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BANGKOK RED
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« Reply #75 on: Thursday, November 22, 2007, 14:56:33 » |
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That's the first I've heard of this jj, what is your source? I can only give you clues as to his identity, its an anagram of BRAT! I've never heard of anybody called Tarb!!! |
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Crozzer
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Posts: 2487
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« Reply #76 on: Thursday, November 22, 2007, 15:31:11 » |
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Good job one of the Smith's is not captain of Swindon Town, however I don't think there are enough lifeboats for everyone.
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STFC Bart
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« Reply #77 on: Thursday, November 22, 2007, 16:09:22 » |
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Cant the sale of the club be forced upon them?
The CVA is 5 months overdue- surely the creditors can force the issue if it means them getting repaid. Surely any judge in the land is going to say you have to take the takeover for £1, if it means paying the debts and taking the club forward. Greek or no greek trying to stall in the background
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horlock07
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Lives in Northern Bastard Outpost
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« Reply #78 on: Thursday, November 22, 2007, 16:36:11 » |
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Equally interesting is them selling 75% of a holding company that they are presently arguing in court that BP owns 33% of - looks like Sandy's been at the calculator again!
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flammableBen
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« Reply #79 on: Thursday, November 22, 2007, 16:47:34 » |
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Nothings happened whilst I've been away then?
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Crozzer
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« Reply #80 on: Thursday, November 22, 2007, 17:13:01 » |
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Probably covered ad naseum, can someone help me out, here, if liquidation occurs the current owners get nothing, nor do the creditors.
If the club is sold for a quid, that relieves the current owners of debt, and some of the creditors get something if the CVA is paid.
No deal, then the current owners forgo the said quid, and the club is liquidated, creditors get nothing, no sale, no club, and we are "McClarened".
If there is no deal, could the buyer go to the administrator pay a quid and the CVA, with the previous owners having no say?
Could the administrator hold an "auction" before liquidation, with the new owners accepting a points deduction?
It must be more complicated than that, or is it?
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Iffy's Onion Bhaji
petulant
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« Reply #81 on: Thursday, November 22, 2007, 17:16:31 » |
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Nothings happened whilst I've been away then? No just rumours that a deal will not go through. The offer has been submitted to the clubs lawers and that's about it. |
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pauld
Aaron Aardvark
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Posts: 25436
Absolute Calamity!
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« Reply #82 on: Thursday, November 22, 2007, 17:31:19 » |
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Cant the sale of the club be forced upon them?
The CVA is 5 months overdue- surely the creditors can force the issue if it means them getting repaid. Surely any judge in the land is going to say you have to take the takeover for £1, if it means paying the debts and taking the club forward. Greek or no greek trying to stall in the background No. Please see the 300 or so previous threads on why the CVA supervisor does not have the power to force a sale and why the creditors may be able to force the CVA back into court but would run the risk of liquidation rather than a forced sale. |
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janaage
People's Front of Alba
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« Reply #83 on: Thursday, November 22, 2007, 17:33:24 » |
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Luton have just been handed to administrators with a view to sell the club - on a completely unrelated topic, well not completely unrelated but you know what I mean.
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pauld
Aaron Aardvark
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Posts: 25436
Absolute Calamity!
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« Reply #84 on: Thursday, November 22, 2007, 17:36:23 » |
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Probably covered ad naseum, can someone help me out, here, if liquidation occurs the current owners get nothing, nor do the creditors.
If the club is sold for a quid, that relieves the current owners of debt, and some of the creditors get something if the CVA is paid.
No deal, then the current owners forgo the said quid, and the club is liquidated, creditors get nothing, no sale, no club, and we are "McClarened".
If there is no deal, could the buyer go to the administrator pay a quid and the CVA, with the previous owners having no say?
Could the administrator hold an "auction" before liquidation, with the new owners accepting a points deduction?
It must be more complicated than that, or is it? For the umpty hundredth time much of the above re forced sales etc would apply if we were in administration. We're not, we're in a CVA, which is how we came out of administration. The administrator has powers to sell a business, the supervisor of a CVA does not. He can however put pressure on the current owners by threatenng to collapse the CVA (which in this case would effectively kill the business) if they do not agree to sell. But that's very different from the legal power to sell against their wishes. |
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Crozzer
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« Reply #85 on: Thursday, November 22, 2007, 17:53:02 » |
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If the club is sold for a quid, that relieves the current owners of debt, and some of the creditors get something if the CVA is paid.
No deal, then the current owners forgo the said quid, and the club is liquidated, creditors get nothing, no sale, no club, and we are "McClarened".
Thank you, it's that simple.
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