Evil Bikes Partner With Defcon Cycles

Flow-Rider

Flow-Rider

Burner
There was another post started by someone else but it's been removed (Defcon Cycles into Administration). All their social media pages have been shut down. There's quite a large amount of upset people that are waiting for orders, going by our local FB page.
 
link1896

link1896

Mr Greenfield
link1896 said:
contrary to the Go Fund me page, Bushmad Pty Ltd ABN 31 606 024 015, trading as Defcon Cycles, is in external administration, not liquidation. If there is a business to be saved, it will be by the external administrator.


http://www.abr.business.gov.au/SearchByAbn.aspx?abn=31606024015

https://connectonline.asic.gov.au/R...Type=OrgAndBusNm&_adf.ctrl-state=ogz5npy6l_15
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nope. sadly it would seem its liquidation.

documents lodged yesterday, behind ASIC's paywall:

Notification of Resolution Winding Up The Company (205M)

and

Notice By External Administrator/controller-Appoint/cease (505J)
Appointment of Liquidator (Creditors' Voluntary Winding Up) ()


 
T

toby

Likes Dirt
From the liquidator today...

I confirm that I was appointed Liquidator of Bushmad Pty Ltd formerly trading ad Defcon Cycles yesterday.

With regards to any deposits paid for goods, at this stage these cannot be refunded. I will be sending out a circular to all creditors in the next few days that will contain a form to complete and return to my office to make a claim in the Liquidation. At this stage, I am unable to advise as to whether there will be a dividend paid to creditors, however, I will say that the prospects are not great.

I paid for a Wreckoning frame in full on September 1st... been told a bunch of lies about why its not here till now. $3000 down the drain.

At least I don't have to read Stu's bullshit replies anymore. I imagine he is hiding under a rock somewhere.
 
E

empire

Likes Bikes
toby said:
From the liquidator today...

I confirm that I was appointed Liquidator of Bushmad Pty Ltd formerly trading ad Defcon Cycles yesterday.

With regards to any deposits paid for goods, at this stage these cannot be refunded. I will be sending out a circular to all creditors in the next few days that will contain a form to complete and return to my office to make a claim in the Liquidation. At this stage, I am unable to advise as to whether there will be a dividend paid to creditors, however, I will say that the prospects are not great.

I paid for a Wreckoning frame in full on September 1st... been told a bunch of lies about why its not here till now. $3000 down the drain.

At least I don't have to read Stu's bullshit replies anymore. I imagine he is hiding under a rock somewhere.
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Sorry to hear that you are in this position. Any chance evil bikes hq will assist given the circumstances?
 
The Reverend

The Reverend

Likes Bikes and Dirt
toby said:
From the liquidator today...

I confirm that I was appointed Liquidator of Bushmad Pty Ltd formerly trading ad Defcon Cycles yesterday.

With regards to any deposits paid for goods, at this stage these cannot be refunded. I will be sending out a circular to all creditors in the next few days that will contain a form to complete and return to my office to make a claim in the Liquidation. At this stage, I am unable to advise as to whether there will be a dividend paid to creditors, however, I will say that the prospects are not great.

I paid for a Wreckoning frame in full on September 1st... been told a bunch of lies about why its not here till now. $3000 down the drain.

At least I don't have to read Stu's bullshit replies anymore. I imagine he is hiding under a rock somewhere.
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Gutted for you. Did you pay by credit card? I had a bank insure purchases when made this way so you might be able to be talk to them. Long shot if ever there was one but worth a try if they offer this.

Heaven knows what happened within the business but taking customer money and then feeding them lies to stall is something I hope there’s a special place in hell for.
 
andrew9

andrew9

Likes Dirt
empire said:
Sorry to hear that you are in this position. Any chance evil bikes hq will assist given the circumstances?
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It would be great if Evil supports the customers of their official dealer like that, but also it's likely that they were creditors for Defcon and maybe unable to take further losses?
 
Flow-Rider

Flow-Rider

Burner
toby said:
From the liquidator today...

I confirm that I was appointed Liquidator of Bushmad Pty Ltd formerly trading ad Defcon Cycles yesterday.

With regards to any deposits paid for goods, at this stage these cannot be refunded. I will be sending out a circular to all creditors in the next few days that will contain a form to complete and return to my office to make a claim in the Liquidation. At this stage, I am unable to advise as to whether there will be a dividend paid to creditors, however, I will say that the prospects are not great.

I paid for a Wreckoning frame in full on September 1st... been told a bunch of lies about why its not here till now. $3000 down the drain.

At least I don't have to read Stu's bullshit replies anymore. I imagine he is hiding under a rock somewhere.
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Sorry to hear about it but I'm led to believe you're the one of many.

I've been caught up in this crap before as an outside contractor I done 10k of work for a company in repairs to fixed plant machinery and they went into voluntary liquidation. This company has 2K of my parts on a machine and the liquidator can sell at anytime at a profit without paying me.

If defcon owe a packet to the Tax dept, employees and secured creditors they'll normally be the first ones to be payed, you will not unfortunately see much of your money. From what I understood the secured creditors are the only ones that have any sort of pull after the Tax man and employees.
 
T

tektek

Likes Dirt
toby said:
From the liquidator today...

I confirm that I was appointed Liquidator of Bushmad Pty Ltd formerly trading ad Defcon Cycles yesterday.

With regards to any deposits paid for goods, at this stage these cannot be refunded. I will be sending out a circular to all creditors in the next few days that will contain a form to complete and return to my office to make a claim in the Liquidation. At this stage, I am unable to advise as to whether there will be a dividend paid to creditors, however, I will say that the prospects are not great.

I paid for a Wreckoning frame in full on September 1st... been told a bunch of lies about why its not here till now. $3000 down the drain.

At least I don't have to read Stu's bullshit replies anymore. I imagine he is hiding under a rock somewhere.
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I am in the same boat as you, put a deposit for a wreckoning late August and have waited until now with many excuses. Mostly around shipping issues. I have gone down the path of requesting a dispute with my bank. In order to process they need documentation proving my deposit amount and letter stating the company has gone under and cannot provide a return of the funds. Fingers crossed this can be provided by the administrator. I have requested this, so hopefully get something soon.
 
T

toby

Likes Dirt
The Reverend said:
Gutted for you. Did you pay by credit card? I had a bank insure purchases when made this way so you might be able to be talk to them. Long shot if ever there was one but worth a try if they offer this.

Heaven knows what happened within the business but taking customer money and then feeding them lies to stall is something I hope there’s a special place in hell for.
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Unfortunately I paid via direct debit as this was the only option available...


In regards to Evil stepping in, yes it would be great if they did this but I am not holding my breath. At the end of the day the business was with Stu and Defcon.

I have reason to believe that no orders were placed with Evil for some period of time, meaning that Stu never had any intention of selling bikes to people. He was simply collecting cash.

TS
 
johnny

johnny

I'll tells ya!
Staff member
Flow-Rider said:
From what I understood the secured creditors are the only ones that have any sort of pull after the Tax man and employees.
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Secured creditors get first priority by law (if I recall my classes correctly). The reason is that if they didn't then the banks would rarely ever loan money unless things were a done deal. Small businesses would never see start up capital.

Gotta say, dude may be a good bloke to hang out with but it's sounding likely that he's hung others out to dry.

Not usually the hallmark of a good bloke.
 
scblack

scblack

Leucocholic
johnny said:
Gotta say, dude may be a good bloke to hang out with but it's sounding more and more likely that he's hung others out to dry.

Not usually the hallmark of a good bloke.
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I have no idea of this guy, or any real detail of how finances stand. But its a very grey area of WHEN a business owner knows they fail the following attestation: "There are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due."

Not arguing with your points in any way, but just raising the point it is not just a simple black and white issue. Many unknown factors can tip a small business over the edge, unfortunately.
 
scblack

scblack

Leucocholic
tektek said:
I know my bank you can dispute direct debits, so might be something to consider?
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Pretty sure not, in retrospective terms. You may be able to halt them, but no way to re-call them.

Credit card payments may be able to be re-called.
 
Flow-Rider

Flow-Rider

Burner
johnny said:
Secured creditors get first priority by law (if I recall my classes correctly). The reason is that if they didn't then the banks would rarely ever loan money unless things were a done deal. Small businesses would never see start up capital.
I must of got it mixed up because employees are classed as unsecured creditors, maybe the liquidators with the company I dealt with had some sort of agreement as they continued to run the company for a while.
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johnny said:
Gotta say, dude may be a good bloke to hang out with but it's sounding likely that he's hung others out to dry.

Not usually the hallmark of a good bloke.
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Not saying what he done was right but he did support the industry and he helped out a lot of people he called friends. He isn't a personal friend of mine but I knew some people that rode with him in the past. I would hate to how many people actually owed him money.
 
S

shmity

Likes Bikes and Dirt
Flow-Rider said:
Not saying what he done was right but he did support the industry and he helped out a lot of people he called friends. He isn't a personal friend of mine but I knew some people that rode with him in the past. I would hate to how many people actually owed him money.
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This is sadly not the first time these exact words were spoken about a business in this industry in the last 12 months or so.
 
Flow-Rider

Flow-Rider

Burner
scblack said:
Pretty sure not, in retrospective terms. You may be able to halt them, but no way to re-call them.

Credit card payments may be able to be re-called.
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Do some cards have some sort of insurance as part of the card for this sort of thing?

I would have thought that all the bank accounts would have long been cleaned out and not sure how you can back charge them in that case.

shmity said:
This is sadly not the first time these exact words were spoken about a business in this industry in the last 12 months or so.
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Yeah it is sad but you don't know who your real friends are till you fall of the perch.
 
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