Bucks Saint

my brother? I am impressed, you are spot on. he is only there for the weekend mind.

Training facilities are not that great (the dome apart) for a club with ambitious plans in the relatively near future. Cortese said himself it was a bit ahead of schedule but was always planned. It will help attract players and I would guess that building and associated costs are lower in the current market, so it makes business sense to do it sooner I dont think the shirt sponsor thing is that big a deal. Its not big money (£250k pa I have read) and who knows if we actually have anyone queueing up to be the next sponsor! Again, the market is pretty depressed so we may not be losing out much here

If Chainrai introduced "new money" i.e. they increased the assets of the club then they can take security for that same money, over assets that are available and not charged to anyone else (if they are, then Chainrai stands behind them in the queue). An Administrator / Liquidator will check the validity of this security and that new money was actually received and can rule it to be invalid if needed Once a Winding Up Order has been made, e.g. on 10 Feb, there is no chance to apply for Administration by anyone, directors or otherwise (unless in the very unlikely event that it can be shown that the Winding Up Order was a total mistake and should not have been made - this virtually never happens) Once a Petition for Winding Up has been presented (i.e. now), then Creditors can apply for Administration. Directors can ask the Court to consider Administration as well but the Court would need considerable convincing and can refuse. Normally the Directors can apply "out of court" - i.e. very simply and without Court consent - for Administration but not once a Winding Up petition is presented

No, sorry. Main thing I remember after the game was running away from some bricks aimed my way

5. Agree AK testimonial very funny. And then a bit tricky getting out

yep priority for home leg fans seems fair. Lets not bother about the 3k fans who made it to MK for a 7pm kick off when it was live on TV (and many expected us to lose)!

You really should have your credit card and customer number to hand when making such calls

Fair enough and good business

I have agreed with the plan, and suggested that they be moved 30 minutes into the game. And again on 75 mins.

Yes but it is still perfectly possible - however unlikely in this case - to be able to show to the Court a clear plan / 100% certain route to paying all of the debts in the near future. If the Court is satisfied that this will happen (and it will be need to absolutely assured), then it can grant a further period to allow this, with the W U petition effectively put "on hold". Usually this does not happen because (1) the business would not have left it this late if it has the ability to pay! and (2) the business, even if it has the funds now, is finding it impossible to trade practically, because all suppliers are putting it on stop and it is unable to order anything without paying up front

No, when it comes down it to player transfers are disposals of assets just like any other. These are the major (only?) assets! So it can be done. But I agree that it is very unlikely that any liquidator would void a transfer - he would have to be convinced the deal was the not the best one for creditors. So the price would have to be shown to be very low, quite apart from the window shutting tonight for any resale.

talk about 2+2=5! chill out guy, it will be okay...

Not quite. The employment contracts terminate immediately once a W U Order is made. This is not retrospective, so the Club are obliged to keep paying wages after a Petition is advertised, rightly so if they asking people to keep working in the office etc. But yes, once an order is made all the employees are terminated and can walk (but can still claim what they might be owed)

Nope - but I also spotted the "Personally, I think there are better managers out there and ........ it wouldn't be a massive loss if he did go". You made your emphasis clear. Hope that helps

Unbelievable. Yes, lets start again coz that always works. All the best managers want to come to L1

This is how it works per the Insolvency Rules. All transactions from the date the Petition was advertised up to the date the order was granted can be made Void by the liquidator who is appointed. it is designed to stop a dishonest business, which realises it is doomed, from then entering into deals to sell off its best assets but say for a very low price, or it gives its assets to one particular creditor to pay them off - but everyone else is left high and dry.

They applied to have the Petition "struck out" which means the hearing on the 10th would never go ahead. This can be done if the Petition can be shown to be a total error or so wholly inappropriate that the Court can see there is no case to answer. They failed -but were given leave to appeal THAT DECISION. They did not appeal so the hearing on the 10th goes ahead (unless they go into Administration beforehnd). At the hearing, if they dont show a clear ability to pay the debt (and the other debts joined in) in full, very soon, or that they have agreed a deal with all the Creditors, then the Court will make the W U Order. If that happens, it is not just effective immediately, but it is retrospective, i.e. it is deemed to have been made from the date the Petition was first advertised

Quality!

Sorry but I dont agree. The Company can apply to Court for Administration. HMRC would have a chance to be heard and the Court may well say no, but its an option. The option that is no longer open is the Out of Court procedure - the "quickie" Administration. Or, as you say a Secured Creditor could petition for Administration. Another option is for the Directors to propose a Company Voluntary Arrangment - essentially this a deal that all Creditors get to vote on. It needs to be "attractive" to have a chance. HMRC may well oppose that and so might others. Winding up -v- Admin should be a no brainer in favour of Admin. Winding Up means that all employee contracts are terminated instantly, including all of the players, so they can all walk. PFC lose League membership. In fact the Winding Up order, if made, is then deemed to have started on the day it was first advertised, and any disposals of assets after that date are automatically void. So if players are sold to Spurs but then a WU Order is made, that deal is void An Administrator would not have to service the current debts / pay the old owner etc etc. He just needs to fund ongoing trading and wages. I realise that this may be a lot of course, but if he follows the Saints strategy and gets the media and supporters to "rally round" and if he believes he can find a buyer -who would pay much less than full value for assets, so there should be some interest - he can justify the case

worrying

Has the Pompey website writer joined us?

They will not get wound up. They will go into Admin and keep playing. Even if the Directors commit utter madness and a dereliction of duty and do not file for Admin, the major creditors will. See the countless other threads

You think Kevin Phillips was worth not his fee? This is a joke, right? He may have behaved like an ar*e when he left, and the management team may have sold him for half what he was worth, but he was still top quality

top man, conducted himself brilliantly, so total respect, just hope he has a mare

I am impressed that they told you - good work