The Debt.

[Lord Kangana]

Potentially. It won't be quite that easy, but I have said before on several occasions that administration, in our very unique circumstances, could be manipulated to be more in our best interests than it may be in others.

However, and its a massive however, that relies on ED and PG having a plan for that, willing accomplices and the balls to do it. A lot of ifs.

[Hoboh]

Potentially. It won't be quite that easy, but I have said before on several occasions that administration, in our very unique circumstances, could be manipulated to be more in our best interests than it may be in others.

However, and its a massive however, that relies on ED and PG having a plan for that, willing accomplices
and the balls to do it. A lot of ifs.

Gartside is effectively out of the equation.

[Lord Kangana]

So I hear. Perhaps that explains a certain T Birch's presence?

[Hoboh]

So I hear. Perhaps that explains a certain T Birch's presence?

I doubt Gartside thought much past keeping his seat on the FA board TBH, the man really at fault for the mess is the man who had the ultimate say in things, Davies.

[Hoboh]

HMRC Winding-up Petition Procedure

Winding up petitions may be issued at Court against either a Company or a Partnership, the latter (a petition to wind up a partnership) is usually when issued by HMRC accompanied by individual HMRC bankruptcy petitions for each of the partners.

A HMRC winding up petition is the precursor to the compulsory liquidation of a company or the dissolution of a partnership if not properly dealt with by the Directors or Partners and in essence means that the Revenue, their solicitor’s office and their barrister is asking the Court to wind up your business and have an insolvency practitioner distribute the assets of that business amongst all creditors.

If the Companies Court Registrar agrees with HMRCs barrister at the court hearing of the petition to liquidate and close down the company then the Court issues a winding-up order. The Company then has to cease to trade. The bank account will have already become frozen on advertisement of the petition by HMRC. The Official Receiver, a Government civil servant, then investigates the company and the conduct of the directors. The assets are liquidated to pay of the debts of the company by a nominated Insolvency Practitioner.

Can someone explain just how the hell have we been paying anything since this was served then?

[Lost Leopard Spot]

HMRC Winding-up Petition Procedure

Winding up petitions may be issued at Court against either a Company or a Partnership, the latter (a petition to wind up a partnership) is usually when issued by HMRC accompanied by individual HMRC bankruptcy petitions for each of the partners.

A HMRC winding up petition is the precursor to the compulsory liquidation of a company or the dissolution of a partnership if not properly dealt with by the Directors or Partners and in essence means that the Revenue, their solicitor’s office and their barrister is asking the Court to wind up your business and have an insolvency practitioner distribute the assets of that business amongst all creditors.

If the Companies Court Registrar agrees with HMRCs barrister at the court hearing of the petition to liquidate and close down the company then the Court issues a winding-up order. The Company then has to cease to trade. The bank account will have already become frozen on advertisement of the petition by HMRC. The Official Receiver, a Government civil servant, then investigates the company and the conduct of the directors. The assets are liquidated to pay of the debts of the company by a nominated Insolvency Practitioner.

Can someone explain just how the hell have we been paying anything since this was served then?

Yes, because that bit in bold refers to after today. If at the court hearing of the petition. The wording then should read: the bank account will have become frozen on advertisement of the petition by HMRC having been granted. The last three words seem to be missing from your quote and are quite important.

[Martin_Cruise]

HMRC Winding-up Petition Procedure

Winding up petitions may be issued at Court against either a Company or a Partnership, the latter (a petition to wind up a partnership) is usually when issued by HMRC accompanied by individual HMRC bankruptcy petitions for each of the partners.

A HMRC winding up petition is the precursor to the compulsory liquidation of a company or the dissolution of a partnership if not properly dealt with by the Directors or Partners and in essence means that the Revenue, their solicitor’s office and their barrister is asking the Court to wind up your business and have an insolvency practitioner distribute the assets of that business amongst all creditors.

If the Companies Court Registrar agrees with HMRCs barrister at the court hearing of the petition to liquidate and close down the company then the Court issues a winding-up order. The Company then has to cease to trade. The bank account will have already become frozen on advertisement of the petition by HMRC. The Official Receiver, a Government civil servant, then investigates the company and the conduct of the directors. The assets are liquidated to pay of the debts of the company by a nominated Insolvency Practitioner.

Can someone explain just how the hell have we been paying anything since this was served then?

The multi millionaires on the clubs board will no doubt have dipped into their personal funds if it suits them to.

[BWFC_Insane]

HMRC Winding-up Petition Procedure

Winding up petitions may be issued at Court against either a Company or a Partnership, the latter (a petition to wind up a partnership) is usually when issued by HMRC accompanied by individual HMRC bankruptcy petitions for each of the partners.

A HMRC winding up petition is the precursor to the compulsory liquidation of a company or the dissolution of a partnership if not properly dealt with by the Directors or Partners and in essence means that the Revenue, their solicitor’s office and their barrister is asking the Court to wind up your business and have an insolvency practitioner distribute the assets of that business amongst all creditors.

If the Companies Court Registrar agrees with HMRCs barrister at the court hearing of the petition to liquidate and close down the company then the Court issues a winding-up order. The Company then has to cease to trade. The bank account will have already become frozen on advertisement of the petition by HMRC. The Official Receiver, a Government civil servant, then investigates the company and the conduct of the directors. The assets are liquidated to pay of the debts of the company by a nominated Insolvency Practitioner.

Can someone explain just how the hell have we been paying anything since this was served then?

Yes, because that bit in bold refers to after today. If at the court hearing of the petition. The wording then should read: the bank account will have become frozen on advertisement of the petition by HMRC having been granted. The last three words seem to be missing from your quote and are quite important.

Think it becomes frozen when they launch the petition in order to stop companies just selling off their assets.

I believe there was an announcement by the club that we had been allowed to carry on trading by request (bank accounts therefore unfrozen).

[Lost Leopard Spot]

To extrapolate
Scenarios 1-5
1. Voluntary Administration called by BWFC tomorrow morning. Petition goes ahead but is a technicality as it is merely informed Administration has been entered into.
2. Petition takes place. Judge orders Administration.
3. Petition takes place and judge grants it. Date set for winding up order hearing.
4. Petition takes place but on balance of evidence judge agrees to postpone to a later date (at which point scenarios 2, 3 or 5 occur providing 1 hasn't happened).
5. Judge dismisses petition.

For 5 to place place you need a new buyer or significant investment input.
Route 1 is a get out clause to avoid scenarios 2 and 3 (n.b. scenarios 1 & 2 are not the same thing).

So Scenario number#4 it is then - Feb 22nd.

[Martin_Cruise]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

[BWFC_Insane]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

[plymouth wanderer]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

You do that everyday!

[BWFC_Insane]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

You do that everyday!

I do what?

[Martin_Cruise]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

No, being wound up would have been worse but Id rather have gone into administration today than have it delayed for a few weeks.Going into administration would be the start of sorting this mess out.

[BWFC_Insane]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

No, being wound up would have been worse but Id rather have gone into administration today than have it delayed for a few weeks.Going into administration would be the start of sorting this mess out.

That wasn't on the table. HMRC were petitioning for liquidation. They still are.

In effect we are in administration by all but name now (and of course with the 12 points). Not paying wages, looking to sell off assets and trying to reduce the costs for an incoming buyer. OK, Eddie is still in control, but the process and end point are virtually the same. This way may be less painful, but ONLY if they can get a deal across the line.

[Lost Leopard Spot]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

No, being wound up would have been worse but Id rather have gone into administration today than have it delayed for a few weeks.Going into administration would be the start of sorting this mess out.

That wasn't on the table. HMRC were petitioning for liquidation. They still are.

In effect we are in administration by all but name now (and of course with the 12 points). Not paying wages, looking to sell off assets and trying to reduce the costs for an incoming buyer. OK, Eddie is still in control, but the process and end point are virtually the same. This way may be less painful, but ONLY if they can get a deal across the line.

Don't you read anything anybody else puts?
We are not in administration in all but name. Administration was, and still is 'on the cards'.

[Lost Leopard Spot]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

You do that everyday!

I do what?

Get wound up.

[Worthy4England]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

No, being wound up would have been worse but Id rather have gone into administration today than have it delayed for a few weeks.Going into administration would be the start of sorting this mess out.

Not sure how you think it would help us particularly at this stage of the season without a buyer? We'd flog some stuff off to pay bills maybe at a lower price than we were able to try and get in a marginally more open market (which we're doing or trying to do anyhow), I assume take a 12 point hit (even if it was just voluntary admin).

Admin won't find us a new owner ploughing money in...

[plymouth wanderer]

Disappointing, Delay is one of the worst things that could happen.We are still stuck with an owner who won't put a penny into the club and are now more likely to start next season in the 3rd tier with the points deduction.I'd rather have got it over with now.

WTF? You'd rather we'd been wound up?

You do that everyday!

I do what?

Get wound up.

Knew you'd know!

[Izual_Rebirth]

The issue with if we go into admin as opposed to the likes of Pompey is that we own a lot more assets in terms of training ground \ hotel etc which would possibly be sold off under administration.