Winding Up Orders

[Boothy]

If it's nothing to do with the Club, surely it's nothing to do with EFL?

[Take Hunt Off]

It does have something to do with the club if KA has expressed a preferred outcome to the EFL

 

He must be referring to any deal between Bluemarble & Sportshield. which will affect the club one way or the other.

 

but in which he has no say.

[Casino]

If it's nothing to do with the Club, surely it's nothing to do with EFL?

 

 

like i say, i haven't got a clue

 

all i can come up with is that it changes the ownership of the club

 

so the EFL have to sign off on it?

[famouswanderer]

reckon the the efl are desperate to deduct us some points if ssbwfc liquidate

 

*i also have no idea*

[Guest]

If wound up, the shares would be in the hands of an administrator. Who would sell them (and any other SSBWFC assets) to pay off the loan - or some of it.

 

So they are probably investigating whether liquidating SSBWFC would impact on the club and therefore on the shares value. For example a 15 point deduction would clearly limit the value of those shares. Which is probably what BM are investigating with the league. 

 

This in my view is not a good thing. It means that the ownership of the club is in question. Ken won't have control over where those shares end up. Also then, the remainder of the loan will be due in 2018 when BM can pursue the club for the rest of the debt. 

[Sluffy]

I've no idea either but I suspect there are at least two elements that the EFL would want to know about.

 

The first is about the clubs actual ownership when Holdsworth relinquishes his shares to the liquidator if/when SSBWFC becomes no more.

 

The second would be around the financial viability of the club to trade once SSBWFC is liquidated.

 

Anderson has already said his preferred position is for BM to drop the court action and an agreed deal with Holdsworth will be done - I guess at least that would resolve the position over club ownership, maybe even the clubs ongoing viability too.

 

Basing things on what Smurf has tweeted it looks as though BM is not agreeable to drop the court action and EFL needs to look at the consequences accordingly.

 

Maybe BM have called KA's bluff about the best offer he can make if they withdraw the court action - hoping perhaps for a better deal?

[Casino]

If wound up, the shares would be in the hands of an administrator. Who would sell them (and any other SSBWFC assets) to pay off the loan - or some of it.

 

So they are probably investigating whether liquidating SSBWFC would impact on the club and therefore on the shares value. For example a 15 point deduction would clearly limit the value of those shares. Which is probably what BM are investigating with the league. 

 

This in my view is not a good thing. It means that the ownership of the club is in question. Ken won't have control over where those shares end up. Also then, the remainder of the loan will be due in 2018 when BM can pursue the club for the rest of the debt. 

 

 

why would there be a points deduction at this stage?

[Guest]

why would there be a points deduction at this stage?

 

Don't think anyone knows there would be. But if the owning company goes into admin then that COULD be a points deduction. SSBWFC only own 37% so it may not apply. It is to stop owners running a club via a second company, routing debt through that company, then when put into admin, the club carries on regardless. I think, anyway. 

 

EDIT: EFL Rules

 

12.3.2 If a Group Undertaking of a Club becomes subject to or suffers an Insolvency Event, then the Board shall have the power to impose upon the Club a deduction of 12 points scored or to be scored in the League Competition. In exercising this power the Board shall have regard to all the circumstances of the case and to:

(a) such of the provisions of the Insolvency Act, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force;

( the need to protect the integrity and continuity of the League Competition;

© the reputation of The League and the need to promote the game of association football generally; and

(d) the relationship between the Club and the Group Undertaking. 12.3.3 Subject to the provisions of Regulation 12.3.4 below, where the Club becomes subject to or suffers an Insolvency Event, or the Board impose a deduction in accordance with Regulation 12.3.2:

Edited August 7, 2017 by bwfcfan5

[Sluffy]

Sports Shield BWFC Ltd - Accounts up until 31st December 2016 have just been released - must be a reason for this I guess in advance of the court case.

 

Edited August 18, 2017 by Sluffy

[passmosster]

 No shares in Burnden Leisure as assets? Or Blue Marble loan as a liability?

[Casino]

laughable

 

for all the grief Ken has got from the trust and hangers on, this fella holdsworth really has had an easy ride

[Mounts Kipper]

laughable

 

for all the grief Ken has got from the trust and hangers on, this fella holdsworth really has had an easy ride

Agreed and he's kept a low profile would love to hear his version of events.

[enzo gambaro]

Agreed and he's kept a low profile would love to hear his version of events.

Aye, and the one nagging doubt I have about all this is that he's apparently not able to give it.

[Casino]

so, its today?

 

usually get my blow by blow updates from nobhead smurf but i cant today as hes blocked me

 

they really are proper secretive for a mob who 'demand' openness

 

what time are holdsworths mob in?

[Traf]

so, its today?

 

usually get my blow by blow updates from nobhead smurf but i cant today as hes blocked me

 

they really are proper secretive for a mob who 'demand' openness

 

what time are holdsworths mob in?

 

He said the other day that they were due in after 11am and that he probably wouldn't be able to attend this time.

[Casino]

cheers

 

assume his non attendance is due to having been sectioned

[Traf]

cheers

 

assume his non attendance is due to having been sectioned

 

I hope so.

[Traf]

Sorry, 11th up after 10.30am

 

http://www.justice.gov.uk/courts/court-lists/list-companies-winding-up

[Casino]

i know it bores some people but strikes me this could be a very important day

 

im very interested to see where this is going

[Mounts Kipper]

i know it bores some people but strikes me this could be a very important day

 

im very interested to see where this is going

Me too I'm interested because once this is sorted we will hopefully see what plans KA has for the club. Edited August 21, 2017 by Mounts Kipper

[Casino]

once this is sorted he might not have any plans

[Carlos]

so, its today?

 

usually get my blow by blow updates from nobhead smurf but i cant today as hes blocked me

 

they really are proper secretive for a mob who 'demand' openness

 

what time are holdsworths mob in?

I was going to say I'm not blocked so must be doing something wrong! Although I don't follow them and have never engaged with them in any way whatsoever.

 

HOWEVER, I'm blocked too! Brilliant. It's almost as if they are online stalking us and working out who is who.

 

The Supporters' Trust cabal is rotten to the core!

[Mounts Kipper]

I was going to say I'm not blocked so must be doing something wrong! Although I don't follow them and have never engaged with them in any way whatsoever.

 

HOWEVER, I'm blocked too! Brilliant. It's almost as if they are online stalking us and working out who is who.

 

The Supporters' Trust cabal is rotten to the core!

 

Fucking hell Carlos got your tin foil hat on today.????

[Carlos]

Why would you go and block someone on Twitter who has never tweeted to you? Out of the hundreds of millions of accounts out there. Occam's razor in full effect.

 

IF you arsed about people seeing your tweets, make your account private. Like George Bower's one that he uses for his edgy materia. Technology, it's not THAT complicated.

[Tonge moor green jacket]

i know it bores some people but strikes me this could be a very important day

 

im very interested to see where this is going

Indeed. A watershed moment. Unless its delayed again.

Hopefully, things will become clearer. Could give the whole club a boost.