Receivership!

[Things are looking up 0]

Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.

[Dean Coneys boots 1,531]

Imagine the uproar if we then went on a run and got nough points to have survived!

[ricardo 8,033]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

A load of old tosh mate.

[Things are looking up 0]

That''s why I''m taking this rumour with a pitch of salt. 12 games to go seems a bit premature to me but has it got to be done within a certain time frame to ensure points deduction is applied before season ends?

[The Butler 0]

No way, we are not in that financial position.

Check the elastic band in your bum because you have just been wound up!!

 

[Things are looking up 0]

[quote user="The Butler"]

No way, we are not in that financial position.

Check the elastic band in your bum because you have just been wound up!!

 

[/quote]

Maybe so but source is life long City fan with contacts within the club. As I said anyone heard similar to add weight to it , if not then I''ll gladly tell him he''s a to**er.

[paul moy 235]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

I heard a similar rumour, but a poster today informs me that we can''t take the 10 point deduction this season.   

 

[Bagpuss 0]

Didn''t Leeds do the same thing but ended up with a hefty deduction anyway?

 

Can''t believe its true at all.

[Things are looking up 0]

[quote user="paul moy"]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

I heard a similar rumour, but a poster today informs me that we can''t take the 10 point deduction this season.   

 

[/quote]

Thanks for that, was not sure on the ruling myself so it seems somebody has his facts wrong. As I said seemed a little early to except defeat and give up.

[The Butler 0]

[quote user="paul moy"]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

I heard a similar rumour, but a poster today informs me that we can''t take the 10 point deduction this season.   

 

[/quote]

We could as of the next two weeks I think. Do you realy expect DS to write off all her money for spite!!

Assets way outstrip liabilities so can''t see it happening.

[I am a Banana 0]

shows how much confidence the board have!

[paul moy 235]

[quote user="Bagpuss"]

Didn''t Leeds do the same thing but ended up with a hefty deduction anyway?

 

Can''t believe its true at all.

[/quote]

 

Leeds did it on the very last day of the season from what I recall, but also failed to get a CVA(Company Voluntary Arrangement) organised before the start of the next season, so were deducted 15 points.

[Andy Larkin 15]

[quote user="The Butler"][quote user="paul moy"]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

I heard a similar rumour, but a poster today informs me that we can''t take the 10 point deduction this season.   

 

[/quote]

We could as of the next two weeks I think. Do you realy expect DS to write off all her money for spite!!

Assets way outstrip liabilities so can''t see it happening.

[/quote]I''ve never understood the laws of administration and receivership. When such an event happens, do the lenders get preference in the pickings? If so, I would imagine Delia would be behind the finacial institutions and the Tax man wouldn''t she? So, the creditors would get paid a certain number of pence in the pound, after all of the assets have been taken into consideration, is this how it works? In which case, she would only get a small return for her loans? Am I reading this correctly?

[singing canary 0]

i cant see them throwing in the towel when the club is still worth a few million .

a couple of wins would pull us away from that .

if anything they would just sell the club on the cheap .

why after a couple of games , when we have 12 games left thats 36 points to play for .

 

 

[WeAreYellows49 0]

[quote user="Andy Larkin"][quote user="The Butler"][quote user="paul moy"]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

I heard a similar rumour, but a poster today informs me that we can''t take the 10 point deduction this season.   

 

[/quote]

We could as of the next two weeks I think. Do you realy expect DS to write off all her money for spite!!

Assets way outstrip liabilities so can''t see it happening.

[/quote]

I''ve never understood the laws of administration and receivership. When such an event happens, do the lenders get preference in the pickings? If so, I would imagine Delia would be behind the finacial institutions and the Tax man wouldn''t she? So, the creditors would get paid a certain number of pence in the pound, after all of the assets have been taken into consideration, is this how it works? In which case, she would only get a small return for her loans? Am I reading this correctly?


[/quote]

 

Insolvency - Receivership - Administration

Usually appointed under a debenture (loan document), and nearly always by a bank, a receiver is often appointed where the security holder becomes concerned that their investment is at risk or the company is financial difficulties.

Receivership for a company of course does not mean the end of that company and liquidation does not always follow. Our team can advise not only upon the appointment of a Receiver, but also other creditors concerning their own security (or lack of it) and what steps can be taken to intervene following such an appointment, or even pursuing a negligence claim against a receiver.

 

The purpose of an Administration Order is to freeze the debts of a company in financial difficulties and assist an administrator save the company, or at the very least, achieve a better realisation of a company’s assets.

With the introduction of the Insolvency Act 2000 administration and rescue culture for business is being promoted by the government with a view to saving businesses and offering support wherever possible rather than driving these businesses into liquidation.

 

Clear as mud [:D]

[WeAreYellows49 0]

Also this...

 

Insolvency - Voluntary Arrangements

There are essentially two types of Voluntary Arrangement: Company Voluntary Arrangement (CVA) and an Individual Voluntary Arrangement (IVA).

A Voluntary arrangement is an agreement between a debtor company or individual and its creditors whereby agreement is reached over the amount to be repaid upon a debt (usually a lesser amount then owing) over a fixed period with various conditions being attached.

Such Arrangements are another element of the rescue culture and useful where a company or individual cannot afford to repay its entire liability but a proportion of the same and to enter such an arrangement is a better financial prospect for both the client and its creditors.

[ca 1]

They won''t throw the towel in and risk losing everything whilst we''re less than £20m in debt. Think Charlton and Southamton both over £35m in debt have more chance than us.

[WeAreYellows49 0]

[quote user="cityangel"]They won''t throw the towel in and risk losing everything whilst we''re less than £20m in debt. Think Charlton and Southamton both over £35m in debt have more chance than us.[/quote]

Sometimes it''s better to cut your losses and leg it [;)]

Or maybe not [:|]

[Tangible Fixed Assets anyone? 0]

[quote user="ricardo"]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

A load of old tosh mate.

[/quote]

Well said Ricardo.

[William Darby 0]

March deadline for Football League administration if worst happens to Saints

7:10am Thursday 22nd January 2009

By Gordon Simpson »

FOOTBALL League clubs have until the fourth Thursday in March to go

into administration, or they will have their ten-point deduction

suspended.

Clubs who take the step before March 26 will be penalised immediately.

If they wait until after that date, the situation changes.

Initially, no deduction will be made and they will play out the season as normal.

If they are subsequently relegated, they will start the next season on minus-ten points.

[Tangible Fixed Assets anyone? 0]

[quote user="The Butler"]

Check the elastic band in your bum because you have just been wound up!!

[/quote]

 

LOL!

[Andy Larkin 15]

[quote user="WeAreYellows49"]

Also this...

 

Insolvency - Voluntary Arrangements

There are essentially two types of Voluntary Arrangement: Company Voluntary Arrangement (CVA) and an Individual Voluntary Arrangement (IVA).A Voluntary arrangement is an agreement between a debtor company or individual and its creditors whereby agreement is reached over the amount to be repaid upon a debt (usually a lesser amount then owing) over a fixed period with various conditions being attached.Such Arrangements are another element of the rescue culture and useful where a company or individual cannot afford to repay its entire liability but a proportion of the same and to enter such an arrangement is a better financial prospect for both the client and its creditors.

[/quote]Cheers WAY, however I''m still none the wiser about the questions I asked?I guess what I''m getting at, is that if she was behind the taxman and the banks in the pecking order she would get just the merest pittance of the money she has invested back wouldn''t she?That''s the main bit of admin / insolvency / receivership I wasn''t sure of?A company that I did a lot of work for went t*ts up and owed me a lot of money. The directors simply started again the next week with a marginally different name (the company location in brackets basically) and gave me or anyone else they owed sweet FA, as there were few, if any, assets left. It was a simple way for them to relieve themselves of their debts and carry on as if nothing had happened… they even asked me if I wanted to work for them again!Now Delia and her investment at NCFC is different isn''t it? As in, she is one of the creditors, probably second after the financial institutions (I doubt we owe the taxman more than she is owed) so going into admin is of little intertest to her… unless her greed for power is so strong that she can afford to throw away the £1 / 2 / 3 / 4 mill she has put in (delete as appropriate).Have I got that right?

[WeAreYellows49 0]

[quote user="Andy Larkin"][quote user="WeAreYellows49"]

Also this...

 

Insolvency - Voluntary Arrangements

There are essentially two types of Voluntary Arrangement: Company Voluntary Arrangement (CVA) and an Individual Voluntary Arrangement (IVA).

A Voluntary arrangement is an agreement between a debtor company or individual and its creditors whereby agreement is reached over the amount to be repaid upon a debt (usually a lesser amount then owing) over a fixed period with various conditions being attached.

Such Arrangements are another element of the rescue culture and useful where a company or individual cannot afford to repay its entire liability but a proportion of the same and to enter such an arrangement is a better financial prospect for both the client and its creditors.

[/quote]

Cheers WAY, however I''m still none the wiser about the questions I asked?

I guess what I''m getting at, is that if she was behind the taxman and the banks in the pecking order she would get just the merest pittance of the money she has invested back wouldn''t she?

That''s the main bit of admin / insolvency / receivership I wasn''t sure of?

A company that I did a lot of work for went t*ts up and owed me a lot of money. The directors simply started again the next week with a marginally different name (the company location in brackets basically) and gave me or anyone else they owed sweet FA, as there were few, if any, assets left. It was a simple way for them to relieve themselves of their debts and carry on as if nothing had happened… they even asked me if I wanted to work for them again!

Now Delia and her investment at NCFC is different isn''t it? As in, she is one of the creditors, probably second after the financial institutions (I doubt we owe the taxman more than she is owed) so going into admin is of little intertest to her… unless her greed for power is so strong that she can afford to throw away the £1 / 2 / 3 / 4 mill she has put in (delete as appropriate).

Have I got that right?
[/quote]

The law regarding these things can be very complicated, and I really am not an expert on receivership, insolvency and such like.

I am sure someone on here knows far more than me.

[Blofield Canary 12]

There is no chance of us going into administration. We have no debt we cannot service comfortably. All debt apart from money rcently loaned by Delia is long term debt being paid back to financial institutions over several years.  We could service the next 12 months paymnets comfortably by selling Marshall.

The only person who could cause a ripple or two in the boardrom is Delia herself if she suddenly decides she wants her short term loan money back.

[missing in action? 0]

deadline for this season was last week?will try to find a sauce for my suspicions.

[missing in action? 0]

deadline for administration is march 26th, (this is for an immediate penalty)any later the points will get added on at the end (if not in bottom 3)and added on next season if already in bottom 3also, just found out...southamptons ground, part financed by norwich union, why not recall their loan?

[The Fish Seller 0]

[quote user="jbghost"]

 We could service the next 12 months paymnets comfortably by selling Marshall.

[/quote]Sssshhh!!! Don''t let the Board know we could sell players to meet our debt payments, you don''t want them to start doing something silly like that now.BTW It''s likely debt repayments will be between £4 and 5 million this year unless they can re-finance the borrowings for the LSE land as that''s £2.5m on top of the securitisation repayment for starters. That''s Marshall, Croft, Clingan, Hoolahan, Pattison............[:(]

[Beauseant 0]

[quote user="The Original Pinkun Poster"]shows how much confidence the board have![/quote]

 

And once again a message board rumour of highly dubious provenance becomes established and unquestioned fact to some of the more feeble minded inhabitants of Planet Pink''un.

[Beauseant 0]

[quote user="WeAreYellows49"][quote user="Andy Larkin"][quote user="WeAreYellows49"]

Also this...

 

Insolvency - Voluntary Arrangements

There are essentially two types of Voluntary Arrangement: Company Voluntary Arrangement (CVA) and an Individual Voluntary Arrangement (IVA).

A Voluntary arrangement is an agreement between a debtor company or individual and its creditors whereby agreement is reached over the amount to be repaid upon a debt (usually a lesser amount then owing) over a fixed period with various conditions being attached.

Such Arrangements are another element of the rescue culture and useful where a company or individual cannot afford to repay its entire liability but a proportion of the same and to enter such an arrangement is a better financial prospect for both the client and its creditors.

[/quote]

 

Cheers WAY, however I''m still none the wiser about the questions I asked?

I guess what I''m getting at, is that if she was behind the taxman and the banks in the pecking order she would get just the merest pittance of the money she has invested back wouldn''t she?

That''s the main bit of admin / insolvency / receivership I wasn''t sure of?

A company that I did a lot of work for went t*ts up and owed me a lot of money. The directors simply started again the next week with a marginally different name (the company location in brackets basically) and gave me or anyone else they owed sweet FA, as there were few, if any, assets left. It was a simple way for them to relieve themselves of their debts and carry on as if nothing had happened… they even asked me if I wanted to work for them again!

Now Delia and her investment at NCFC is different isn''t it? As in, she is one of the creditors, probably second after the financial institutions (I doubt we owe the taxman more than she is owed) so going into admin is of little intertest to her… unless her greed for power is so strong that she can afford to throw away the £1 / 2 / 3 / 4 mill she has put in (delete as appropriate).

Have I got that right?
[/quote]

The law regarding these things can be very complicated, and I really am not an expert on receivership, insolvency and such like.

I am sure someone on here knows far more than me.

[/quote]

 

As ever, the taxman gets priority, followed by the secured creditors (usually the banks). Shareholders are usually unsecured creditors, so don''t get much, if anything back. There would be no attraction for Delia in going into administration as the company''s (club''s) assets then come under the control of the administrator, making the day to day running very difficult. If the administrator can''t find a seller as a going concern the assets are then disposed of to satisfy the creditors in the above order. Hope that helps!

[TIL 1010 5,246]

[quote user="Things are looking up "]Heard a rumour that unless City win next 2 games the board are going to throw in the towel and call in the receivers so we take 10 point deduction this season instead of starting next year in League 1 with -10 points. Anyone heard anything along these lines? Source is pretty reliable but as always no direct proof.[/quote]

When the Scum with into administration they screwed the local business community left right and centre.The large proportion of our debt is owed long term to financial institutions.

We live in a close knit City and i have not heard of any local companies ganging up to force the issue which is what Ipswich suffered from.

Unless of course anybody knows of anyone suffering because NCFC are not paying the bills.