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Superbike Factory Victim - his Tracer was in for service.

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McCabe-Thiele (Ted):
I was talking to my brother in law today, his eldest son has lost his two year old Yamaha Tracer when they went bust. When he went to collect it after a service they was just Security at the gate. Refused entry, went through his solicitor, for a £9k bike that he owned, registered in his name, he has been advised he might  endup with £120 as a creditor as HMRC have first chunk of any assets.

Apparently there was a law change a few years ago, everything on site is impounded and treated as an asset. The fact that he is the registered owner who paid cash for the bike is irrelevant.

Yetanotherbike:
My 80 Year old neighbour was quite lucky by comparison. He bought a Kawasaki adventure style bike from them and was waiting for the V5 to come through. Then he discovered that they had gone bust a few days after purchase. He's had to apply for the V5 directly from the DVLA and has cost him £25. It doesn't sound right to me that you can be the registered and provable owner of a vehicle and yet have it treated as an asset because clearly it isn't 'their' asset, it's yours. They can't sell it, as it's not theirs to sell. However as we know, the law is an ass, which is often practised by assholes
Some good legal advise called for methinks. 

Green1:
Unfortunately if you're at the bottom of the pile. You will almost certainly get nothing.
I had two contractors go bust on me years ago and was owed £40,000. An airless sprayer worth £2000  was left on site. Never to be seen again.
Every couple of months l would receive a letter saying expenses are going up and I was likely to receive less.
Three years passed and I received a cheque for £300 that I couldn't bank because they spelt my name wrong.

Fingers crossed the bike is returned. But it's likely going to be a long wait if it does
The V5 is not proof of ownership find the receipt for the bike and anything that can back it up.

McCabe-Thiele (Ted):
The Solicitors advice was there was no hope of him getting his bike back, due to a change in the law quite a few years ago I don't know how much it cost in legal fees to receive the £120 interim payment.

I assume the bike will become the property of the Official Receiver, then sold at auction.

Laverda Dave:
That just sounds unbelivable how a company can go bust and take your property with them. The really anoying aspect is a company doesnt just go bust overnight, those in charge know long before the event they are in serious trouble but continue trading. 
A few years ago there was a double glazing company around here that went bust overnight. Customers had paid for windows they never recieved whilst others were left with half finished installations and worthless warranties. A couple of weeks later the company re-opened in the same premises and called themselves by the same name but added the word 'company' to avoid any legal challenges from former customers.

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