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Previous owner Stuart Garner licensed the rights to the new DOHC, water-cooled 650cc twin to China’s Zongshen as part of a deal intended to bring in millions. Norton later unveiled the scrambler-style Atlas Ranger and Atlas Nomad using the engine, along with the sports Superlight with a higher-spec version of the motor. None have yet reached production.
However the Cyclone RX6 has overtaken its Norton siblings by clearing its final pre-production hurdle of Chinese type-approval, meeting emissions standards roughly equivalent to Euro4. But because Zongshen plan to export the bike eventually, it’s been designed to meet Euro5, too – although there’s no word yet on if it will come to the UK.
Another claim has also arisen from Tudor Capital, who say they are owed money from a claim that was incorrectly marked as satisfied. BDO’s investigation has shown their claim is valid and they expect to make a repayment in the region of £1.7m.
Second in line are the preferential creditors, however given all the employees have been taken on by the new TVS backed business, it’s not expected they will make any claims.
Next up come the unsecured creditors, which include deposit holders. To date BDO have received £8.8m of claims from unsecured creditors, far exceeding the £6.2m held on record. Despite this, BDO say they expect to make a distribution to the unsecured creditors, but they don’t know how much this will be or when.