The breaking News thread...

[BWFC_Insane]

That's not correct.

I was told that you can only appoint out of court if there isn't already a winding up petition against the company?

Guess that was wrong then!

[Riviman]

http://www.theboltonnews.co.uk/news/143 ... music_map/" onclick="window.open(this.href);return false;

One way to try and generate cash.

[Worthy4England]

That's not correct.

I was told that you can only appoint out of court if there isn't already a winding up petition against the company?

Guess that was wrong then!

Yeah, I'm checking that bit.

[Bruce Rioja]

I don't think administration was the judge's decision to make.

A very interesting comment, Chief. Is that not why he or she's there?

Not in this case. HMRC issued a winding up order so judge was there to assess that - whether to wind us up or not.

At any point in time, we could've gone Company Voluntary Arrangement (CVA) and placed ourselves in Admin through the main holder of a floating charge (in our case ED)...

Or we could apply for adjournments & balls it out (which is what we did)

Very interesting again. Worthy. The only time that I recognised that my employer was about to go bust (and that our SA owner was using the business to siphon funds out of SA, I bailed having gained the level of business management experience that I'd joined them for). The whole administration/insolvency procedure remains anathema to me. I love reading about it from those in the know though. Cheers.

[Worthy4England]

That's not correct.

I was told that you can only appoint out of court if there isn't already a winding up petition against the company?

Guess that was wrong then!

Yeah, actually I'm checking that bit.

I think this is where murky legal gets in the way. A floating charge holder (so a creditor) can appoint an administrator without the need of a Court Order - in our case this would have been Moonshift Investments. They have to give notice to any holders of floating charges with priority over the applicants - of which I don't believe there were any. They can't do this if a provisional liquidator has been appointed nor if an administrative receiver is in office - neither of those two had yet occurred (as the winding up petition hadn't been granted)...

[Worthy4England]

I don't think administration was the judge's decision to make.

A very interesting comment, Chief. Is that not why he or she's there?

Not in this case. HMRC issued a winding up order so judge was there to assess that - whether to wind us up or not.

At any point in time, we could've gone Company Voluntary Arrangement (CVA) and placed ourselves in Admin through the main holder of a floating charge (in our case ED)...

Or we could apply for adjournments & balls it out (which is what we did)

Very interesting again. Worthy. The only time that I recognised that my employer was about to go bust (and that our SA owner was using the business to siphon funds out of SA, I bailed having gained Let the level of business management experience that I'd joined them for). The whole administration/insolvency procedure remains anathema to me. I love reading about it from those in the know though. Cheers.

It's not quite as I wrote it - I should have written we could've gone CVA or placed ourselves in Admin - and that last bit isn't actually correct, depending on who you view as being "ourselves".

Bolton Wanderers Football and Athletic Club Co Ltd and Burnden Leisure Ltd are two Legal entities, the responsibility for running them was (and is) the Board of Directors - so at the time, Gartside, Massey, Warburton, Gee. Not sure - and not going to try and find out if they could've gone Directors voluntary admin without a court order, once the Winding Up Process had started, frankly no one needed to know as in the background was Moonshift.

Moonshift Investments are different - floating charge holder and our most significant creditor - they could, without Court Order - and the earliest Moonshift Debenture was I think in 2002 before some of the rights of floating charge holders were changed (which I think was in 2003...) - ain't that convenient.

[BWFC_Insane]

Interesting Worthy. I know that at the time Iles said if they wanted admin they would have to apply later that day to the court for administration. But then he's a football journalist so not exactly a great source for the legal process.

I asked someone who has worked as an IP and they thought it would need court approval in our case but again they weren't well versed in the details.

[Worthy4England]

Guess it might have depended on who "we" was...Burnden Leisure are not Bolton Wanderers Football and Athletic neither of them are Moonshift and none of 'em are Eddie Davies.

[Rjs37]

Yeah very interesting Worthy. Cheers for delving into it in far greater detail than I did / could have.

Out of interest, how long would it actually take to complete that process? Either CVA or placing 'ourselves' into admin.

The impression I got following the proceedings was that Davies would've tried to do it on the morning of the court dates if things were looking especially grim. i.e. if we hadn't 'sold' that carpark, or made progress with selling the club. Davies left quite a few things to the last minute (that fax for example), so it wouldn't surprise me if that was his plan, but would it have been realistic to try and complete the administration process that quickly?

[Worthy4England]

Immediate. Lodge Notice of Intention with Court. It doesn't get "judged" assuming criteria met it's just acknowledged by Court and halts any legal proceedings related to the winding up. Gives 10 business days breathing space. Can ask for 10 extra, but not likely to get many of those.

[TonyDomingos]

Bolton Wanderers can confirm that vice chairman Brett Warburton has resigned from his position on the club’s board.

Club also confirms that Trevor Birch and Terry Robinson's roles have come to an end.

[Enoch]

http://www.theboltonnews.co.uk/news/143 ... music_map/

One way to try and generate cash.

It can only be a matter of time!

I've been running hot
You got me just about to blow my top.....

[BWFC_Insane]

Bolton Wanderers can confirm that vice chairman Brett Warburton has resigned from his position on the club’s board.

Club also confirms that Trevor Birch and Terry Robinson's roles have come to an end.

Ah yes, Terry Robinson. The man paid by Eddie to sell our players in January. Another exquisite waste of money.

[Enoch]

Ah yes, Terry Robinson. The man paid by Eddie to sell our players in January. Another exquisite waste of money.

Of course that's not actually the true story.

Club statement.

"We can also confirm that Terry Robinson is now working with the club in a review of all of the club’s operations."

Maybe, just maybe, Terry Robinson made a very good job of reviewing all the club's operations whilst he was on board, maybe.


Still, don't ever let little bits of truth get in the way of a good bit of bollocks.

[BWFC_Insane]

Ah yes, Terry Robinson. The man paid by Eddie to sell our players in January. Another exquisite waste of money.

Of course that's not actually the true story.

Club statement.

"We can also confirm that Terry Robinson is now working with the club in a review of all of the club’s operations."

Maybe, just maybe, Terry Robinson made a very good job of reviewing all the club's operations whilst he was on board, maybe.


Still, don't ever let little bits of truth get in the way of a good bit of bollocks.

Oh, he did a review? Well that's a relief then!

[Enoch]

Ah yes, Terry Robinson. The man paid by Eddie to sell our players in January. Another exquisite waste of money.

Of course that's not actually the true story.

Club statement.

"We can also confirm that Terry Robinson is now working with the club in a review of all of the club’s operations."

Maybe, just maybe, Terry Robinson made a very good job of reviewing all the club's operations whilst he was on board, maybe.


Still, don't ever let little bits of truth get in the way of a good bit of bollocks.

Oh, he did a review? Well that's a relief then!

... and not for the first time you have absolutely no idea what you're having a moan about.

Have you had sight of the work he did? Do you know what measures were put in place as a result of the work he did? Does your mate at The Sun not have the scoop on this? Do you just like having a moan?

[thebish]

Ah yes, Terry Robinson. The man paid by Eddie to sell our players in January. Another exquisite waste of money.

Of course that's not actually the true story.

Club statement.

"We can also confirm that Terry Robinson is now working with the club in a review of all of the club’s operations."

Maybe, just maybe, Terry Robinson made a very good job of reviewing all the club's operations whilst he was on board, maybe.


Still, don't ever let little bits of truth get in the way of a good bit of bollocks.

Oh, he did a review? Well that's a relief then!

were you not only arguing yesterday that the whole way the club has been run and the players managed needs reviewing to stop a repeated pattern?

[Worthy4England]

Look it's simples

Old Board and ED - moan, whinge, bitch like fck and try and link everything direct to ED's desk, so his shoeing is warranted.

New Board - even if they eat babies

No. But I cant change it. We are where we are. Have to hope for the best

No idea what's happening so let's give 'em our full support, eh?

[BWFC_Insane]

Look it's simples

Old Board and ED - moan, whinge, bitch like fck and try and link everything direct to ED's desk, so his shoeing is warranted.

New Board - even if they eat babies

No. But I cant change it. We are where we are. Have to hope for the best

No idea what's happening so let's give 'em our full support, eh?

If you note, I did not moan about the old ownership and board until they put us in a position whereby we faced a winding up position and couldn't pay our staff.

[Enoch]

Look it's simples

Old Board and ED - moan, whinge, bitch like fck and try and link everything direct to ED's desk, so his shoeing is warranted.

New Board - even if they eat babies

No. But I cant change it. We are where we are. Have to hope for the best

No idea what's happening so let's give 'em our full support, eh?

If you note, I did not moan about the old ownership and board until they put us in a position whereby we faced a winding up position and couldn't pay our staff.

Can I take it then that you have absolutely no idea what Terry Robinson did for the club and your disparaging comments aimed at Eddie Davies and Terry Robinson were, at best, unfounded bollocks?