared the Kickstarter and US etc they can be investigated.
flag justanotherusername
Posted: Oct 1, 2019 at 23:23 Quote
sacalobra wrote:
Yes if IF they've declared anything. If they haven't declared the Kickstarter and US etc they can be investigated.

His point is that they won’t even get as far as filing accounts, let alone worrying about making correct declaration of turnover - so actually declaring Kickstarter funding or any other for that matter is an irrelevance unless they do file.

I am amazed the system effectively allows companies to do this, I really do hope people owed money don’t sit on their arses with this and do what they can to stop them slipping away.
flag DarrellW
Posted: Oct 2, 2019 at 3:21 Quote
Rules can be broken. So can legs.
flag justanotherusername
Posted: Oct 2, 2019 at 4:44 Quote
DarrellW wrote:
Rules can be broken. So can legs.

Yea but outside of a keyboard warriors wet dream wouldn’t it be better and more realistic for people to get together and see they get in some form of trouble with the HMRC / Companies House?
flag sacalobra
Posted: Oct 2, 2019 at 6:13 Quote
justanotherusername wrote:
sacalobra wrote:
Yes if IF they've declared anything. If they haven't declared the Kickstarter and US etc they can be investigated.

His point is that they won’t even get as far as filing accounts, let alone worrying about making correct declaration of turnover - so actually declaring Kickstarter funding or any other for that matter is an irrelevance unless they do file.

I am amazed the system effectively allows companies to do this, I really do hope people owed money don’t sit on their arses with this and do what they can to stop them slipping away.

Then it's undeclared funds/income which would be liable to tax.
flag justanotherusername
Posted: Oct 2, 2019 at 11:46 Quote
sacalobra wrote:
justanotherusername wrote:
sacalobra wrote:
Yes if IF they've declared anything. If they haven't declared the Kickstarter and US etc they can be investigated.

His point is that they won’t even get as far as filing accounts, let alone worrying about making correct declaration of turnover - so actually declaring Kickstarter funding or any other for that matter is an irrelevance unless they do file.

I am amazed the system effectively allows companies to do this, I really do hope people owed money don’t sit on their arses with this and do what they can to stop them slipping away.

Then it's undeclared funds/income which would be liable to tax.

No, you are still not getting it, they won’t file a tax return at all - following inactivity the company will be struck off, therefore no return is due and there is no tax to pay, just read what others write.

What we are hoping is that people attempt to prevent them from doing this the various methods discussed above.

Essentially they may be able to just walk away from this, no tax to pay, no questions to answer.
flag Hammer48
Posted: Oct 2, 2019 at 14:39 Quote
justanotherusername wrote:
sacalobra wrote:
justanotherusername wrote:


His point is that they won’t even get as far as filing accounts, let alone worrying about making correct declaration of turnover - so actually declaring Kickstarter funding or any other for that matter is an irrelevance unless they do file.

I am amazed the system effectively allows companies to do this, I really do hope people owed money don’t sit on their arses with this and do what they can to stop them slipping away.

Then it's undeclared funds/income which would be liable to tax.

No, you are still not getting it, they won’t file a tax return at all - following inactivity the company will be struck off, therefore no return is due and there is no tax to pay, just read what others write.

What we are hoping is that people attempt to prevent them from doing this the various methods discussed above.

Essentially they may be able to just walk away from this, no tax to pay, no questions to answer.

That would be a Shame. It's like legalized Theft...WTF..
flag Tea4two
Posted: Oct 2, 2019 at 14:43 Quote
https://www.instagram.com/p/B0b66wQHYTh/?igshid=w25dpngqdaex

 


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