What happened to Actions Parramatta

[ZXR750]

I went past Actions in Parramatta yesterday and it was closed. The show room was empty.
I was wondering if any one knows what happened.

[robracer]

Wow, that place has been there forever! well the 30 odd years I have been riding anyway & i've brought at least 3 bikes from them
I had allot of dealings with Mark Arvard.....

[MadKaw]

Yep. went into liquidation - both shops are gone...

[Glen]

It's a pity. I always thought they were a pretty good shop. Maybe they struggled against the Bikebiz monster

[ZXR750]

Does that mean their stock will be auctioned off somewhere soon. I would like a pair of cheap MX Boots

[tim]

That's a pity

[Kermit]

Does that mean their stock will be auctioned off somewhere soon.

Big ticket items gone back to suppliers, they were never paid for.

[ZXR750]

Does that mean their stock will be auctioned off somewhere soon.

Big ticket items gone back to suppliers, they were never paid for.

Wouldn't most of the bikes now be owned by the finance company they had the floor plan with.
I am talking about the accessories that they would have purchased by account. Actions would have paid for most of that stock as most accounts would be 30 days only

[JimZXR]

Sure they had a purple ZRX in their stock; could be a cheap bike if it's at a finance auction

[Kermit]

Does that mean their stock will be auctioned off somewhere soon.

Big ticket items gone back to suppliers, they were never paid for.

Wouldn't most of the bikes now be owned by the finance company they had the floor plan with.
I am talking about the accessories that they would have purchased by account. Actions would have paid for most of that stock as most accounts would be 30 days only

Not if the credit didn't come from the finance company. Suppliers of new bikes haven't been paid for, they go back to the supplier. They usually offload it to other resellers at cheaper prices.

Cash at hand stock being liquidated at auction gets distributed amoungst the creditors.

[Naked Twin]

Asset ownership depends on registering title. Be warned just because you own the asset doesn't mean it is yours. Under current legislation if you are leasing a vehicle and go broke unless the asset is registered it can go to the primary or secured lender.

Thus if the supplier haven't registered their interest in the product the finance company takes ownership

[Strika]

Very rarely do dealerships own their floor stock. Most is financed under something called bridging finance. If so, the finance company may hold title.

[Smitty]

Asset ownership depends on registering title. Be warned just because you own the asset doesn't mean it is yours. Under current legislation if you are leasing a vehicle and go broke unless the asset is registered it can go to the primary or secured lender.

Thus if the supplier haven't registered their interest in the product the finance company takes ownership

and that's only if the finance company have registered their 'interest' under the new 'Personal Property Securities' Act.
If they have not, then a loan given 'over the total asset of the business' (which is common) does not cut it when it comes
to laying their hands on stock or other struff .