Howardroark Posted March 20, 2019 Share Posted March 20, 2019 (edited) 2 minutes ago, bwfcfan5 said: When is the 14 day window up when he is forced to relinquish them? I believe it’ll be around 3/4 Edited March 20, 2019 by Howardroark A Link to comment Share on other sites More sharing options...
Benny The Ball Posted March 20, 2019 Share Posted March 20, 2019 7 minutes ago, Howardroark said: It’s looked at in isolation but the rules are pretty clear that if knowingly wrongful trading has occurred then a director can be made personally liable for the debts and face a barring/prosecution. With the EFL monies you mentioned at the outset against which advances have been received via a factoring arrangement Would these continue to be receivable in the event of a liquidation or would the EFL be within its right to withhold pro rata outstanding monies for club failing to fulfill fixtures ? Am thinking potentially factoring company could be left high and dry and most likely to join HMRC in petitioning in such circumstances? Link to comment Share on other sites More sharing options...
bwfcfan5 Posted March 20, 2019 Share Posted March 20, 2019 2 minutes ago, Howardroark said: I believe it’ll be around 3/4 So basically that's a no go then. Ken isn't giving his shares up. He might as well see us gone than do that. And the timeframe isn't going to work. Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 1 minute ago, Benny The Ball said: With the EFL monies you mentioned at the outset against which advances have been received via a factoring arrangement Would these continue to be receivable in the event of a liquidation or would the EFL be within its right to withhold pro rata outstanding monies for club failing to fulfill fixtures ? Am thinking potentially factoring company could be left high and dry and most likely to join HMRC in petitioning in such circumstances? EFL would only owe the club, not the factoring provider. Same with factoring against projected season ticket sales over the next 2 years. Further debts as yet unrealised. One of the allegations against Ken is that he used factoring to benefit himself, knowing that this would occur, he allegedly invoiced BWFC for the repayments on the loans he made (£3M), taking the cash upfront, knowing that Moonshift were unsecured against him, may ruin his credit rating but will he care? Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 4 minutes ago, bwfcfan5 said: So basically that's a no go then. Ken isn't giving his shares up. He might as well see us gone than do that. And the timeframe isn't going to work. Believe me, Ken cannot have the investigation that comes with liquidation. This deal would also see his entire debt to Moonshift cleared so he does have a reason to transact. Link to comment Share on other sites More sharing options...
radcliffe white Posted March 20, 2019 Share Posted March 20, 2019 Our chief reporter is saying that the cut off point for deduction is 28th March anything after will be in league 1 Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 3 minutes ago, radcliffewhite1 said: Our chief reporter is saying that the cut off point for deduction is 28th March anything after will be in league 1 Correct Link to comment Share on other sites More sharing options...
Eavesy Posted March 20, 2019 Share Posted March 20, 2019 23 minutes ago, radcliffewhite1 said: Our chief reporter is saying that the cut off point for deduction is 28th March anything after will be in league 1 We’ll win every match in league 1 so that shouldn’t be too much a of a problem Link to comment Share on other sites More sharing options...
Razaldo9 Posted March 20, 2019 Share Posted March 20, 2019 37 minutes ago, Howardroark said: I believe it’ll be around 3/4 Has this been actioned then or just assuming it will if the hearing ends up moving towards liquidation? If Ken has enough for it to be adjourned today, will this just be pushed back as an option? Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 5 minutes ago, Razaldo9 said: Has this been actioned then or just assuming it will if the hearing ends up moving towards liquidation? If Ken has enough for it to be adjourned today, will this just be pushed back as an option? Actioned today either way. Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 Possibility that Ken claims there was exclusivity on the Basran bid (there wasn’t) and that in that time he turned down advances from other bidders whom he would like to revisit talks with. This may include a long list of Walter Mitty’s but without the time to verify, a judge may allow. Link to comment Share on other sites More sharing options...
snowball Posted March 20, 2019 Share Posted March 20, 2019 Bloke on iles blog "so what happens if Bolton are liquidised?" Dunno maybe we all go for a drink? Need to stop reading that shite Link to comment Share on other sites More sharing options...
Dr Faustus Posted March 20, 2019 Share Posted March 20, 2019 2 minutes ago, snowball said: Bloke on iles blog "so what happens if Bolton are liquidised?" Dunno maybe we all go for a drink? Need to stop reading that shite that's puree genius Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 FYI A takeover or administration would’ve had to be announced by 10AM for it to be considered against today’s hearing. Shit or bust time. Link to comment Share on other sites More sharing options...
gonzo Posted March 20, 2019 Share Posted March 20, 2019 If smurf is in court it might be his duty to unblock every fucker that dared question a single tweet of his. Link to comment Share on other sites More sharing options...
gonzo Posted March 20, 2019 Share Posted March 20, 2019 What happens if ken pays the bill today? Link to comment Share on other sites More sharing options...
bwfcfan5 Posted March 20, 2019 Share Posted March 20, 2019 4 minutes ago, Howardroark said: FYI A takeover or administration would’ve had to be announced by 10AM for it to be considered against today’s hearing. Shit or bust time. Not sure that can be true. Nothing was announced last time and talk was things were done within minutes of the hearing. Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 Just now, bwfcfan5 said: Not sure that can be true. Nothing was announced last time and talk was things were done within minutes of the hearing. It is true, it’s to allow for the transaction of necessary funds prior to the case being heard. Link to comment Share on other sites More sharing options...
Chris Custodiet Posted March 20, 2019 Share Posted March 20, 2019 (edited) 11 minutes ago, gonzo said: What happens if ken pays the bill today? Mrs Ken tells Ken that he's a hero and what was her Retirement Saver Account for if not to help nice young men like Ben Amos and his agent get on in the world? And she's sure he'll be very happy in the low security mental health unit where she's arranged for him to be treated. Edited March 20, 2019 by Chris Custodiet Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 7 minutes ago, gonzo said: What happens if ken pays the bill today? Any of the other creditors can take over the petition. Link to comment Share on other sites More sharing options...
Site Supporter desperado Posted March 20, 2019 Site Supporter Share Posted March 20, 2019 3 hours ago, jules_darby said: Where at? Pindi was at Leeds with some of my (and Gumbo’s) oldest mates and never heard MJ mentioned. Not to say it isn’t true Did their MA together, dunno where Link to comment Share on other sites More sharing options...
Sluffy Posted March 20, 2019 Share Posted March 20, 2019 2 hours ago, Howardroark said: The only other option is for Brett/PBP to put the club in to administration to recover their loan, that would again mean funding administration and would only be conditional on them having followed procedure in respect of the default which, to my knowledge, had not been followed. They also have no necessity to do such a thing as their loans are secured against assets of a higher value. This would result in HMRC receiving less than the amount owed and I would expect them to appeal against it. That being said, I think this would be the most likely route if PBP/Brett can be persuaded, say by a consortium looking to buy the club from administration.... I was under the impression that you said only Moonshift and HMRC could put the club in Administration as they their debts were outstanding. I assumed by that, that Brett/PBP's loans (which had previously been renegotiated) had not reached their respective settlement dates and thus were not yet outstanding. Have I misunderstood something or have they both fallen due since your explanation in the previous couple of days? Also, and forgive me if I again have misunderstood, I queried if James could be both in Basran's consortium and another rival consortium as I assumed that may well be constituted as a conflict of interest, but you answered me that he could. Today however you seem to be suggesting he couldn't? I/we appreciate you are asked a multitude of questions from many people, myself included, and that you endeavour to answer as many as you can as quickly as you can, and it is unfair of us to expect you to know everything, there and then. Fascinating stuff all this is to the likes of myself and I for one am enjoying your involvement. The obvious pity is that it all relates to our beloved club (I really do hope you are a genuine Bolton fan too). Link to comment Share on other sites More sharing options...
Howardroark Posted March 20, 2019 Share Posted March 20, 2019 1 minute ago, Sluffy said: I was under the impression that you said only Moonshift and HMRC could put the club in Administration as they their debts were outstanding. I assumed by that, that Brett/PBP's loans (which had previously been renegotiated) had not reached their respective settlement dates and thus were not yet outstanding. Have I misunderstood something or have they both fallen due since your explanation in the previous couple of days? Also, and forgive me if I again have misunderstood, I queried if James could be both in Basran's consortium and another rival consortium as I assumed that may well be constituted as a conflict of interest, but you answered me that he could. Today however you seem to be suggesting he couldn't? I/we appreciate you are asked a multitude of questions from many people, myself included, and that you endeavour to answer as many as you can as quickly as you can, and it is unfair of us to expect you to know everything, there and then. Fascinating stuff all this is to the likes of myself and I for one am enjoying your involvement. The obvious pity is that it all relates to our beloved club (I really do hope you are a genuine Bolton fan too). Brett/PBP have not been re-negotiated but they have not followed the default action and notified the club of the intent to reclaim. That is why they can put the club in to default. Moonshift cannot put the club in to default as they are owed by ICI. In respect of MJ, I was stating him joining the Basran consortium suggests no other bidders as it’s seen to give preference and I wouldn’t imagine he or PBP would want that focus, it isn’t however a prohibited action, Link to comment Share on other sites More sharing options...
Site Supporter HomerJay Posted March 20, 2019 Site Supporter Share Posted March 20, 2019 the simon jordan comments on talksport are a great insight into this process. and the bullshit rules that apply to football, and how different hmrc as a creditor. Link to comment Share on other sites More sharing options...
Chris Custodiet Posted March 20, 2019 Share Posted March 20, 2019 1 minute ago, HomerJay said: the simon jordan comments on talksport are a great insight into this process. and the bullshit rules that apply to football, and how different hmrc as a creditor. Simon Jordan, the guy who thinks that BWFC's players are its main asset. Link to comment Share on other sites More sharing options...
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