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| If We Do Go Into Admin; just what will it mean in layman's terms | |
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| Tweet Topic Started: Dec 10 2011, 11:50 AM (866 Views) | |
| curlyminogue | Dec 10 2011, 11:50 AM Post #1 |
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Many rumours are flying around but let's assume that worst happens and we do go in to adminisistration- what will the implications be for the club? Will it be easier to sell for instance? Are outstanding debts cancelled? Will we be preventedfrom going into the transfer market etc? I am adressing this to guys such as purple cow and aussie brum because they seem to be familiar with the legal nuances of these situations- obviously if anyone else can throw some light on this matter I'd be pleased to hear from him/her but don't reply if you can offer only guesswork. I've read several pieces on this issue which are either contradictory or unintelligble so if you have something to say please say it but please try to keep it simple so that the rest of us can fully understand. Please, no Bullhitters. |
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| cheryl121z | Dec 10 2011, 11:53 AM Post #2 |
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Garry Pendrey
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they sell players act to make the money up like a ballif takes stuff whats worth money then someone can buy the club |
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| andyjjj | Dec 10 2011, 01:48 PM Post #3 |
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Geoff Horsfield
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Would the ground and training ground have to be sold off? |
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| curlyminogue | Dec 10 2011, 02:29 PM Post #4 |
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That hasn't happened when other clubs have gone into admin., andy. |
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| elvis ok | Dec 10 2011, 03:56 PM Post #5 |
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Malcom Page
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Didn't happen to Pompey or Southampton fella. And Leeds I think raised loans on their training ground, or a new mortgage or sumething. |
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| pooley | Dec 10 2011, 04:02 PM Post #6 |
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The Icon
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we dont own wast hills so we couldnt take a loan out on it |
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| elvis ok | Dec 10 2011, 05:10 PM Post #7 |
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Malcom Page
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I didn't say we could pooleyman :kiss: I was referring to a post that said other clubs in administration lost their grounds and training pitches. We lease Wast Hills, so as far as that goes, it is surrendering (for dosh like) the remainder of our lease. **thumbup |
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| Elvis | Dec 10 2011, 07:29 PM Post #8 |
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Paul Tait
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:banghead: no, let's not... |
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| V_For_Vendetta | Dec 10 2011, 07:39 PM Post #9 |
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Paul Tait
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I think the administrators take over the club, once they have gone through the finances, they would sell it for far less than what BIH paid for it. It would be out of BIH's hands. Any money made from the sale would go to the creditors/taxman etc. The road they are taking us down at the moment, I would take the 10 point deduction - just to see the back of them. We could then get new owners and rebuild the club from scratch. What if a miracle happened and we got promotion this season? I doubt very much we'd have any money to spend on players. So that would leave us as relegation fodder and we'd probably end up back down anyway. There were already rumours before the end of last season that no money was available to spend over the Summer, even if we had remained in the Premiership. BIH were the worse thing to happen to Blues. They are totally out of their depth and they have undone all of the hard work that DS/Golds/Brady did. At least when we were relegated under them, they had enough sense about them to make us contender the following season and backed Bruce and later McLeish with funds to get Blues back up. Remember we spent £4m on Gary McSheffery alone whilst we were in the Championship. Seems a long time ago now. Sorry Curly, I know I have gone off topic here. Just felt the need to rant. |
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| stevio11 | Dec 10 2011, 08:01 PM Post #10 |
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Alex Govan
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The tax man gets nothing when you go into administrtaion as they are not at present classed as a prefered football creditor. The secured creditor's get whatever offer is given to them and un-secured credtiors just have to hope. |
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| Deleted User | Dec 10 2011, 08:30 PM Post #11 |
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In reality we may need admin to clean out the club etc.... But the team must win more points to stay in this division - thus starting a fresh with our current superb team management structure in place for 2012/13. Then the club as a whole could move on? |
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| Blue Nose Gaz | Dec 10 2011, 09:08 PM Post #12 |
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Peter Enckelman
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I dont understand why they changed their name from Grand Top International to BIH VERY STRANGE |
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| Kaje | Dec 10 2011, 09:12 PM Post #13 |
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Garry Pendrey
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THERE IS NO BLOODY DANGER OF US GOING TO ADMINISTRATION. Seriously, people need to read other threads before posting utter rubbish. |
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| V_For_Vendetta | Dec 10 2011, 09:17 PM Post #14 |
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Paul Tait
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Are you on the board or privy to boardroom discussions? No, thought not. :rolleyes: |
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| DEdblue | Dec 10 2011, 09:23 PM Post #15 |
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Paul Tait
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Was built as the University sports ground, but I thought we bought it when Karan was there? |
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| elvis ok | Dec 10 2011, 11:04 PM Post #16 |
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Malcom Page
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RE:- Post 7:39 from V For Vendeatta anti-blues, ok ? Where does anyone begin to answer such a stupid and ignorance-driven fantasy? Why do you do these posts fella ? Lets's try to answer? There are no creditors seeking adminstration. We owe no one anything. 1-0 to Blues Their is no tax demand on Blues. Taxes are all paid - even those lapsed and delayed by the Sullivan regime. 2-0 to Blues
No proof, no reference. Rumours in the pub? No reference though :LMAO: 2.5 - 0 to Blues
The facts...interested like ? :LMAO:
3.5 - 0 Blues
I'll give you 0.5 for that insight fella. It may happen, but only by default :LMAO: The fact that BIHL is consolidated in the Cayman Islands - whose banks, never reproof (rebruke or censure) - admit or disclose - is going to be a HUGE problem for the prosecution. Obviously, that is not a problem for you - V for Vengeance on Blues. **thumbup Ignorance with strength is a greater influence than debate...but you still have to debate and prove your allegations don't you? If you can. The forum is waiting The forum is waiting 3.5 - 0.5 so far. Prove us wrong fella .Why not Like ? Should be easy with a person of your ability and 'knowledge' of all things Blue? V for Vengeance- against Blues :LMAO: Just a PS Can you link me, and us, to any post you have ever made in support of Blues? |
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| elvis ok | Dec 10 2011, 11:27 PM Post #17 |
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Malcom Page
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Thank you for apologising pooleyman - for your badman interuption. **thumbup Like I'll wait :LMAO: |
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| bluesviews | Dec 10 2011, 11:55 PM Post #18 |
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Geoff Horsfield
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we are 30M in debt at the last time of asking - therefore we have creditors, namely the banks. But added to that CY has potentially many creditors who may seek to acquire and use whatever assets he has, including his stakeholding in BCFC and subsidiary marketing companies. They can also pursue the club, BIH and all its affiliates for unpaid debts. |
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| Prawnman | Dec 11 2011, 12:14 AM Post #19 |
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Paul Tait
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They can't pursue BIH at all, its a LTD company, limited in liability so they can't try and seek funds from it (unless its the HK government). He could in theory be forced to sell any stake holdings, but BIH is ring fenced. The alleged 30m is the real problem, but think about in in terms of say Bolton who owe 60m to banks, they pay something like 3% interest on that loan each year, as long as it is being maintained then it will just keep on going. |
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| elvis ok | Dec 11 2011, 01:05 AM Post #20 |
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Malcom Page
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:LMAO: Yeah man Like Man Utd have £750 million creditors ? Like ALL, or rather, MOST, football clubs...we have mortgages, future payments on transfers (which Sullivan & Gold hid) loans to Banks (which Sullivan and Gold hid under 'future payments' and Yeung didn't pick up on the "due diligence" period.) Yeah We are £35 million actually up the spout. As Pannu has said. That is on payments we have to make, NOT CREDITORS. Spot the difference man ? We have met both the Premier and EUFA guidelines on financing. **thumbup Without Carson's financial input - soley on Pannu and Hughton's expertise fella. We have no creditors pressing nor requiring administration. BCFC is paying it's way. Meeting it's wage bills and more. What BANKS are you talking about ? Care to explain ? Keep your pub talk in the pub fella - why not. :banghead: |
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| V_For_Vendetta | Dec 11 2011, 09:14 AM Post #21 |
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Paul Tait
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We may be meeting the payments at present. We have sold many of our better players and brought the wage bill down. Now the overdraft has been removed, we will need to sell more players to keep the club afloat as we have no 'safety net'. The issue is whether we can continue to carry on like this for the long term? Surely it cannot. |
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| Aussiebrum | Dec 11 2011, 09:27 AM Post #22 |
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Mikael Forssell
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The role of the administrator is to provide the best solution for the business. In a football club sense, it usually means managing the business as a going concern, preparing it for a sale which is a bit more complex than an ordinary administration as you have the preferred football creditors. But as out club isn't in dent - this is unlikely. What han't been discussed is the legal obligations of the directors - if they ever believe the club can't meet it's debts as and when they fall due there could be many more twists. And what is the agenda of the shareholders hiding behind the various nominee companies on the BCFC register? Only at the Blues. |
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| 11thhour | Dec 11 2011, 11:33 AM Post #23 |
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Geoff Horsfield
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With all the arguments going on with this thread, it just shows one thing, we don't really know what is going on with the finances of BIH. Here sits the problem for me , the club itself , I believe , is now a going concern holding its own financially, although that means we are stringent and does not mean we will go out in January and buy, more over we will sell any asset we have to keep us a going concern. For me the bigger worry is the finances of BIH, if you look at the Portsmouth situation , they are currenly waiting to see if they will be docked 10 points because their parent company has fallen , this is the bigger worry, add the fact that BIH are registered in the Cayman Islands, a haven for shady companies wishing not to fill too many tax returns in!!! And you have a misty picture. Other than Carson , it seems that the other major BIH investors are more interested in the property development side of the Business rather than Blues. If they can forse the release of carson's assets then they just might sell of the club at a loss to concertrate elsewhere, this may however be clutching at straws!!!!!! There has been no financial support to the club from BIH since we were relegated, the club has been run by the excellent and prudent skills of Mr Pannu, without him , more so than CH, I really do worry where our club might have been. IF, we did go into admin , and I believe it would be on the back of BIH rather than the club itself, it very basically means that the administrator takes over the day to day running of the club, in normal circumstances it would be an asset stripping excercise to benefit the creditors, however they do see football clubs differently and they always try to keep the club as a going concern, A club of our size and structure should be OK and a buyer found who would have to convince the admin that they could offer any creditors a % of the debt owed, as already stated in a previous thread, I don't see any BCFC creditors knocking the door down to for debt repayment, basically tax and banks, they would rather keep the club running in the promise of a paid in full return rather than a 10p in the £1. BIH on the other hand, well know one knows really who where when or how they owe or make money , here sits the biggest worry for me, it may be the fact that because we know nothing about how they really do their Business is the reason for the rumours and worry????? There may be nothing to worry about, only time will tell, no smoke without fire????? |
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| blue both nostrils | Dec 11 2011, 01:48 PM Post #24 |
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Geoff Horsfield
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"the club has been run by the excellent and prudent skills of Mr Pannu, without him , more so than CH, I really do worry where our club might have been." what planet are you on ? Pannu is no more than a puppet for yeung |
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| curlyminogue | Dec 11 2011, 01:49 PM Post #25 |
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I did specify that I was looking for information and not speculation but it seems that many posters have disregarded that plea. I have no idea whatsoever if Blues are or are not likely to be forced into administration only that if we were (yes, I do understand that this is mere speculation) I wanted to be clued into what might happen in such an event. So far I'm none the wiser but I live in hope. One or two of you seem to have the rather hysterical opinion that even to ask such a question is itself blasphemous but I assure you that no mischief was intended. |
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6:50 PM Jul 11