Does Lowe get away with nothing?

[Huffton]

I'm not sure if I've got this right, but if Lowe does resign tomorrow, or any time in the near future, does he just get away with this scot free? I mean, as far as I remember he didn't exactly pay much for his shares in the first place, his chronic mis-management has cost a lot of people their jobs and livlihoods, not to mention other businesses linked with Saints suffering from our demise. And what does Lowe get? It seems to me like he gets to walk away with nothing, it cost him nothing to get in and it will cost him nothing to walk away leaving the friggin mess he has created. Really doesn't sem fair:(

[Ponty]

He won't get the money he paid for his shares. What else do you expect Huffton? Incompetence is rewarded with loss of job and that's effectively what's happened.

[Huffton]

What else do you expect Huffton?

 

Birching

Racking

Breaking on the wheel

Hanging, drawing and quartering

 

All in public of course.

 

In all seriousness though Ponty, did he actually pay anything for his shares in the first place? I honestly can't remember how he came to be in power, apart from it being a bit underhand.

[thorpie the sinner]

If Lowe does leave tomorrow with nothing, ie no shares!! that really is it!!! isn't it????????

[Alain Perrin]

And he had a care home business that he doesn't have anymore.

[N/West Saint]

I wonder if he has done a Freddy and aranged his own pension before he goes

[Ponty]

Birching

Racking

Breaking on the wheel

Hanging, drawing and quartering

 

All in public of course

No rotting fruit?

[Ponty]

In all seriousness though Ponty, did he actually pay anything for his shares in the first place? I honestly can't remember how he came to be in power, apart from it being a bit underhand.

 

There were payments made, by Lowe and his father, but the amounts were pretty derisory. I can't help but think he's not really made any money to speak of from his involvement in SFC.

[Tamesaint]

And he had a care home business that he doesn't have anymore.

 

I wonder what it was like in his care homes??

 

The average age of the staff would have been 19 . There would have been plenty of Swedish nurses and I bet that the catering would have been top notch.

 

I hear that Chris Iwelumo tried to book a place there.

[EastleighSoulBoy]

There were payments made, by Lowe and his father, but the amounts were pretty derisory. I can't help but think he's not really made any money to speak of from his involvement in SFC.

 

Apart from his salary?

[Psycrow]

I'm pretty sure if he is director of a company that effectively goes bankrupt (if that is what happens tomorrow), he will be barred from being a director of any company for the next 5 years... but that will be the extent of any punishment.

 

Now I'm not a high priced lawyer (oooOOOooo), so stand to be corrected here.

[Ponty]

Apart from his salary?

 

Well, he was doing a job for a wage. Isn't that everyone's right?

[Psycrow]

I wonder what it was like in his care homes??

 

The average age of the staff would have been 19 . There would have been plenty of Swedish nurses and I bet that the catering would have been top notch.

 

I hear that Chris Iwelumo tried to book a place there.

 

mmmmm ... Swedish Nurses....

[sticksaint]

Apart from his salary?

 

And all his dividends etc whilst we were in the premiership

[captain sensible]

i would imagine that he might get another bite of the cherry....after all the administrator can only try to tie up all the debts; ie make offers to the creditors regards debts, all of a sudden some money may appear from any of Lowe, Crouch or Wilde, and the Club would fall into their laps again, I'm no expert....where the hell is Jonah, has he posted tonite? He's the only "qualified" poster who can provide some proper commentry on the goings on that I am aware of.

[Tamesaint]

i would imagine that he might get another bite of the cherry....after all the administrator can only try to tie up all the debts; ie make offers to the creditors regards debts, all of a sudden some money may appear from any of Lowe, Crouch or Wilde, and the Club would fall into their laps again, I'm no expert....where the hell is Jonah, has he posted tonite? He's the only "qualified" poster who can provide some proper commentry on the goings on that I am aware of.

 

 

Jonah only posts during work time. He should be back on ere tomorrow morning.

[SaintRobbie]

He won't get the money he paid for his shares. What else do you expect Huffton? Incompetence is rewarded with loss of job and that's effectively what's happened.

 

But incompetence should have rewarded him with the same result many years ago Ponty, still... happy days... (I think).

[brmbrm]

Its Lowe's revenge, all this. You have to understand that. Uber-ego, too big to just leave things be. Hopefully this is catharsis at last.

 

COYR

[captain sensible]

Its Lowe's revenge, all this. You have to understand that. Uber-ego, too big to just leave things be. Hopefully this is catharsis at last.

 

COYR

 

Actually...I dont buy that.....Im sure he would have rather succeded...so that he could well and truly rub all his critics faces in the dirt.....far more rewarding to prove everyone wrong. He had a go....too little too late...long lasting damage already done.

 

Apparantly the big problem was the overdraft with Barclays, as far as I am aware.

 

I will always dislike Barclays more than Lowe.

[Whitey Grandad]

Actually...I dont buy that.....Im sure he would have rather succeded...so that he could well and truly rub all his critics faces in the dirt.....far more rewarding to prove everyone wrong. He had a go....too little too late...long lasting damage already done.

 

Apparantly the big problem was the overdraft with Barclays, as far as I am aware.

 

I will always dislike Barclays more than Lowe.

Won't they lose any chance of recovering their money?

[Bevans]

Surely there's a possibility of him (and the other directors) being done for fraudulent and / or wrongful trading i.e. basically they knew the company was insolvent and the creditors wouldn't be paid.

 

What Psycrow said is nearly correct although as I understand it to be effectively 'banned' from being a director of a company for the five years mentioned you have to be "done" for either of the above.

 

People have mentioned before about Lowe et al basically just starting up the same company again under a different name, theoretically they will be banned from being a director should they attempt to do so: A 'phoenix' company' is one which carries on the same business as an old business, often on the same premises, but leaving behind the creditors of the old company. The Company Directors Disqualification Act 1986 says a big no no to this!

[Gemmel]

Surely there's a possibility of him (and the other directors) being done for fraudulent and / or wrongful trading i.e. basically they knew the company was insolvent and the creditors wouldn't be paid.

 

What Psycrow said is nearly correct although as I understand it to be effectively 'banned' from being a director of a company for the five years mentioned you have to be "done" for either of the above.

 

People have mentioned before about Lowe et al basically just starting up the same company again under a different name, theoretically they will be banned from being a director should they attempt to do so: A 'phoenix' company' is one which carries on the same business as an old business, often on the same premises, but leaving behind the creditors of the old company. The Company Directors Disqualification Act 1986 says a big no no to this!

 

Leon, Go to bed mate

[70's Mike]

He will still be a Director of Southampton Football Club Ltd , if he only resigns from the PLC

[ooh it's a corner]

I'm pretty sure if he is director of a company that effectively goes bankrupt (if that is what happens tomorrow), he will be barred from being a director of any company for the next 5 years... but that will be the extent of any punishment.

 

Now I'm not a high priced lawyer (oooOOOooo), so stand to be corrected here.

 

 

Not true I'm afraid. In order to be barred from being a Director you have to be proven to have behaved inappropriately, which most frequently means that you have traded illegally (by taking on more debt without the ability to pay it back).

 

Going backrupt isnt a case for being banned from Directorships.

 

I very much doubt if Lowe has behaved illegally, despite his obviously failings.

[eurosaint]

For all his faults I have heard from other clubs directors and also from the FA (indirectly) that Rupert always championed the Saints and held his corner every time, he fought like a tiger to get the best deals for us, that I know for sure ! Being an egotist, however, it manifests itself in all sorts of ways (ie. he thinks he knows best on everything) He should have worked much harder on his relationship with the fans and should have left footballing strategy to the experts!

In the end of course it is now history and we all have to pick up the pieces but IMHO he believed he was doing the right thing even although it ended in disaster !

I await a torrent of abuse.........

[Clapham Saint]

I'm pretty sure if he is director of a company that effectively goes bankrupt (if that is what happens tomorrow), he will be barred from being a director of any company for the next 5 years... but that will be the extent of any punishment.

 

Now I'm not a high priced lawyer (oooOOOooo), so stand to be corrected here.

 

Unfortunately not.

 

The Administrator will look into the conduct of directors and make a report (I think to the secretary of state but I may be wrong on that one) under the Company Director's Disqualification Act 1986.

 

IF he is found to have committed an offence then he could be disqualified, see here: http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/cddadd.pdf

 

But in realisty I suspect that this won't happen. Although a t0sser I don't think that anything he has done could be proved to have been illegal.

 

He will lose his shares and his job (one of them anyway) but that's about it.

[Doctoroncall]

Well, he was doing a job for a wage. Isn't that everyone's right?

 

It is, I'd just like to point out that towards the end of our EPL years, he was one of the highest earning chairman in the premiership which includes, Man Utd, Liverpool, Chelsea, Arsenal, Spurs...