The Debt.
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Re: The Debt.
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.
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.
You can judge the whole world on the sparkle that you think it lacks.
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Re: The Debt.
Gartside is effectively out of the equation.Lord Kangana wrote: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.
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Re: The Debt.
So I hear. Perhaps that explains a certain T Birch's presence?
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
Re: The Debt.
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.Lord Kangana wrote:So I hear. Perhaps that explains a certain T Birch's presence?
Re: The Debt.
Can someone explain just how the hell have we been paying anything since this was served then?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.
- Lost Leopard Spot
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Re: The Debt.
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.Hoboh wrote:Can someone explain just how the hell have we been paying anything since this was served then?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.
Last edited by Lost Leopard Spot on Mon Jan 18, 2016 8:46 am, edited 1 time in total.
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Re: The Debt.
The multi millionaires on the clubs board will no doubt have dipped into their personal funds if it suits them to.Hoboh wrote:Can someone explain just how the hell have we been paying anything since this was served then?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.
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Re: The Debt.
Think it becomes frozen when they launch the petition in order to stop companies just selling off their assets.Lost Leopard Spot wrote: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.Hoboh wrote:Can someone explain just how the hell have we been paying anything since this was served then?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.
I believe there was an announcement by the club that we had been allowed to carry on trading by request (bank accounts therefore unfrozen).
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Re: The Debt.
So Scenario number#4 it is then - Feb 22nd.Lost Leopard Spot wrote: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).
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Re: The Debt.
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.
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Re: The Debt.
WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
BWFC_Insane wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
I do what?plymouth wanderer wrote:BWFC_Insane wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
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 wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
That wasn't on the table. HMRC were petitioning for liquidation. They still are.Martin_Cruise wrote: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 wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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.
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Re: The Debt.
Don't you read anything anybody else puts?BWFC_Insane wrote:That wasn't on the table. HMRC were petitioning for liquidation. They still are.Martin_Cruise wrote: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 wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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.
We are not in administration in all but name. Administration was, and still is 'on the cards'.
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Re: The Debt.
Get wound up.BWFC_Insane wrote:I do what?plymouth wanderer wrote:BWFC_Insane wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
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).Martin_Cruise wrote: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 wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
Admin won't find us a new owner ploughing money in...
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Re: The Debt.
Knew you'd know!Lost Leopard Spot wrote:Get wound up.BWFC_Insane wrote:I do what?plymouth wanderer wrote:BWFC_Insane wrote:WTF? You'd rather we'd been wound up?Martin_Cruise wrote: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.
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Re: The Debt.
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.
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