Ken Anderson - Old Owner (Definitely. For Ever ..... )

[Lost Leopard Spot]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Yep.
A lot of people are talking bollocks and pretending they are in the know!
Something like that.

[Dave Sutton's barnet]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Here's the EFL rules, but on a quick scan (I'm well overdue me dinner) they don't mention months of salary - I guess that's more the legal system?
https://www.efl.com/-more/governance/ef ... he-league/

[Jim_McDonuts]

(thought I'd already sent below)

Can't honestly see the council prepared to be the ones to bring this sorry saga to a close - though am totally bloody distracted now waiting to hear that said thoughts are confirmed

but now...

YIKES!

[Dave Sutton's barnet]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Here's the EFL rules, but on a quick scan (I'm well overdue me dinner) they don't mention months of salary - I guess that's more the legal system?
https://www.efl.com/-more/governance/ef ... he-league/

Might be worth a dig through this but I really am very hungry now
https://en.wikipedia.org/wiki/Administr ... ed_Kingdom

[BWFC_Insane]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Yep.
A lot of people are talking bollocks and pretending they are in the know!
Something like that.

That’s what you said to me when I said this situation was coming before the end of the season two months ago......funny that!

[BWFC_Insane]

Nixon - genuine rival bid could nip ahead of Basran....

Glimmer of hope?

[bristol_Wanderer3]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Here's the EFL rules, but on a quick scan (I'm well overdue me dinner) they don't mention months of salary - I guess that's more the legal system?
https://www.efl.com/-more/governance/ef ... he-league/

Found what appears to be the pertinent bit of the EFL rules regarding insolvency, which seems to cover the appointment of the administrator. It appears we are at the mercy of the Insolvency Act 1986.

https://www.efl.com/-more/governance/ef ... --general/

A quick google leads to what appears to a well written and easier to read document (than the act itself) produced Slaughter and May law firm which doesn't look a bad source. Nothing in there about the three months rule that I can see, but I may have missed something.

https://www.slaughterandmay.com/media/2 ... cy-law.pdf

It seems to me given we have significant assets such as the stadium and training ground, not to mention parties who are likely to be interested in purchasing the club whilst under the control of the administrator, we would be precisely the kind of enterprise that would be suitable for administration? If anyone has any knowledge or expertise in this area please jump in!

[BWFC_Insane]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Here's the EFL rules, but on a quick scan (I'm well overdue me dinner) they don't mention months of salary - I guess that's more the legal system?
https://www.efl.com/-more/governance/ef ... he-league/

Found what appears to be the pertinent bit of the EFL rules regarding insolvency, which seems to cover the appointment of the administrator. It appears we are at the mercy of the Insolvency Act 1986.

https://www.efl.com/-more/governance/ef ... --general/

A quick google leads to what appears to a well written and easier to read document (than the act itself) produced Slaughter and May law firm which doesn't look a bad source. Nothing in there about the three months rule that I can see, but I may have missed something.

https://www.slaughterandmay.com/media/2 ... cy-law.pdf

It seems to me given we have significant assets such as the stadium and training ground we would be precisely the kind of enterprise that would be suitable for administration? If anyone has any knowledge or expertise in this area please jump in!

Worthy is best placed I would have thought. My understanding is you need to have enough in the bank to run the business during admin as a going concern. Or assets that can be realised to do so. The stadium is not likely something that can easily be realised nor are the playing staff. What do we have for an administrator to sell?

[Lost Leopard Spot]

-Admin will not be possible because KA has not got the 3 months worth of wages to pay out for it. The plan seems to be to try and force buyers hand.

I've seen this written a lot, but can't find any rule that stipulates this. It instinctively makes no sense, if we had three months of wages, we would be in our best financial position for years! Can someone point me in the right direction?

Yep.
A lot of people are talking bollocks and pretending they are in the know!
Something like that.

That’s what you said to me when I said this situation was coming before the end of the season two months ago......funny that!

And...?

[Lost Leopard Spot]

Nixon - genuine rival bid could nip ahead of Basran....

Glimmer of hope?

[bristol_Wanderer3]

Worthy is best placed I would have thought. My understanding is you need to have enough in the bank to run the business during admin as a going concern. Or assets that can be realised to do so. The stadium is not likely something that can easily be realised nor are the playing staff. What do we have for an administrator to sell?

Sure. We do in theory have the season ticket direct debit money that hasn't been taken? There is also a decent chance that as soon as we enter administration buyer(s) appear, and indeed existing creditors such as Michael James, or the estate of ED, or Brett Warburton might well have the money to see the club through a short period particularly if it means them getting more of their debt back? If we can enter administration my concerns reduce a lot. What is very worrying is if there is a rule that prevents us from entering administration...

[Lost Leopard Spot]

What we need is Worthy on here. He can end all the speculation, hope, and fear by naming the exact date, and time to the minute that we will be buried/saved.
Meanwhile, as we twiddle our thumbs we can entertain ourselves as BWFCi continues to update us on his OCD, his pal's thoughts, and his diary reminding us that he said we were saved/doomed minutes/hours/days/weeks/months/years ago....

[BWFC_Insane]

Worthy is best placed I would have thought. My understanding is you need to have enough in the bank to run the business during admin as a going concern. Or assets that can be realised to do so. The stadium is not likely something that can easily be realised nor are the playing staff. What do we have for an administrator to sell?

Sure. We do in theory have the season ticket direct debit money that hasn't been taken? There is also a decent chance that as soon as we enter administration buyer(s) appear, and indeed existing creditors such as Michael James, or the estate of ED, or Brett Warburton might well have the money to see the club through a short period particularly if it means them getting more of their debt back? If we can enter administration my concerns reduce a lot. What is very worrying is if there is a rule that prevents us from entering administration...

I don’t think there is a rule. But I think an administrator has to be assured that the process can complete. And it’s not a ‘done in a week’ process unless it’s a pre-pack.

Could HMRC push legally for liquidation if they believe company is insolvent?

[bristol_Wanderer3]

Worthy is best placed I would have thought. My understanding is you need to have enough in the bank to run the business during admin as a going concern. Or assets that can be realised to do so. The stadium is not likely something that can easily be realised nor are the playing staff. What do we have for an administrator to sell?

Sure. We do in theory have the season ticket direct debit money that hasn't been taken? There is also a decent chance that as soon as we enter administration buyer(s) appear, and indeed existing creditors such as Michael James, or the estate of ED, or Brett Warburton might well have the money to see the club through a short period particularly if it means them getting more of their debt back? If we can enter administration my concerns reduce a lot. What is very worrying is if there is a rule that prevents us from entering administration...

I don’t think there is a rule. But I think an administrator has to be assured that the process can complete. And it’s not a ‘done in a week’ process unless it’s a pre-pack.

Could HMRC push legally for liquidation if they believe company is insolvent?

I guess any creditors could push for liquidation but what is the benefit for them in doing that? The person/entity who I would worry most about doing that is Ken. He must be determined to get a bluff through even if he is sat there in his underpants #gallowshumour

[Dave Sutton's barnet]

Does the 'football creditors' preferential treatment continue in both admin and liquidation?

[TANGODANCER]

Could HMRC push legally for liquidation if they believe company is insolvent?

Since HMRC and the Inland Revenue (who help themselves to a tidy slice of players and business earnings in tax weekly/monthly) are surely not likely to bite the off hand that feeds them, where's the benefit for doing so by winding us up? I ask innocently?

[Lost Leopard Spot]

Does the 'football creditors' preferential treatment continue in both admin and liquidation?

Yes.

[Dave Sutton's barnet]

Does the 'football creditors' preferential treatment continue in both admin and liquidation?

Yes.

Ta. So unless HMRC count as football creditors, or similarly get preferential treatment, they'd be daft to push for insolvency and get a small slice of the money they're owed. Right?

[Dave Sutton's barnet]

[Lost Leopard Spot]

Could HMRC push legally for liquidation if they believe company is insolvent?

Since HMRC and the Inland Revenue (who help themselves to a tidy slice of players and business earnings in tax weekly/monthly) are surely not likely to bite the off hand that feeds them, where's the benefit for doing so by winding us up? I ask innocently?

It's a policy called aggressive compliance. They are duty bound to squeeze every penny from where they can, and currently run a non zero tolerance to unpaid taxes. Unless you are Google or Amazon or Virgin or any number of companies registered on the other side of a non-hard border that could lead to deaths in Birmingham pubs if you even considered mentioning that they were tax-avoiding cxnts...