spyinthesky Posted 15 April, 2014 Share Posted 15 April, 2014 Any creditors of the old company (perhaps Shareholders like me) received a letter from Begbies Traynor today? Haven't had time to look at the Report & Accounts yet. liquidators meeting to be held in London on 23rd May at 1100hrs Thought this had been all done and dusted!! Link to comment Share on other sites More sharing options...
once_bitterne Posted 15 April, 2014 Share Posted 15 April, 2014 Liebherr is in advanced talks with Rupert Lowe regarding a reverse takeover of the club. Link to comment Share on other sites More sharing options...
rooney Posted 15 April, 2014 Share Posted 15 April, 2014 I had my letter too as I was a Shareholder with others. Nothing for us I am afraid. Link to comment Share on other sites More sharing options...
Gemmel Posted 15 April, 2014 Share Posted 15 April, 2014 This is a pure guess...... Part of the terms of liquidation was a 4 million pound payment to Aviva if Saints made it back into the Premier within 5 years and perhaps the company couldn't be formally liquidated until the outstanding debt had been paid Obviously we made it to the prem, but I couldn't find any line item, one off payments or extra ordinary payments of 4 million in the last set of accounts, so may be it hadn't been paid until recently. Link to comment Share on other sites More sharing options...
trousers Posted 15 April, 2014 Share Posted 15 April, 2014 This is a pure guess...... Part of the terms of liquidation was a 4 million pound payment to Aviva if Saints made it back into the Premier within 5 years and perhaps the company couldn't be formally liquidated until the outstanding debt had been paid Obviously we made it to the prem, but I couldn't find any line item, one off payments or extra ordinary payments of 4 million in the last set of accounts, so may be it hadn't been paid until recently. The latest entries at Companies House probably back up your train of though there Gemmel.... an outstanding charge was satisfied in February.... Link to comment Share on other sites More sharing options...
Toomer Posted 15 April, 2014 Share Posted 15 April, 2014 Got my letter yesterday gave it a quick glance then put it in the recycling bin. Link to comment Share on other sites More sharing options...
Bucks Saint Posted 15 April, 2014 Share Posted 15 April, 2014 Ok quick lesson. Its a CVL - driven by Creditors - meaning it is an insolvent liquidation (the alternative is a Members Voluntary Liquidation, much less common but is for a company which is being wound up at the end of a project, or the end of its useful life, but is still solvent). Insolvent = not enough to pay creditors in full. Shareholders come after creditors. Hence should be no surprises! Also the letter we got way back from Mark Fry did tell us that there was no prospect of being any cash left. Link to comment Share on other sites More sharing options...
'00' Posted 15 April, 2014 Share Posted 15 April, 2014 Got out in time....with a small loss compared to you guys. Link to comment Share on other sites More sharing options...
alpine_saint Posted 15 April, 2014 Share Posted 15 April, 2014 The only regret I have about that whole debacle was not being able to go to that EGM... Link to comment Share on other sites More sharing options...
Saint Billy Posted 15 April, 2014 Share Posted 15 April, 2014 Damn it, I thought there was still a chance of getting some of my 100 quid back. Link to comment Share on other sites More sharing options...
Dark Munster Posted 15 April, 2014 Share Posted 15 April, 2014 Damn it, I thought there was still a chance of getting some of my 100 quid back. Look on the bright side. It's still more likely than the skates getting their 1000 quid back. Link to comment Share on other sites More sharing options...
fanimal Posted 15 April, 2014 Share Posted 15 April, 2014 So no point going up to London for 15 minutes then, good money after bad? Got my letter today, along with tax demand and speeding ticket - any chance of offsetting losses??!! On the plus side, got some money back from CPP! Link to comment Share on other sites More sharing options...
Viking Warrior Posted 15 April, 2014 Share Posted 15 April, 2014 Not recieved an letter . Probably gone to an old address , I purchased two lots of shares Link to comment Share on other sites More sharing options...
Gruffalo Posted 16 April, 2014 Share Posted 16 April, 2014 Other than the shareholders, is there a list of outstanding creditors ? Were any of these creditors of Southampton FC, as opposed to the parent company ? Link to comment Share on other sites More sharing options...
Bucks Saint Posted 16 April, 2014 Share Posted 16 April, 2014 Other than the shareholders, is there a list of outstanding creditors ? Were any of these creditors of Southampton FC, as opposed to the parent company ? List of creditors will be published and at the meeting, or posted at companies house. No to your 2nd question, the football club did not go into Admin or Liquidation, only the parent Co Link to comment Share on other sites More sharing options...
Bucks Saint Posted 16 April, 2014 Share Posted 16 April, 2014 So no point going up to London for 15 minutes then, good money after bad? Got my letter today, along with tax demand and speeding ticket - any chance of offsetting losses??!! On the plus side, got some money back from CPP! Normal CVL meetings - which happen before any other process - may just about be worth attending if you are keen to grill the directors, or vote for a different liquidator, but thats all. In this case it follows an Admin Order and is a formality to complete the whole process. No point at all in attending. Link to comment Share on other sites More sharing options...
suewhistle Posted 16 April, 2014 Share Posted 16 April, 2014 Got my letter just now and won't spend any time investigating it: as Dark Munster says, my loss is a lot less than any Pompey fan's. It was a bit of 'take a punt' money and gave me the opportunity to go to AGMs. I'm binning mine: thank Christ Glasgow wasn't a shareholder or we'd have three or four new threads on the matter... Link to comment Share on other sites More sharing options...
Gruffalo Posted 16 April, 2014 Share Posted 16 April, 2014 List of creditors will be published and at the meeting, or posted at companies house. No to your 2nd question, the football club did not go into Admin or Liquidation, only the parent Co Makes sense.. Someone has posted on another forum that SLH will bow out owing ~£5.5m to unsecured creditors - news that has triggered frenzied excitement amongst our six fingered neighbours, it seems. Will have to see if I can find out who is owed what.. Link to comment Share on other sites More sharing options...
trousers Posted 16 April, 2014 Share Posted 16 April, 2014 Someone has posted on another forum that SLH will bow out owing ~£5.5m to unsecured creditors - news that has triggered frenzied excitement amongst our six fingered neighbours, it seems. How about we do a deal with our fickle friends down the road.... we'll scrub off our footballing results during the period we were 'overspending' if they do the same with theirs? Hmmm, thought not... Link to comment Share on other sites More sharing options...
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