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Author Topic: what if BP's investment WAS to buy shares?  (Read 4533 times)
Sippo
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« Reply #75 on: Thursday, June 14, 2007, 12:06:39 »

Right, I'm confused. If theres no paperwork how can anything be proved? Its the boards word against Bill's.

Has BP actually started proceeedings yet? What if he's bluffing?

The whole thing is hurting my head.
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Simon Pieman
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« Reply #76 on: Thursday, June 14, 2007, 12:15:22 »

Quote from: "mrs_spacey"
Quote from: "simon pieman"
Quote from: "OOH!  SHAUN TAYLOR"
Quote from: "RobertT"
I think Si Pie mentioned that you don't need to have paperwork on loans (if they have no repayment terms built in) to a business because the Article of Association for the business should have a section on how Director loans are treated.


Well, if I was in the position of chucking 1.2 million into a club, I would want the terms of it signed and whitnessed, carved into a stone tablet and sealed in a bank vault in Switzerland. There would be no grey (Gray?) areas. That's all I will say about it :shock:


Yes but you're not loaning to a person, you're loaning to a company, which is a separate legal entity in its own right. You can't get a company to sign because it's obviously not a physical being and because BP was/became a director due to this investment, it's treated as a balance to a director. Unless of course it's shares.



That's fascinating :shock:

So what you're saying is

Companies can't have any sort of agreement or contract or anything at all that requires a signature because companies don't have hands and can't hold pens; and

If you lend money to a company - that makes you a director...cool...I'll lend Barclays 10 (without a loan agreement of course - see above re lack of hands), then I will be a director.  

Oh no - I just had a thought, who's gonna sign the company accounts if the company has no hands?

Quick sipie get your textbook out again!


Nope. That's not what I meant. I meant that if it doesn't deviate from the normal terms the company does not need to sign as it's outside the decision making priocess (made by the directors).
I would expect under good management, the info would be minuted as part of board meetings although if the paper trail is money going from one account to another and BP is a director it would strongly suggest that the money is whether a capital investment or a loan and if there are no share issues, then it must be a loan.

Like I said, we'll see what the court finds. If there is no evidence to suggest it's shares I think it will be classed as a director's balance, even if a further loan agreement doesn't exist.
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mrs_spacey

« Reply #77 on: Thursday, June 14, 2007, 21:00:39 »

Quote from: "simon pieman"
Quote from: "mrs_spacey"
Quote from: "simon pieman"
Quote from: "OOH!  SHAUN TAYLOR"
Quote from: "RobertT"
I think Si Pie mentioned that you don't need to have paperwork on loans (if they have no repayment terms built in) to a business because the Article of Association for the business should have a section on how Director loans are treated.


Well, if I was in the position of chucking 1.2 million into a club, I would want the terms of it signed and whitnessed, carved into a stone tablet and sealed in a bank vault in Switzerland. There would be no grey (Gray?) areas. That's all I will say about it :shock:


Yes but you're not loaning to a person, you're loaning to a company, which is a separate legal entity in its own right. You can't get a company to sign because it's obviously not a physical being and because BP was/became a director due to this investment, it's treated as a balance to a director. Unless of course it's shares.



That's fascinating :shock:

So what you're saying is

Companies can't have any sort of agreement or contract or anything at all that requires a signature because companies don't have hands and can't hold pens; and

If you lend money to a company - that makes you a director...cool...I'll lend Barclays 10 (without a loan agreement of course - see above re lack of hands), then I will be a director.  

Oh no - I just had a thought, who's gonna sign the company accounts if the company has no hands?

Quick sipie get your textbook out again!


Nope. That's not what I meant. I meant that if it doesn't deviate from the normal terms the company does not need to sign as it's outside the decision making priocess (made by the directors).
I would expect under good management, the info would be minuted as part of board meetings although if the paper trail is money going from one account to another and BP is a director it would strongly suggest that the money is whether a capital investment or a loan and if there are no share issues, then it must be a loan.

Like I said, we'll see what the court finds. If there is no evidence to suggest it's shares I think it will be classed as a director's balance, even if a further loan agreement doesn't exist.



ha ha

You really haven't got a clue...either that or your ability to express yourself is really very poor.

For example

"Yes but you're not loaning to a person, you're loaning to a company, which is a separate legal entity in its own right. You can't get a company to sign because it's obviously not a physical being "

now is supposed to mean

" I meant that if it doesn't deviate from the normal terms the company does not need to sign as it's outside the decision making priocess (made by the directors)."


Try another textbook?  Or maybe ask a grown-up to help Yes
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Simon Pieman
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« Reply #78 on: Thursday, June 14, 2007, 21:21:31 »

Well if you refer back to Rob's post, mine was in reference to that.
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mrs_spacey

« Reply #79 on: Thursday, June 14, 2007, 21:50:58 »

Quote from: "simon pieman"
Well if you refer back to Rob's post, mine was in reference to that.


He's quoting something you have said which doesn't make much sense either...if you don't know the differences between a business and a company, you may be embarking on the wrong career  :roll:

It is one thing to read and reproduce words from a textbook, but another thing to actually understand what is written and to subsequently explain the meaning to people who (as remarkable as that might sound to you) probably couldn't give a monkey's left one about the accounting treatment of directors' loan accounts, GAAP or whatever else you might be studying.
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Red81

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« Reply #80 on: Thursday, June 14, 2007, 22:04:35 »

crikey
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Simon Pieman
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« Reply #81 on: Thursday, June 14, 2007, 22:11:49 »

love ya too  Tongue
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Razzledazzle

« Reply #82 on: Thursday, June 14, 2007, 22:33:05 »

come on billy boy,if your going to take these clowns to court then hurry up and get on with it, we don't want this dragging on for longer than it needs to, sort it out!!
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