A shame to see another iconic British brand entering administration, although this may be the tip of the iceberg for the industry's woes given the recent announcement that UK car sales have seen their largest fall since the Financial Crisis. A household name in the market, Norton Motorcycle's bikes are used in the Isle of Man TT race, and have found fame in numerous Hollywood blockbusters.
Norton Motorcycles were facing issues in settling amounts outstanding to HMRC and entered administration rather than be wound up by the Court. One hopes that the administrators will find a way to save employee jobs and to rescue the bike-maker, but this case highlights the importance of paying close attention to tax affairs which are one of the more common reasons why companies end up insolvent.
The famous British motorbike company Norton Motorcycles has gone into administration. The Leicestershire firm was reportedly struggling to pay a tax bill and faced a winding-up order.