New beginnings - 25% Truth, 80% Bollocks

[Audrey]

A notice of compulsory strike off means the company is removed from the Companies House Register and so no longer exists. It happens when the company has failed to comply with the rules, such as filing accounts.


What are the consequences of a company strike off?
It is important to understand that if you strike off a company you lose control of its assets, bank accounts and any money due to it after it is struck off.


https://www.theinsolvencyexperts.co.uk/blog/what-is-a-compulsory-strike-off-can-i-stop-it/

[horlock07]

Axis Football Investments Ltd have a notice of compulsory strike off listed today.

https://find-and-update.company-information.service.gov.uk/company/11097652/filing-history

I'll be honest, I have no idea what this means.

They don't on the overview page so I assume whatever hadn't been lodged has now been done so but not uploaded by CH yet?

[4D]

That was on there last week, I noticed it was dated 25th Feb which I thought unusual.

[Oaksey Moonraker]

But he’s bought the club for £212,500. A club which is valued at circa £7m. There’s no way he’s put £7m in so even a sale at its market value would realise a profit.

Obviously that’s a bit simplistic as we don’t know who is owed what and how much of that £7m would end up in Clem’s spotty bag once it’s been divvied up. 

We don’t know on what terms the ‘lady’s’ £2m was borrowed. Then there’s Standing still lurking.

He invested £1m for c.15% of the shares in 2015 during the Power era. That was the original Clem and Power dispute and court case over a loan vs shares.

[STFC_Manc]

Clem loans STFC £8m.
Clem sells the loan to Axis for £8m, Clem takes £8m from Axis  so is personally not out of pocket
The money in Axis comes from third party companies (not owned by Clem).
Axis put into administration & pays third party companies a penny in the pound.

Clem has his £8m, the club have naff all, and the third party companies (the ones that can see this coming & are already chasing Clem through the courts) are most of £8m out of pocket.

Do I know this as a fact, Nope
Do I fear that this is what he's doing, Damn Right

You are making quite a leap. Which Axis company is going into Admin?

The money from 3rd party companies would be in main Australian one, if he put that into Admin then he would lose his main business?

The money is owed to Axis football and if that went into Admin, it owns STFC, so he would then lose the club, as the assets would be taken over by administrators.

I'm not sure how he gains anything from it?

[theakston2k]

You are making quite a leap. Which Axis company is going into Admin?

The money from 3rd party companies would be in main Australian one, if he put that into Admin then he would lose his main business?

The money is owed to Axis football and if that went into Admin, it owns STFC, so he would then lose the club, as the assets would be taken over by administrators.

I'm not sure how he gains anything from it?

He’s literally just carried out a dodgy exit from his U.K. business and I bet he’s got a dodgy plan to avoid paying these creditors that are taking him to court if he has to pay out. Evidence suggests Axis in Australia is struggling as well so who’s to say that being wound up isn’t a real possibility?

You don’t think for one second he might have a dodgy plan for Town as well, we are talking about an clearly unscrupulous businessman here, someone who is happy to rip anyone off and lie to their face.

[STFC_Manc]

He’s literally just carried out a dodgy exit from his U.K. business and I bet he’s got a dodgy plan to avoid paying these creditors that are taking him to court if he has to pay out. Evidence suggests Axis in Australia is struggling as well so who’s to say that being wound up isn’t a real possibility?

You don’t think for one second he might have a dodgy plan for Town as well, we are talking about an clearly unscrupulous businessman here, someone who is happy to rip anyone off and lie to their face.

What evidence do you have that the Australian business is struggling (to be clear I've not looked, so don't know either way).

[Batch]

They don't on the overview page so I assume whatever hadn't been lodged has now been done so but not uploaded by CH yet?

I think it was just the overdue confirmation statement, sorted last week.

Shoddy but not serious

[RobertT]

What evidence do you have that the Australian business is struggling (to be clear I've not looked, so don't know either way).

Technically, he didn't run the business when it liquidated, it collapsed a couple of months after he handily offloaded it, but he did hit trouble with a NSW one.  That is the one causing headaches in Australia as the appointed Liquidator identified potential wrongdoing (trying to avoid paying creditors, trading while insolvent etc.).

Clem himself has talked about the business having struggles in general - not that it was going into Admin or anything, but the general malaise that Horlock talks about in the industry in general.  I guess if your business makes it's money fitting out plumbing/hydraulics for office fit outs, the last four years have been a grind.

Think there was a prior UK one four years ago or so as well.  Basically now defunct in the UK, retrenching back to core grounds.

[4D]

Accounts are in. £1.3m loss. No P&L info. Surprise, surprise.  
Transparency 

[Nemo]

Accounts here if anyone wants a look

Less short term debt, more long term debt by the looks of it. But not much there to learn from.

[Bob's Orange]

I'm sure we'll all be absolutely none the wiser when Fair Game get their teeth into it.

[4D]

The loss is no surprise, and neither is the omission of the P&L. I'm sure the pro Morfuni lot will be happy 

[horlock07]

No P&L* so administration expenses shown any more, that'll save a huge amount of internet bandwidth.

Two things catch eye in the very limited detail provided, head count gone up 4, and doesn't seem to be any accountancy firm putting their name to it so have they taken it in house?

* TBH, making no excuses for them at all, no one believes a word they say so why bother with a P&L if you don't have to. 

[tans]

I'm sure we'll all be absolutely none the wiser when Fair Game get their teeth into it.

James Spencer has fired up powerpoint as we speak