The Debt.

[Bruce Rioja]

One reason why he would choose to do this is any Director of a Company can be held personally liable for any increase in the debt from the point he knows, or is expected to know, that the business is trading insolvently.

Does that come under the heading of 'fiduciary responsibility', Shutt?

[Dave Sutton's barnet]

I was the accountant for the once mighty Gretna FC in 2007/08

Jeez, what had you done to deserve that punishment?

Thanks for the info.

[Jugs]

Cheers Shutt lad.

[Enoch]

I was the accountant for the once mighty Gretna FC in 2007/08

Jeez, what had you done to deserve that punishment?

You can't feel sorry for him if he got to delight in the silky skills of, Lord John "Kenny" Deuchar of Fife.

A true goal machine.

Marvellous.

[Shutt666]

Does that come under the heading of 'fiduciary responsibility', Shutt?

Ish.

Fiduciary duty is more concerned with Brokers, investments, even a charity comittee member, that sort of thing. A general duty where you are managing other peoples money.

Directors responsibilities are specific legal obligations under the Companies Act. A criminal offence which can result in being disqualified, fines or even a prison sentence ( though strangely it rarely does )

Jeez, what had you done to deserve that punishment?

Thanks for the info.

Working for Gretna was the upside to the downside of being an Accountant. In the same way as being a Mathematician but being Rachel Riley is I suppose. The Ying and the Yang

[Bruce Rioja]

Ahhhhh. Cheers mate. Back to the Parmo.

[Hoboh]

Been reading for some while, even more so in such troubled times, but never took the time to register and join in.

Seen the same question cropping up a few times and as an Accountant thought I should register to repay some of the information I have leeched from you in the past.

First the Inland Revenue has a duty to the taxpayers to not worsen their position. So if Dec 1st they are owed say £1m and by Jan 1st that has risen to £1.1m they are obliged to take action, generally administration, to protect taxpayers money. They were given this power in return for giving up their rights as a preferential creditor, although there was talk last year about returning that right.

Secondly a few people ask why Eddie Davies would wind up his own company and lose all his investment. One reason why he would choose to do this is any Director of a Company can be held personally liable for any increase in the debt from the point he knows, or is expected to know, that the business is trading insolvently. Another reason is if the a business enters voluntary administration the Directors can choose the administrators provided crditors do not object. So if he knows the IR is about to wind the company up first, he can step in first.

I am not an expert on administration, but assuming legistlation is as it was when I was the accountant for the once mighty Gretna FC in 2007/08, this was the case then.

Thanks for joining in.
I have one thing that puzzles me though, Eddie is not a director, at least I thought he wasn't, he owns it would that make a difference?

[LeverEnd]

Thanks for joining in.
I have one thing that puzzles me though, Eddie is not a director, at least I thought he wasn't, he owns it would that make a difference?

Just the one?!
You're doing better than me then. I give up on all this til the dust settles.

[Gudnib]

Been reading for some while, even more so in such troubled times, but never took the time to register and join in.

Seen the same question cropping up a few times and as an Accountant thought I should register to repay some of the information I have leeched from you in the past.

First the Inland Revenue has a duty to the taxpayers to not worsen their position. So if Dec 1st they are owed say £1m and by Jan 1st that has risen to £1.1m they are obliged to take action, generally administration, to protect taxpayers money. They were given this power in return for giving up their rights as a preferential creditor, although there was talk last year about returning that right.

Secondly a few people ask why Eddie Davies would wind up his own company and lose all his investment. One reason why he would choose to do this is any Director of a Company can be held personally liable for any increase in the debt from the point he knows, or is expected to know, that the business is trading insolvently. Another reason is if the a business enters voluntary administration the Directors can choose the administrators provided crditors do not object. So if he knows the IR is about to wind the company up first, he can step in first.

I am not an expert on administration, but assuming legistlation is as it was when I was the accountant for the once mighty Gretna FC in 2007/08, this was the case then.

Thanks for joining in.
I have one thing that puzzles me though, Eddie is not a director, at least I thought he wasn't, he owns it would that make a difference?

You are right on both points Hoboh. Eddie has not been a director for 5 or 6 years and it does make a difference

[Gary the Enfield]

Have we gone bust yet?

[Worthy4England]

Have we gone bust yet?

Lemmie see....Heads, Yes - Tails, No....



Errr anyone got a coin?

[Dave Sutton's barnet]

Errr anyone got a coin?

Throw that tax bill in the air. "Heads" if it lands letterhead-side up.

[Worthy4England]

Errr anyone got a coin?

Throw that tax bill in the air. "Heads" if it lands letterhead-side up.

I think someone should keep that tax bill in their pocket.

[Hoboh]

Looks like insano's pal Richard was wrong again!
BWFC still exists.

[Riviman]

Looks like insano's pal Richard was wrong again!
BWFC still exists.

Friday aint over yet !!

[bobo the clown]

Looks like insano's pal Richard was wrong again!
BWFC still exists.

Friday aint over yet !!

Yeah, but it's Friday and so early finishing. Plus Christmas Party season so no-one will want to be there late .....AND you want to get through that bloody awful traffic.

I reckon we'll still exist ... till Monday at least.

[jonnycooper]

So is it safe to go ahead and book mine and Mrs j,s panto seats at the Whites Hotel then or not?


Edit=Will bobo be performing in character on the 19th?

[bobo the clown]

So is it safe to go ahead and book mine and Mrs j,s panto seats at the Whites Hotel then or not?


Edit=Will bobo be performing in character on the 19th?

Yes, he will.


(Oh no he won't)

Ad infinitum. Or is that ad nauseum ?

[jonnycooper]

So is it safe to go ahead and book mine and Mrs j,s panto seats at the Whites Hotel then or not?


Edit=Will bobo be performing in character on the 19th?

Yes, he will.


(Oh no he won't)

Ad infinitum. Or is that ad nauseum ?

[TKIZ!]

http://www.theboltonnews.co.uk/sport/wa ... Wanderers/" onclick="window.open(this.href);return false;?

Is this real? Deano has stumped up the cash??