whoa... did you hear about the auction company Coys? And the effed up recent history they've had since 2017? Ponzi scheme, arrests, etc (thanks Doug!)

 Starting in 2017 Coys was failing to pay it's bills and stay current on accounts. 

 According to the several sources Coys was going from auction to auction, trying to pay previous sellers with the money from the next one. Needless to say, this is a Ponzi scheme 

And then Covid-19 made things even worse. On April 17, 2020, Coys of Kensington Ltd, with directors Chris Routlegde and Ben Manch, (once again) went into administration, leaving numerous people with empty hands - a total of 95 creditors, adding up to a total sum of at least £5.856.897,30. 

Among the deceived were people who sold their cars at Coys auctions, even as the Coys directors had known at the time of the auction that it was insolvent.

In reviewing the administration report, one thing becomes clear. The company has been in an insolvent situation for a longer period of time. The company has been having difficulties since 2017, when several legal proceedings were instituted.

 According to the report, the legal claims concerned a number of issues, such as about the title to the vehicles, vehicles sold without the necessary authorization, and vehicles being sold at a lower value than the consigner had agreed to (to put it plainly: criminal activities!). 

The administration report mentions numerous legal claims brought against Coys.

 In 2019, one of these claims led to the ill-famed moment when then-director Chris Routledge was taken away in handcuffs by German policemen at the Techno Classica show.

A German collector sold his Miura at a Coys Monaco auction. The new buyer paid the selling price right there and then. 

However, Coys refused to pay the seller directly, claiming an administrative issue. They said that there was an issue with the papers. Coys’ agent picked up the paperwork at the seller, yet Coys later claimed that they didn’t receive any of the paperwork.

 A year later, the seller still had not received the money. He sent a representative to the Coys’ office in London, who learned that the company didn’t have the money to pay the seller. Instead, they inquired whether the seller would accept a Porsche 959 as compensation for the money lost. The seller agreed (as it was better than nothing). Chris Routledge assured the seller that Coys owned the Porsche and a deal was made. The car went to the seller’s garage in Germany, but within a week, the car was seized by German police. It turned out that the car did not belong, nor had ever belonged to Coys at all. It belonged to a German garage.

 This led to German police showing up at the start of the Coys Techno Classica auction, marching up to Routledge (who was standing on the auction rostrum), leading him away with a pair of silver bracelets on – traditionally worn with one’s hands tied behind one’s back. The Miura money was paid up the next day

https://www.prewarcar.com/the-crooks-of-coys-a-truly-new-beginning