It's happening. 

https://www.theboltonnews.co.uk/sport/17405193.bolton-wanderers-close-to-takeover-from-uk-based-consortium/

Thank fuck

Last sentence makes sense.

When will it be concluded then?

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, 20197 yr by Howardroark
Spelling

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?

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.

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.

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?

 

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! 

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. 

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?

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.

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?

Yes, but in that order, so Basran will have to (gulp) trust Ken to transfer the shares after paying.

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?

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, 20197 yr by ZicoKelly

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, 20197 yr by Howardroark
Correction

Howard. Come on. Those funds would be held in escrow. Therefore no risk to the purchaser. 

This is sensationalism at its best. 

Ultimately the point is that legally the club and/or any of its assets cannot now be sold without clearing that HMRC debt first.

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.

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?

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.

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?

It's 7 working days as well, just thought I would point that out

I thought the last time this happened we were 5 minutes from liquidation 

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, 20197 yr by Howardroark
Add

Also worth noting the following: 

once the winding up petition has been served, the court appearance cannot be stopped, even if the creditor has been paid off in full. This means that other creditors can use the petition to recover their funds..... 

This is why Basran has to negotiate with all of the creditors, because any could force liquidation.