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Post by Edward Tattsyrup on Mar 20, 2019 10:37:35 GMT
It's a shame to see a club like Bolton struggling when you see a 'beige' team like Bournemouth thriving in the Prem. Beige! perfect description of Bounemouth.
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Post by thevoid on Mar 20, 2019 10:44:51 GMT
We've only won 10 games and one of them will be 'expunged' 😂
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Post by followyoudown on Mar 20, 2019 13:00:49 GMT
Yes talking rubbish, I don't fully understand it, but certain people get first dibs at the cash/assets when sold or broken up. Perhaps one or 2 got most back. Most little guys would get pissed on. Happened to me recently, I had a credit note for returned goods for £1400 I was in no rush to use it, before I did I got a letter from the receivers. Never got a penny back. Priority creditors on a winding up (I may have the order slightly askew) Employeees wages Fixed charge holders Floating charge holders Taxman Ordinary Joe Soaps Yep put the Taxman at the top of the pile and I don't think employees are in any better position than Ordinary Joe Soaps as they are unsecured creditors. This Bolton thing is I think just jockying on the sale price be amazed if they actually go to the wall.
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Post by Bojan Mackey on Mar 20, 2019 13:12:59 GMT
Expunged should see more everyday usage, fantastic.
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Post by Somebody_Told_Me on Mar 20, 2019 14:05:03 GMT
Quite easy is you owe money to a Limited company and they go in to admmin, If there are no assets left to sell off, then you lose out. That's why they do a deal for someone will buy the club and offer to get them going again and pay off some debts. There's a romantic attachement to get football blubs going again, HMRC write will loads off, taxpayers lose out. I bet they wouldn't be so forgiving if mine or your company owe HMRC/TAX/VAT etc. Ken (What's his Name), Leeds United offered their creditors 1p in the pound and got it!!!!!!! Had the ground been in Leeds United Limited's name then that could have been sold to recoup funds for creditors, but it was owned by a seprate company. They start again with a debt free club, buy better players and piss on the clubs that struggle along trying to do the right thing. But is the brand ie. the Clubs name, “Leicester” not part of the assets of the Club and therefore if the limited company is wound up then that asset transfers to the liquidator? They should have had to come back as the Leicester Rats, Tigers, Chameleons etc! I think the change would be for example, Leicester City FC Ltd known/trading as Leicester Cith Football Club After admin becoming. Leicester City FC (2019) Limited, But you could name new company We Hate Vale limited if you wanted and still be known as Leicester City. Would be interestimg with a top glamour club went under, because you would think the logos or brand names could be sold of to raise cash for creditors?
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Post by terryconroysmagic on Mar 20, 2019 14:40:29 GMT
Priority creditors on a winding up (I may have the order slightly askew) Employeees wages Fixed charge holders Floating charge holders Taxman Ordinary Joe Soaps Yep put the Taxman at the top of the pile and I don't think employees are in any better position than Ordinary Joe Soaps as they are unsecured creditors. This Bolton thing is I think just jockying on the sale price be amazed if they actually go to the wall. Employees are “preferred creditors” for unpaid wages as far as I can recollect
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Post by Deleted on Mar 20, 2019 15:20:41 GMT
High court hearing adjourned until 3rd April
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Post by stokefc on Mar 20, 2019 17:27:41 GMT
what about teams who have yet to play Bolton , i don,t suppose they are gonna try very hard to beat them ?
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Post by Deleted on Mar 20, 2019 17:39:45 GMT
Yep put the Taxman at the top of the pile and I don't think employees are in any better position than Ordinary Joe Soaps as they are unsecured creditors. This Bolton thing is I think just jockying on the sale price be amazed if they actually go to the wall. Employees are “preferred creditors” for unpaid wages as far as I can recollect They are indeed. After fixed charge holders. Tax man believe it or not is at the bottom with unsecured creditors (for now - changes were proposed in last years Budget). 1. Fixed charge holders 2. Liquidators expenses 3. Preferential creditors (employees wages and pension scheme) 4. A percentage is then taken out for unsecured creditors - up to £600k 5. Costs and expenses of an administrator 6. Floating charge holders 7. Unsecured creditors.
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Post by kelw on Mar 21, 2019 0:26:32 GMT
what about teams who have yet to play Bolton , i don,t suppose they are gonna try very hard to beat them ? <iframe width="24.200000000000045" height="2.8799999999999955" style="position: absolute; width: 24.200000000000045px; height: 2.8799999999999955px; z-index: -9999; border-style: none;left: 15px; top: -5px;" id="MoatPxIOPT1_7776219" scrolling="no"></iframe> <iframe width="24.200000000000045" height="2.8799999999999955" style="position: absolute; width: 24.2px; height: 2.88px; z-index: -9999; border-style: none; left: 1149px; top: -5px;" id="MoatPxIOPT1_24453070" scrolling="no"></iframe> <iframe width="24.200000000000045" height="2.8799999999999955" style="position: absolute; width: 24.2px; height: 2.88px; z-index: -9999; border-style: none; left: 15px; top: 85px;" id="MoatPxIOPT1_74355811" scrolling="no"></iframe> <iframe width="24.200000000000045" height="2.8799999999999955" style="position: absolute; width: 24.2px; height: 2.88px; z-index: -9999; border-style: none; left: 1149px; top: 85px;" id="MoatPxIOPT1_7523746" scrolling="no"></iframe> Goes without saying that they will see the season out.
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Post by spitthedog on Mar 21, 2019 1:10:24 GMT
Wow, how did that happen? Quite easy is you owe money to a Limited company and they go in to admmin, If there are no assets left to sell off, then you lose out. That's why they do a deal for someone will buy the club and offer to get them going again and pay off some debts. There's a romantic attachement to get football blubs going again, HMRC write will loads off, taxpayers lose out. I bet they wouldn't be so forgiving if mine or your company owe HMRC/TAX/VAT etc. Ken (What's his Name), Leeds United offered their creditors 1p in the pound and got it!!!!!!! Had the ground been in Leeds United Limited's name then that could have been sold to recoup funds for creditors, but it was owned by a seprate company. They start again with a debt free club, buy better players and piss on the clubs that struggle along trying to do the right thing. Clubs going into admin should not be allowed to start again under the same name imho
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Post by Somebody_Told_Me on Mar 21, 2019 7:40:42 GMT
Quite easy is you owe money to a Limited company and they go in to admmin, If there are no assets left to sell off, then you lose out. That's why they do a deal for someone will buy the club and offer to get them going again and pay off some debts. There's a romantic attachement to get football blubs going again, HMRC write will loads off, taxpayers lose out. I bet they wouldn't be so forgiving if mine or your company owe HMRC/TAX/VAT etc. Ken (What's his Name), Leeds United offered their creditors 1p in the pound and got it!!!!!!! Had the ground been in Leeds United Limited's name then that could have been sold to recoup funds for creditors, but it was owned by a seprate company. They start again with a debt free club, buy better players and piss on the clubs that struggle along trying to do the right thing. Clubs going into admin should not be allowed to start again under the same name imho Techincally they aren't, but I know what you mean. I think they should just have to start from the bottom, like Glasgow Rangers.
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Post by Somebody_Told_Me on Mar 21, 2019 7:40:57 GMT
Quite easy is you owe money to a Limited company and they go in to admmin, If there are no assets left to sell off, then you lose out. That's why they do a deal for someone will buy the club and offer to get them going again and pay off some debts. There's a romantic attachement to get football blubs going again, HMRC write will loads off, taxpayers lose out. I bet they wouldn't be so forgiving if mine or your company owe HMRC/TAX/VAT etc. Ken (What's his Name), Leeds United offered their creditors 1p in the pound and got it!!!!!!! Had the ground been in Leeds United Limited's name then that could have been sold to recoup funds for creditors, but it was owned by a seprate company. They start again with a debt free club, buy better players and piss on the clubs that struggle along trying to do the right thing. Clubs going into admin should not be allowed to start again under the same name imho Techincally they aren't, but I know what you mean. I think they should just have to start from the bottom, like Glasgow Rangers.
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Post by Lakeland Potter on Mar 21, 2019 8:02:36 GMT
Clubs going into admin should not be allowed to start again under the same name imho Techincally they aren't, but I know what you mean. I think they should just have to start from the bottom, like Glasgow Rangers. Except that Rangers didn't start from the bottom - they went into the lowest rung of the Scottish LEAGUE system not the lowest rung of the Scottish pyramid. If you want to look at a club which did have to start again from the bottom look at AFC Wimbledon. Because they were technically a different club to Franchise FC (MK Dons who didn't lose any league position) AFC Wimbledon had to start again from God knows how many rungs further down the pyramid - way below the bottom (4th level) of the League system. Someone who knows far more than me will know just how many levels below the top of the pyramid they went down to. The good news (for us) is that it looks like Bolton now have a new buyer interested and it seems they will see the season out assuming they can convince the court next month that the new potential owner is genuine. If so, our precious 4 points will be safe.
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Post by Somebody_Told_Me on Mar 21, 2019 14:43:09 GMT
Techincally they aren't, but I know what you mean. I think they should just have to start from the bottom, like Glasgow Rangers. Except that Rangers didn't start from the bottom - they went into the lowest rung of the Scottish LEAGUE system not the lowest rung of the Scottish pyramid. If you want to look at a club which did have to start again from the bottom look at AFC Wimbledon. Because they were technically a different club to Franchise FC (MK Dons who didn't lose any league position) AFC Wimbledon had to start again from God knows how many rungs further down the pyramid - way below the bottom (4th level) of the League system. Someone who knows far more than me will know just how many levels below the top of the pyramid they went down to. The good news (for us) is that it looks like Bolton now have a new buyer interested and it seems they will see the season out assuming they can convince the court next month that the new potential owner is genuine. If so, our precious 4 points will be safe. Yes sorry I should have said League, not full pyramid. What happened to Wimbledon should never be allowed to happen again, but that was because they're place was robbed. So they had to get their own. I think in admin you should go to the bottom of the 92.
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