It's happening. 

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

Thank fuck

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? 

 

 

 

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. 

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? 

 

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.

Our chief reporter is saying that the cut off point for deduction is 28th March 

anything after will be in league 1 

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

 

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 

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?

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.

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.

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 

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

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.

If smurf is in court it might be his duty to unblock every fucker that dared question a single tweet of his. 

 

What happens if ken pays the bill today?

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. 

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.

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, 20197 yr by Chris Custodiet

7 minutes ago, gonzo said:

What happens if ken pays the bill today?

Any of the other creditors can take over the petition.

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

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).

 

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,

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.

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.

You could argue he's a better pundit than chairman...