| tomorrow can't come quick enough 14:17 - Oct 16 with 2264735 views | batman |
Not for us, but for Bury.
i was credit checking a potential customer and decided to nosey onto
BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged
only Wednesday this week.
looks like they are in need of a bumper crowd tomorrow to settle some bills |  | | |  |
| tomorrow can't come quick enough on 10:20 - May 1 with 4345 views | finberty |
There seems to be an acceptance of the consequences of administration - the points deduction, but on we go. A points deduction in L1 is preferable to one in L2, and from a timing point of view - job half done. They have made it into L1 whilst trading normally.
What happens if the administrators determine the club (any club) to be insolvent - doesn't that force them down the liquidation route? I'm not just thinking about Bury but more significantly Bolton, of those we actually know about round here.
Are there any financial experts on here who know how the admin/insolvency/liquidation process starts off? Who blinks first - is it the club's directors, its shareholders or the club's creditors |  | | |
| tomorrow can't come quick enough on 10:37 - May 1 with 4275 views | SuddenLad |
Isn't there a more severe penalty for a 'second offence' so to speak ? i.e. clubs who have been in administration previously face harsher sanctions ?
I wouldn't be jumping up and down for joy just yet if I were a Giggle Laner, because they might be in a worse position than they think come August.
As for Bolton - the EFL now have to show that they are serious when it comes to applying sanctions. They have uttered all manner of threats and warnings down the years, about fit and proper persons and mismanagement and financial impropriety. Now is their chance to show that they have some teeth and actually apply the rules.
Otherwise it will just send out the message that you can please yourself, run a club like a circus and nothing will happen. |  |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| tomorrow can't come quick enough on 10:58 - May 1 with 4222 views | judd |
| tomorrow can't come quick enough on 10:20 - May 1 by finberty |
There seems to be an acceptance of the consequences of administration - the points deduction, but on we go. A points deduction in L1 is preferable to one in L2, and from a timing point of view - job half done. They have made it into L1 whilst trading normally.
What happens if the administrators determine the club (any club) to be insolvent - doesn't that force them down the liquidation route? I'm not just thinking about Bury but more significantly Bolton, of those we actually know about round here.
Are there any financial experts on here who know how the admin/insolvency/liquidation process starts off? Who blinks first - is it the club's directors, its shareholders or the club's creditors |
No expert, but it is illegal for a director (s) to continue to trade knowing the business is insolvent. It is they who would call in an administrator in order to recover debts on behalf of creditors and to see what can be salvaged and run the business as a going concern or sell it.
Club's creditors can issue court proceedings in order to reclaim their debts to the point of issuing a winding up petition, from which the Court can issue a winding up order.
I think shareholders would have to call an EGM in order to force any issues. |  |
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| tomorrow can't come quick enough on 11:06 - May 1 with 4196 views | James1980 |
Could either club go down the route of a buyer coming in an purchasing them for a nominal amount and writing off any debts? | |
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| tomorrow can't come quick enough on 11:08 - May 1 with 4188 views | dingdangblue |
| tomorrow can't come quick enough on 10:58 - May 1 by judd |
No expert, but it is illegal for a director (s) to continue to trade knowing the business is insolvent. It is they who would call in an administrator in order to recover debts on behalf of creditors and to see what can be salvaged and run the business as a going concern or sell it.
Club's creditors can issue court proceedings in order to reclaim their debts to the point of issuing a winding up petition, from which the Court can issue a winding up order.
I think shareholders would have to call an EGM in order to force any issues. |
Didn't their owner S.Dale release a public statement saying this next month they expect £180k coming in but they need to pay out £1.6 million?
That is either a bit daft or a bit clever depending on his motives. [Post edited 1 May 2019 11:09]
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| tomorrow can't come quick enough on 11:18 - May 1 with 4144 views | judd |
| tomorrow can't come quick enough on 11:06 - May 1 by James1980 |
Could either club go down the route of a buyer coming in an purchasing them for a nominal amount and writing off any debts? |
No, it is not that simple. Someone has to be responsible for dealing with the debts. A nominal purchase usually means you will take on the debts.
To get rid of the debt they would have to be paid off, a payment plan agreed, or the club goes into administration and the creditors receive an offer of X in the £ of debt. There are pre-packed administration deals whereby the administrator agrees a deal with a buyer so that it speeds up the process. | |
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| tomorrow can't come quick enough on 11:20 - May 1 with 4140 views | judd |
| tomorrow can't come quick enough on 11:08 - May 1 by dingdangblue |
Didn't their owner S.Dale release a public statement saying this next month they expect £180k coming in but they need to pay out £1.6 million?
That is either a bit daft or a bit clever depending on his motives. [Post edited 1 May 2019 11:09]
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I still cannot understand why he went into such detail. Perhaps he is preparing the fan base and employees for the worst? | |
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| tomorrow can't come quick enough on 11:32 - May 1 with 4110 views | dingdangblue |
| tomorrow can't come quick enough on 11:20 - May 1 by judd |
I still cannot understand why he went into such detail. Perhaps he is preparing the fan base and employees for the worst? |
I still cannot understand how they expect £180k coming in!
Are they including BOB? | |
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| tomorrow can't come quick enough on 11:42 - May 1 with 4083 views | judd |
| tomorrow can't come quick enough on 11:32 - May 1 by dingdangblue |
I still cannot understand how they expect £180k coming in!
Are they including BOB? |
When you're in the shit, why would you call a rescue campaign BOB? | |
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| tomorrow can't come quick enough on 11:56 - May 1 with 4046 views | dingdangblue |
| tomorrow can't come quick enough on 11:42 - May 1 by judd |
When you're in the shit, why would you call a rescue campaign BOB? |
Shakers
Help
In
Time | |
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| tomorrow can't come quick enough on 12:54 - May 1 with 3921 views | James1980 |
| tomorrow can't come quick enough on 11:18 - May 1 by judd |
No, it is not that simple. Someone has to be responsible for dealing with the debts. A nominal purchase usually means you will take on the debts.
To get rid of the debt they would have to be paid off, a payment plan agreed, or the club goes into administration and the creditors receive an offer of X in the £ of debt. There are pre-packed administration deals whereby the administrator agrees a deal with a buyer so that it speeds up the process. |
Okay so someone could do what Ken Bates with Chelsea but they become responsible for the great steaming pile of debt? But as they signed on the dotted line, they would be sectioned on grounds of insanity because who in their right mind would do that. | |
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| tomorrow can't come quick enough on 12:55 - May 1 with 3916 views | judd |
| tomorrow can't come quick enough on 12:54 - May 1 by James1980 |
Okay so someone could do what Ken Bates with Chelsea but they become responsible for the great steaming pile of debt? But as they signed on the dotted line, they would be sectioned on grounds of insanity because who in their right mind would do that. |
I think somebody already did! | |
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| tomorrow can't come quick enough on 14:58 - May 1 with 3738 views | dingdangblue |
| tomorrow can't come quick enough on 11:42 - May 1 by judd |
When you're in the shit, why would you call a rescue campaign BOB? |
C'mon
Raise
A
Pledge | |
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| tomorrow can't come quick enough on 15:02 - May 1 with 3731 views | James1980 |
| tomorrow can't come quick enough on 11:42 - May 1 by judd |
When you're in the shit, why would you call a rescue campaign BOB? |
Fund
Useless
Club
Keep
Expending
Donations | |
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| tomorrow can't come quick enough on 15:22 - May 1 with 3687 views | Toffeemanc |
| tomorrow can't come quick enough on 11:42 - May 1 by judd |
When you're in the shit, why would you call a rescue campaign BOB? |
Bury
United
Can
Keep
Eternally
Trading
Solvently |  |
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| tomorrow can't come quick enough on 16:22 - May 1 with 3560 views | D_Alien |
Income
Not
Sufficient
Overspent
Loads
Vanity
Excludes
Normal
Trading |  |
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| tomorrow can't come quick enough on 16:54 - May 1 with 3478 views | SuddenLad |
Trillions
Won't
Alter
The
Situation | |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| tomorrow can't come quick enough on 17:01 - May 1 with 3465 views | DaleiLama |
Ballooning
Arrears -
New
Knight
Releases
Update -
Perfidious
Treachery |  |
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| tomorrow can't come quick enough on 17:08 - May 1 with 3433 views | deeplishblue |
When
Administration
Nears
Keep
Envying
Rochdale
Success |  |
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| tomorrow can't come quick enough on 17:10 - May 1 with 3424 views | Thacks_Rabbits |
| tomorrow can't come quick enough on 17:01 - May 1 by DaleiLama |
Ballooning
Arrears -
New
Knight
Releases
Update -
Perfidious
Treachery |
Making
Idiots
Ludicrously
Knowing
Your
Bullsh#ting
Accept
Repeated
Sh1t |  |
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| tomorrow can't come quick enough on 17:16 - May 1 with 3403 views | SuddenLad |
Their
History
Is
Common
Knowledge
Tragically
Underestimated
Real
Debt
Situation | |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| tomorrow can't come quick enough on 18:04 - May 1 with 3299 views | Sandyman |
Gigg
Overspend
Obliterates
Shambolic
Extravagant
Dullards |  | | |
| tomorrow can't come quick enough on 18:04 - May 1 with 3298 views | Shun |
| tomorrow can't come quick enough on 11:18 - May 1 by judd |
No, it is not that simple. Someone has to be responsible for dealing with the debts. A nominal purchase usually means you will take on the debts.
To get rid of the debt they would have to be paid off, a payment plan agreed, or the club goes into administration and the creditors receive an offer of X in the £ of debt. There are pre-packed administration deals whereby the administrator agrees a deal with a buyer so that it speeds up the process. |
Speaking as an ignoramus in this field, if a club/company goes down the administration route and creditors are offered, say, 10p in the £, then is it the company who pays that? What if they can’t even afford that? And what if the creditors refuse such a low offer? |  | | |
| tomorrow can't come quick enough on 18:16 - May 1 with 3273 views | judd |
| tomorrow can't come quick enough on 18:04 - May 1 by Shun |
Speaking as an ignoramus in this field, if a club/company goes down the administration route and creditors are offered, say, 10p in the £, then is it the company who pays that? What if they can’t even afford that? And what if the creditors refuse such a low offer? |
I believe it either comes out of funds raised by liquidation or what is agreed by the going concern, ie the new company that takes over. If the creditors refuse the offer then either the newco doesn't go ahead or the liquidators pays them anyway as there is no more money available. | |
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| tomorrow can't come quick enough on 18:31 - May 1 with 3227 views | kel |
Massive
Overspending
Never
Goes
Swimmingly |  | | |
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