Thetownend.com

OK

I have said all along that no business will be wound up whilst a viable rescue package, to the benefit of the creditors.

BUT there is a definate road that a WUP must go through before it comes to court ;

Day 1 :  WUP issued on the registered office

Day 7 :  WUP advertised in the London Gazette

Day 8 :  Company's trading ceases, as its assets and bank account are frozen.

Obviously I am fully confident that the club will not be wound up, however I do worry about how we continue to trade between Day 8 and the Winding up hearing, and the possible view of the FL

This is not meant to be a "doom and gloom" post, just a genuine concern I have if a WUP is served

Whats WUP? Winding-Up ......

Petition

Winding Up Petition

Petition.

To the Court.

Ta muchly. Not the sharpest knife in the draw you see... :mrgreen:

I don't think you are right there Fred. I was revisiting this last night.

The company's assets/shares etc are frozen and the employees are dismissed ONLY if the Court decides on liquidation. If it does, then that's it - game up, end of story. The club will be liquidated. That's not to say that the liquidator can't keep the company running (if he thinks it will produce a better return in the short term). Sure, somebody can come along and buy the assets and so on but ultimately that action means that the it will cease to exist at some point in the near future.

I think the hope is rather that any winding up petition is adjourned in the light of other offers to pay the CVA/buy the assets etc.

Presuming June 30th goes by without any change to the situation, would I be correct in thinking one of the creditors would have to ask for a winding up petition?  It wouldn't just automatically happen

Indeed. A creditor has to petition the Court.

This is all sooooo confusing. My head hurts.

I just want whats best for the club. I want a club to support....

I think that is pretty much garanteed though.

Sorry Talk Talk I beg to differ

I was talking our our legal bods yesterday (we have instigated many WUP's on debtors and they inform me that bankers watch the LG daily and then do round robin e mails.

Accounts then get frozen the following day

Do your company ever actually succeed with any of them Fred?  :soapy tit wank:

Have a look at http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtowindupacompany.htm

A company does not cease trading or get frozen just because it has had a winding up petition served on it, no matter how many days before the court hearing that is. It is only when the court turns it into a winding up order and it passes into liquidation.

If you think about it, if somebody petitioned about your company on incorrect/false grounds and the court threw it out, it would be manifestly wrong if you had been prevented from trading, wouldn't it?

Have just spoken to them again, and for a company to be even issued with a WUP depicts that, even put conservatively, trading is perilous.

The banks have the right to freeze accounts, and do so to protect not only their own position, but in alignment with guidelines laid down by the FSA, to protect other would be creditors from dishonored payments etc.

This is not legislative, but best practice in line with the FSA.

However, I take where you are coming from, and as we do not operate any form of overdraft facility or credit lines then this may not be appropriate in our case

 :soapy tit wank:

As in when the Revenue issued one against STFC for non-payment of VAT you mean...

exactumundo

With all this going on, players are being signed presumably with the help of their agents, who are there obviously  to provide financial savvy.  So, if I am Fred Shark and I represent Kevin Clogger, during negotiations I might have the concern that SBC are next week going to take away the chair I am sitting in, and the cup I am drinking coffee out of.  Am I being told "don't worry Freddy Boy, have another cigar, we swiped a box from Kingy just before he left,  the stuff in the press that the creditors, and the geezer in charge of the CVA are at odds is just speculation .  "Freddy, we've got more dosh than Kylie M., don't worry about what's in the press, or what the council members have to say".  

Just a thought, but why sign on for the Titanic if you know there's an iceberg straight ahead.

There is no iceberg.

we can move the iceberg if we want to

Pretty much any financial agreement the club has made will come with a condition that upon the issue winding-up petition/admin order or such like, accounts can be frozen, loans made immediately repayable, secured property possessed etc.

In STFC's case, if a winding-up order were made, I'd ASSUME accounts would be frozen fairly promptly given our past history as we wouldn't have had much bargaining strength in any financial negotiations. Any outstanding monies to St Modwen's etc would be made repayable.

BUT all of this depends on who holds which assets and if guarantees have been given between STFC and the Holding Company.

In short.....shit.

But the council, who own the iceberg, need to grant permission first and they don't really like the captain of the ship after recent statements

I would imagine that agents are there to negotiate wage / contract on their players behalf they probably would not know about local issues tbh.

if i was an agent i would not be doing my job if i was not checking local news/independent forums and ASKING THE RIGHT QUESTIONS to the board and sturrock.

The board have something up their sleeve now and they will leave it till the last minute to try and get all the glory they can

There has to be some major assurance, I cannot believe that Sturrock would be out on a limb.

Likewise Crozzer

so basically everyone is thinking that the board are twats but have the money in the wings to pay this? or i am just losing the plot?

Ive just got this niggle in the back of my mind Kaufman

Why on earth would you so publically shit on

1) a major creditor within the CVA

2) The major player within any ground redevelopment that will increase revenues to get us out of this shit. SBC, and the relationship with the club is pivotal

as opposed to being retarded OR having the PR skills of a poorly dressed, ill edutcated fish...

They might be trying it on again, pleading that they are poor. Seeing if they can get a revised settlement.

Doubt its going to work this time though.

erm.... because they are a bunch of fucking idiots? :o

i think they're just having a pop at everyone because they know they only have one week left  :wink:

they'd have to be seriously insane to try that given we've just reportedly spent £50k on a defender, we're off to austria on a pre-season tour and can afford to rebrand everything with our new badge...

The only explanation is that they have the funds in place for the CVA and the ground development and next seasons budget.
They are just enjoying winding everybody up as they are secure in the knowledge that they are in control.

Of course ....... I could be wrong and Mike and Andrew have been sharing a particularly hallucinogenic home brewed Ouzo or two and are insane.

you might be right, but it won't involve a development in Swindon, that much is obvious from the past few days.

Actually, Rob, Diamandis is deluded enough to believe he can get away with having a go at councillors like this and still think they would view him or any company he was involved in as suitable partners to work with on a development. You may remember that after the ill-fated visit to the Madjeski he had a similar tantrum about Cllr Martin and thought the way forward would be to "neutralise" Cllr Martin's political influence within the council by "digging up dirt on him". We told him then the objections to the scheme they were pushing at the time were more than just Nick Martin "being difficult" and that any attempt to have a go at Cllr Martin would backfire - I guess we're seeing the fruits of this genius strategy now.

It never fails to amaze just what a nasty piece of work Diamandis is

http://www.philsp.com/data/images/n/nasty_piece_of_work_199712_n6.jpg

I think he is quite literally evil.

Not just figuratively speaking but quite literally evil.

I mean as in clinically evil.

In the same way that some people are clinically insane. If a head doctor examined him he would probably be forced to conclude that he was clinically evil.


That's what I reckon :?

I wish I hadn't posted that now. I reckon his flying helper killer monkeys are on their way as I speak :?

http://www.bartcop.com/burns-flying-monkeys.JPG

That's the fellas :nod:

http://www.thisisstfc.co.uk/Forum_New/topic.asp?TOPIC_ID=28802

Just read the thread on thisis from June last year when Diamond Mike posted his sob story. He almost had us fooled for a couple of months, its amazing just how often and easily he lies.

fly my pretties,fly

Insane would probably sum them up, yes.