Howardroark Posted March 14, 2019 Posted March 14, 2019 9 minutes ago, DomRepWanderer said: I think Ken is playing silly cunts now he knows James is involved, would going into admin be advantageous to him, I don't think so, just sign the papers and fuck off. Just a few points on the legalities of a winding up order and why it raises issues here: Legally you can’t sell the business or any of its assets once a WUP order has been petitioned (listed in the London Gazette). If you do, the sale can be reversed. Therefore the HMRC debt has to be settled before the takeover. It would be a winding up order made followed by compulsory liquidation, not administration. The reason Ken hasn’t taken the DD money yet is that if he is found guilty of wrongful trading then he becomes personally liable.
Tonge moor green jacket Posted March 14, 2019 Posted March 14, 2019 Last sentence makes sense. When will it be concluded then?
Howardroark Posted March 14, 2019 Posted March 14, 2019 (edited) 13 minutes ago, Tonge moor green jacket said: Last sentence makes sense. When will it be concluded then? I assume that Ken will have challenged the petition to try and buy time, but the reality is that today is the day, anything inside 7 days from the court date and he literally cannot transfer the shares. Edited March 14, 2019 by Howardroark Spelling
Tonge moor green jacket Posted March 14, 2019 Posted March 14, 2019 6 minutes ago, Howardroark said: I assume that Ken will have challenged the petition to try and buy tome, but the reality is that today is the day, anything inside 7 days from the court date and he literally cannot transfer the shares. What if his final act was one of twatdome to take being wound up? Possible?
Howardroark Posted March 14, 2019 Posted March 14, 2019 3 minutes ago, Tonge moor green jacket said: What if his final act was one of twatdome to take being wound up? Possible? Well as he’s a secured creditor he would still get paid, although unlikely to be the full amount and he would still owe Moonshift, unless he tries to get out of it or do a deal with them.
DomRepWanderer Posted March 14, 2019 Posted March 14, 2019 Iles saying could drag on into next week now, I know he's sometimes wrong but if it does drag on, if what Howard says is true then we are fucked.
Tonge moor green jacket Posted March 14, 2019 Posted March 14, 2019 2 minutes ago, Howardroark said: Well as he’s a secured creditor he would still get paid, although unlikely to be the full amount and he would still owe Moonshift, unless he tries to get out of it or do a deal with them. Begs the question then, is there no legal route, whereby a party (presumably having passed a fit and proper test) willing to submit sufficient funds to cover debts can effectively buy the club and ken be made to accept the agreement and not keep pissing about?
dazl1212 Posted March 14, 2019 Posted March 14, 2019 14 minutes ago, DomRepWanderer said: Iles saying could drag on into next week now, I know he's sometimes wrong but if it does drag on, if what Howard says is true then we are fucked. Fcking great!
Howardroark Posted March 14, 2019 Posted March 14, 2019 6 minutes ago, Tonge moor green jacket said: Begs the question then, is there no legal route, whereby a party (presumably having passed a fit and proper test) willing to submit sufficient funds to cover debts can effectively buy the club and ken be made to accept the agreement and not keep pissing about? Not really, but I think the impending Winding Up Petition/Order will be being used by Basran as leverage over the creditors “take 50% payment from me or get nothing in a week”. But again this now comes down to Basran having to spend before he acquires as HMRC debt needs to be settled before the transfer of shares.
Guest Posted March 14, 2019 Posted March 14, 2019 30 minutes ago, Howardroark said: I assume that Ken will have challenged the petition to try and buy time, but the reality is that today is the day, anything inside 7 days from the court date and he literally cannot transfer the shares. How did DH manage to buy the club on the court steps minutes before the winding up hearing (that had been delayed a few times already)? Was that a different scenario?
Howardroark Posted March 14, 2019 Posted March 14, 2019 Just now, bwfcfan5 said: How did DH manage to buy the club on the court steps minutes before the winding up hearing (that had been delayed a few times already)? Was that a different scenario? HMRC would’ve been settled and then the share transfer occurred afterward. That could’ve been ‘by agreement’ or by payment but the debt must be settled before the transfer.
Guest Posted March 14, 2019 Posted March 14, 2019 6 minutes ago, Howardroark said: HMRC would’ve been settled and then the share transfer occurred afterward. That could’ve been ‘by agreement’ or by payment but the debt must be settled before the transfer. So reality is the debt could be settled and shares transferred any day up to and including next Wednesday?
Howardroark Posted March 14, 2019 Posted March 14, 2019 Yes, but in that order, so Basran will have to (gulp) trust Ken to transfer the shares after paying.
Guest Posted March 14, 2019 Posted March 14, 2019 2 minutes ago, Howardroark said: Yes, but in that order, so Basran will have to (gulp) trust Ken to transfer the shares after paying. Surely that can be handled via some appropriate legal documents?
Zico Posted March 14, 2019 Posted March 14, 2019 (edited) 3 hours ago, barrycowdrill said: he then got that much abuse & aggro he’s just thought fuck it I’m getting rid. To anyone. Even if they were no better than he at funding the club moving forward We have un paid bills going back some time and no money to cover costs moving forward Are you suggesting without any of the abuse we'd find ourselves in a different situation, one where all debts are paid and KA be hunting high and low for someone with money? I think where we're at was inevitable either way Edited March 14, 2019 by ZicoKelly
Howardroark Posted March 14, 2019 Posted March 14, 2019 (edited) 11 minutes ago, bwfcfan5 said: Surely that can be handled via some appropriate legal documents? It would still require a large element of trust as it would only be ‘conditional’ papers. Edited March 14, 2019 by Howardroark Correction
Escobarp Posted March 14, 2019 Posted March 14, 2019 Howard. Come on. Those funds would be held in escrow. Therefore no risk to the purchaser. This is sensationalism at its best.
Howardroark Posted March 14, 2019 Posted March 14, 2019 Ultimately the point is that legally the club and/or any of its assets cannot now be sold without clearing that HMRC debt first.
Howardroark Posted March 14, 2019 Posted March 14, 2019 6 minutes ago, Escobarp said: Howard. Come on. Those funds would be held in escrow. Therefore no risk to the purchaser. This is sensationalism at its best. They couldn’t be held in Escrow as the debt has to be cleared before the share transfer; it has to be actually physically paid first, not just partitioned funds.
Escobarp Posted March 14, 2019 Posted March 14, 2019 Ok so the share transfer docs can be executed and passed on condition of funds being paid. Debt settled and then the share transfer is legitimate and confirmed? No?
Howardroark Posted March 14, 2019 Posted March 14, 2019 1 minute ago, Escobarp said: Ok so the share transfer docs can be executed and passed on condition of funds being paid. Debt settled and then the share transfer is legitimate and confirmed? No? No, this is the point, he cannot even agree to sell or transfer the shares as it is inside 7 days until the court date, until that debt is settled there is nothing he can do, it has to follow the process.
Escobarp Posted March 14, 2019 Posted March 14, 2019 Ah I see so how does any business with this hanging over the ever get sold as nobody is parting with this amount of cash on a trust basis simple as that?
Wullie Posted March 14, 2019 Posted March 14, 2019 It's 7 working days as well, just thought I would point that out
victor meldrew Posted March 14, 2019 Posted March 14, 2019 I thought the last time this happened we were 5 minutes from liquidation
Howardroark Posted March 14, 2019 Posted March 14, 2019 (edited) 4 minutes ago, Escobarp said: Ah I see so how does any business with this hanging over the ever get sold as nobody is parting with this amount of cash on a trust basis simple as that? Most don’t end up here twice and so get some leeway from HMRC. But honestly most who get to that point aren’t primed for takeover and just end up going under. Edited March 14, 2019 by Howardroark Add
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