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BREAKING - Wednesday turn down £1MILLION for Windass


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7 minutes ago, kirksandallowl said:


Who’s going to call in the administrator?


The owner of a company is legally obligated to when the company is insolvent. Insolvency is defined under UK law as an inability to pay your debts. That includes not being able to pay them on time.

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6 minutes ago, catdog1121 said:

 

If the figure of £12 million owed is anything to go by then £1 million is hardly going to touch the sides...

 

I am not against selling him but clearly it is vultures circling.  needs to be at least double that or no point..


My point isn’t about the fee, it’s that we look insolvent and on that basis the owner shouldn’t be making that decision.

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3 minutes ago, kirksandallowl said:


What if it was by instalments, say 4 x £250k at 3 month intervals? Still bend over and take it dry? Our monthly net pay bill is in excess of £1m how does less than £100k a month realistically help that?


We are not paying club staff.

 

We should be accepting bids for all our players. 

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5 minutes ago, Morepork said:


My point isn’t about the fee, it’s that we look insolvent and on that basis the owner shouldn’t be making that decision.

 

Well we have not been declared bankrupt yet so administrators have not been called in, for that to happen someone that we owe money too needs to take us to court and force us to declare bankruptcy or we unilaterally declare bankruptcy.   That has not happend yet but hear what you are saying.

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8 minutes ago, Morepork said:


The owner of a company is legally obligated to when the company is insolvent. Insolvency is defined under UK law as an inability to pay your debts. That includes not being able to pay them on time.


 

What are the alternatives to going into Administration?

During your initial discussions with an IP, they will consider whether administration is the best course of action for your company and talk you through the possible alternatives which may be appropriate. This could involve formal negotiations with your creditors through a Company Voluntary Arrangement (CVA), sourcing additional finance to improve cash flow, or perhaps even looking at ways to achieve an orderly shutdown of the company if rescue options are not appropriate.

 

So not legally required

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1 minute ago, lanzaroteowl said:

We would be absolutely stupid to sell him for £1m.

How would we get out of this mess if we through away any chance of promotion for what would be just pin money in the scheme of things.

Any chance of promotion also depends on not having points deducted for failing to pay wages, and paying the wages owed, and future wages in full on time.

 

It's called the Chansiri paradox and it was invented in Sheffield.  Where four seesaws are pivoted on the same point, and all 4 ends have to go up at the same time for it to work.

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Just now, kirksandallowl said:


 

What are the alternatives to going into Administration?

During your initial discussions with an IP, they will consider whether administration is the best course of action for your company and talk you through the possible alternatives which may be appropriate. This could involve formal negotiations with your creditors through a Company Voluntary Arrangement (CVA), sourcing additional finance to improve cash flow, or perhaps even looking at ways to achieve an orderly shutdown of the company if rescue options are not appropriate.

 

So not legally required


You are breaking the law of you continue to trade when your liabilities outstrip your assets. What you have copy/pasted above is the procedure that follows once a business acknowledges its trading from a position of insolvency.

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1 minute ago, kirksandallowl said:


How do the sums I mention realistically help the situation?


If we aren’t letting players go who aren’t being paid they can take it further and the club could be plunged into even more financial difficulty.

 

Sell. Sell. Sell. 1 million is a profit on Windass. He hinted on a podcast the other day he wants out. Unhappy player not motivated is not someone you want at the club. 

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1 minute ago, Morepork said:


You are breaking the law of you continue to trade when your liabilities outstrip your assets. What you have copy/pasted above is the procedure that follows once a business acknowledges its trading from a position of insolvency.


So administration is or isn’t a legal requirement then?

 

Most of the championship is trading whilst insolvent by the strict definition 

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13 minutes ago, kirksandallowl said:


So administration is or isn’t a legal requirement then?

 

Most of the championship is trading whilst insolvent by the strict definition 


You are legally obliged to cease trading if you believe your position is insolvent. The next step is to call in the administrators as outlined in snippet you posted above. At some point a debtor of this club, quite possibly a player is going to bring proceedings against the club for an outstanding debt. If that can’t be paid this process will be expedited. You simply cannot continue to trade on a promise of paying people eventually. 

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1 minute ago, Morepork said:


You are legally obliged to cease trading if you believe your position is insolvent. The next step is to call in the administrators as outlined in snippet you posted above.At some point a debtor of this club, quite possibly a player is going to bring proceedings against the club for an outstanding debt. If that can’t be paid this process will be expedited. You simply cannot continue to trade on a promise of paying people eventually. 


But at that point the club director(s) has the choice to enter administration or accept being wound up?

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