Administration and recovery

[Worthy4England]

Here's a question. What happens if admin does drag on? Let's not go into why that might happen, just the logistics. We know this process has been quicker than most, but there's a corollary to that: have there been any other admins wherein the club has found itself effectively unable to proceed as a football team, for the reasons we currently are - ie no manager (unless voluntary), not enough players?

I wonder if there is a time/date by which we have to declare ourselves 'ready' (ha!) for the season, as in "able to fulfil our fixtures" (fittingly enough). I'm not even talking about having enough grown-ups to make a fight against relegation, just enough bodies on the pitch...

Wild arsed guess alert. I assumed we'd have to have enough registered players prior to our first match to field a team + subs? So that couldn't be longer than 23 days off and in reality is probably somewhat shorter than 23 days.

[BWFC_Insane]

Here's a question. What happens if admin does drag on? Let's not go into why that might happen, just the logistics. We know this process has been quicker than most, but there's a corollary to that: have there been any other admins wherein the club has found itself effectively unable to proceed as a football team, for the reasons we currently are - ie no manager (unless voluntary), not enough players?

I wonder if there is a time/date by which we have to declare ourselves 'ready' (ha!) for the season, as in "able to fulfil our fixtures" (fittingly enough). I'm not even talking about having enough grown-ups to make a fight against relegation, just enough bodies on the pitch...

Wild arsed guess alert. I assumed we'd have to have enough registered players prior to our first match to field a team + subs? So that couldn't be longer than 23 days off and in reality is probably somewhat shorter than 23 days.

We are unable to pay players as it stands. Which would put in doubt participation of even those we do have "under contract". Likelihood is that some will choose to leave in next few weeks if no resolution. Plus any left likely wouldn't play.

[Worthy4England]

That date ain't looking like "next week" to me...

[Worthy4England]

Here's a question. What happens if admin does drag on? Let's not go into why that might happen, just the logistics. We know this process has been quicker than most, but there's a corollary to that: have there been any other admins wherein the club has found itself effectively unable to proceed as a football team, for the reasons we currently are - ie no manager (unless voluntary), not enough players?

I wonder if there is a time/date by which we have to declare ourselves 'ready' (ha!) for the season, as in "able to fulfil our fixtures" (fittingly enough). I'm not even talking about having enough grown-ups to make a fight against relegation, just enough bodies on the pitch...

Wild arsed guess alert. I assumed we'd have to have enough registered players prior to our first match to field a team + subs? So that couldn't be longer than 23 days off and in reality is probably somewhat shorter than 23 days.

We are unable to pay players as it stands. Which would put in doubt participation of even those we do have "under contract". Likelihood is that some will choose to leave in next few weeks if no resolution. Plus any left likely wouldn't play.

Yes - agreed - but to DSB's question, I assume we'd need to be able to submit a team + subs at the latest in 22 days time. Whether there is a date before that by which we'd have to submit our current registrations I dunno. Would be surprised if there wasn't.

[BWFC_Insane]

That date ain't looking like "next week" to me...

I don't believe that date or process impacts upon completion of the change of control process with Football Ventures....

[BWFC_Insane]

Here's a question. What happens if admin does drag on? Let's not go into why that might happen, just the logistics. We know this process has been quicker than most, but there's a corollary to that: have there been any other admins wherein the club has found itself effectively unable to proceed as a football team, for the reasons we currently are - ie no manager (unless voluntary), not enough players?

I wonder if there is a time/date by which we have to declare ourselves 'ready' (ha!) for the season, as in "able to fulfil our fixtures" (fittingly enough). I'm not even talking about having enough grown-ups to make a fight against relegation, just enough bodies on the pitch...

Wild arsed guess alert. I assumed we'd have to have enough registered players prior to our first match to field a team + subs? So that couldn't be longer than 23 days off and in reality is probably somewhat shorter than 23 days.

We are unable to pay players as it stands. Which would put in doubt participation of even those we do have "under contract". Likelihood is that some will choose to leave in next few weeks if no resolution. Plus any left likely wouldn't play.

Yes - agreed - but to DSB's question, I assume we'd need to be able to submit a team + subs at the latest in 22 days time. Whether there is a date before that by which we'd have to submit our current registrations I dunno. Would be surprised if there wasn't.

Registrations will have to be done by 5pm the day before....technically....I believe our last league one stint Ken didn't bother to register new signings till the day before....

[Worthy4England]

That date ain't looking like "next week" to me...

I don't believe that date or process impacts upon completion of the change of control process with Football Ventures....

You'd sort of assume they'd need to be pretty certain that they were carrying enough "voting weight" from the Secured Creditors to "win" the vote, before they could have any certainty they were going to proceed...

[BWFC_Insane]

That date ain't looking like "next week" to me...

I don't believe that date or process impacts upon completion of the change of control process with Football Ventures....

You'd sort of assume they'd need to be pretty certain that they were carrying enough "voting weight" from the Secured Creditors to "win" the vote, before they could have any certainty they were going to proceed...

As I understand it the process outlined is for unsecured creditors. Secured creditors have to agree the terms offered and sign such an agreement.

Only what I'm told but no expert on insolvency...but people telling me this - are - as you know!

In fact Iles has been in touch with the admins and since its public domain...this is word for word what I was told.

Marc Iles
‏
@MarcIles
19m19 minutes ago
More
A few people asking me whether takeover cannot be completed until July 22. Spoke to the administrator and have been assured that the vote has 'no bearing' on the completion of the deal, it is only a vote on the admin's proposal. #bwfc

[Worthy4England]

It's like watching a "Breaking News" ticker. And Australia are 3 down...could do with Smith...

[Bruce Rioja]

That date ain't looking like "next week" to me...

Wassit say, Muskrat?

[Dave Sutton's barnet]

That date ain't looking like "next week" to me...

Wassit say, Muskrat?

It's this pic:

Screen Shot 2019-07-11 at 11.37.08 AM.png (660.66 KiB) Viewed 2960 times

To which Nicko says "Bolton. This is the last paragraph of the email sent to creditors today. Apologies for quality."

[Bruce Rioja]

Cheers, Chap.

[malcd1]

Rumours are that we have had to draft in a new investor to satisfy EDT.

[Lost Leopard Spot]

I've told ya before. Future Valuation (Whites) are £4 million down on the guarantees for the amount they promised the Admins. Meanwhile the value of the claims from the Secured Creditors on the Admins has gone up.
There's a fxcking big hole in the deal.

[TKIZ!]

How's are the major creditors asking for more money? It's in black and white on the accountants/admin spreadsheet regarding who is owed what. It was all in the report they published two days ago, the only thing different is that the Curious Orange is claiming £7.5m instead of the listed £1.5m. A claim he has no right to as £6m is what EDT loaned the club

Secured creditors
Fildraw/Moonshift 10,050,000
Brett Warburton 3,064,213
Ken Anderson 1,578,042
Prescot Business Park Uncertain

[Lost Leopard Spot]

How's are the major creditors asking for more money? It's in black and white on the accountants/admin spreadsheet regarding who is owed what. It was all in the report they published two days ago, the only thing different is that the Curious Orange is claiming £7.5m instead of the listed £1.5m. A claim he has no right to as £6m is what EDT loaned the club

Secured creditors
Fildraw/Moonshift 10,050,000
Brett Warburton 3,064,213
Ken Anderson 1,578,042
Prescot Business Park Uncertain

It might be in black and white to you. It appears to be in shades of grey to them.
And Anderson isn't the only one disputing how much they are owed. And, we are only talking about the Secured Creditors.
Christ Almighty, if the Administrators don't know how much the secured creditors are actually asking for, then the unsecured creditor bill could go through the roof (not that they'd get any more, merely that the jam would be spread more thinly over the bitter unbuttered toast. That jam having less pips and pectin than promised).

[Worthy4England]

https://www.theboltonnews.co.uk/sport/1 ... raws-near/

Article from Iles suggesting pretty much all done and dusted on Club side SPA. Waiting on hotel side.

[BWFC_Insane]

https://www.theboltonnews.co.uk/sport/1 ... raws-near/

Article from Iles suggesting pretty much all done and dusted on Club side SPA. Waiting on hotel side.

I believe there are ongoing issues with the hotel and MJ's security that need resolving and are pertinent to the club sale (note the "uncertain" part against James in the creditors report). I do not think that the change of control process involving the club will be waiting for the hotel administrators for a decision in the way Iles suggests - as doing so would almost certainly leave the club unable to start the season.

[Lost Leopard Spot]

https://www.theboltonnews.co.uk/sport/1 ... raws-near/

Article from Iles suggesting pretty much all done and dusted on Club side SPA. Waiting on hotel side.

I believe there are ongoing issues with the hotel and MJ's security that need resolving and are pertinent to the club sale (note the "uncertain" part against James in the creditors report). I do not think that the change of control process involving the club will be waiting for the hotel administrators for a decision in the way Iles suggests - as doing so would almost certainly leave the club unable to start the season.

I hang on your every revelation

[Lost Leopard Spot]

So, I wonder what happens when the Administrators' choice fails to live up to the hype swallowed by the administrators? Do the Administrators go into administration?