Thetownend.com

not a bad result today given the circumstances.

on another note,

ive had a think about this, how can we be insolvent at the moment?

havent we just received at least 100k for sturrock et al compo?

if luggy was on 250k pa then this is a massive week to week saving.

i dont get it, the only thing i can think of is if plymouth havent paid yet. otherwise surely the 100k (min) would cover wages and other short term creditors?

wheres the compo gone?

I doubt they paid the compo all up front.

The 'massive' weekly saving amounts to around £4,800 a week.

I was thinking if we are insolvent surely the club should go into voluntary liquidation or something? unless the takeover is done soon or unless wills puts some money in then surely that has to be done?
Fitton's gone away again now and i don't know when he's back.

And the short term creditors aren't really the issue. The issue is HMRC who we owe millions to coming in for their money now. If we don't have it they can wind up the club.

Which in the scheme of things is pittence

As weird as it sounds solvency has nothing today to do with ouir balance sheet and how much money it shows.
If we don't have the money immediately available to pay our immediate debts then then we are insolvent. The Sturrock compo etc will probably be paid in installments so is not yet all available.

We could be a billion in the black but if its not yet available it doesn't help with anything

if we are insolvent, aren't we currently trading?

trading whilst insolvent. who would do such a thing?

Answers on a postcard to Diamond Mike at Shady Enterprises INC.

What immediate debt is there that hasn't been paid? Do we know?

As long as the Fitton deal is still a possibilty then the creditors will hold back. It's common sense really, as long as their is a chance of the creditor's getting their money bak then they will wait (Within reason), either we get wound up and they get sweet FA.

if the compensation isn't all paid up front, then it's fair to assume our transfer fees from the summer weren't paid up front either.

especially that one we bought from plymouth...

Apart from HMRC i wonder what other creditor's are close to winding the club up as well? HMRC have been patient for a long time, they may have issued a winding up order when the takeover collapsed, if not they may give the club until the end of next week, i don't think they will wait any longer than that.

Oh, and surely if the Fitton deal doesn't get through then "voluntary liquidation", is not the term. It would be forced upon us, unless of course Sir Knight Wills stumps up all of the wonga that is owed.

It's voluntary if the directors issue the winding up petition to the company themselves, rather than waiting for someone else to do it.

Which knowing Diamandis he would love to do just to stick the final knife in

Nigh on £2m to the revenue, and another £2m to "day creditors" plus £900k overdue CVA. None of that has had an arrangement to be deferred and hence is all due immediately. It's only the prospect of a Fitton takeover that has prevented winding-up orders being served already.

1. He's not "the directors"

2. Where do you know him from?  :D

I don't know how the winding up process works but wouldn't the Court be a little miffed if the club was wound up voluntarily whilst an offer was on the table?