Mr Smurthwaite's games begin........

[Howjy04]

Just listened again, he says that there will be no creditors on the 5th May.

 

I wonder if that means he is writing off/converting his DL account?

 

Or moving it to another company.

[CAVALIER]

If there's no debt, how can you go into admin? I'm not into company law , Andyregs will know more but is he guilty of misfeasance?

[Valiant Haze]

If there's no debt, how can you go into admin? I'm not into company law , Andyregs will know more but is he guilty of misfeasance?

 

Take out ‘Directors loans’. leave cash flow in black, but low enough to know it can’t meet future incoming bills.

[Aussie Rules]

No doubt Norman has officially advised the FA / EFL of his intention and by a solicitors communication.

[CambridgeDon]

If there's no debt, how can you go into admin? I'm not into company law , Andyregs will know more but is he guilty of misfeasance?

 

As far as I can see (thanks to Melv for the link), you can dissolve a limited company even if it has no debt:

 

https://www.gov.uk/liquidate-your-company/members-voluntary-liquidation

 

Just click through the links:

 

* Liquidate a company you don't want to run anymore

 

* What the Liquidator does

 

* What happens to Directors

 

If it happens, it could all get very interesting because the owner loses control of the process...

[Iron Curtain]

What a man Smurthwaite is... doesn’t like people not being happy with him so puts all the background staff at Port Vale’s jobs at risk.

[Paul6754]

Surely there must be FA/EFL rules protecting Vale against what Smurthwaite is saying/planning, especially as there is a buyer waiting in the wings.

 

The purpose of Admin is to sell the business as a going concern and pay off any creditors as much as possible (Some one tell me I'm wrong) and as there is a buyer then it's job done. The FA/EFL should use commonsense and and waive/reduce any points deduction as this issue is only due to a vindictive owner.

[Alkie]

So if it goes into admin he writes off the directors loans effectively, but if he sells to Carol he’s sticking it onto the asking price.

[Fosse69]

So if it goes into admin he writes off the directors loans effectively, but if he sells to Carol he’s sticking it onto the asking price.

I wonder what the directors loans stand at now? No way of knowing I suppose.

[Bimbleabout]

What a man Smurthwaite is... doesn’t like people not being happy with him so puts all the background staff at Port Vale’s jobs at risk.

I was told yesterday that they haven't been paid. No idea if it's true or not. Some one else could confirm one way or another

[ValiantEffort]

What parallels can be taken from Wrexhams past situation?

The court ordered the ground to be given back to the football club.

Surly Smurf has "fiduciary duties" to act in the best interests of PVFC

 

Guterman has since had a 7 year ban on being a director of any company.

 

 

 

Mr Guterman agrees that he devised and/or implemented a scheme, together with a business associate, wherby the property assets of the company were “intended to be and were exploited”, the primary purpose of which was “for my own personal benefit and that of my business associate rather for the benefit of the company”.

 

Seem familiar?

 

https://www.theguardian.com/football/2005/oct/26/newsstory.wrexham

[RailwayRowdy]

If this has been commented on before, I apologise.

 

However, in my view if Smurfthwaite truly intends carrying out his threat, at least we may have some resolution to some degree come May 5th.

 

I have stated in posts many times previously that his sole intention has always been to liquidate the club and stroll off into the sunset with his ill gained assets. That is now there for all to see. Now all cards are on the table. No fecking 5 year plan back to the Championship. No putting right his mistake over Ribiero. No fecking anything, other than lining his arse pocket.

 

It was only a matter of time before he truly showed his hand. Now he has.

 

From a footballing point of view, it may not end up with the result which we all want. But at least that **** will be gone and we may at least have some sort of future, even if it is in non league.

 

At the moment under his misguided stewardship, we have no hope at all.

 

But whatever happens his treatment of Vale fans and the club itself will NEVER be forgotten. I think that he has not only disturbed the hornets nest, he has kicked it half way down Hamill Road.

 

As the tag line to the film The Fly went, “be afraid, be very afraid”

 

[cheeky]

What parallels can be taken from Wrexhams past situation?

The court ordered the ground to be given back to the football club.

Surly Smurf has "fiduciary duties" to act in the best interests of PVFC

 

Guterman has since had a 7 year ban on being a director of any company.

 

 

 

Mr Guterman agrees that he devised and/or implemented a scheme, together with a business associate, wherby the property assets of the company were “intended to be and were exploited”, the primary purpose of which was “for my own personal benefit and that of my business associate rather for the benefit of the company”.

 

Seem familiar?

 

https://www.theguardian.com/football/2005/oct/26/newsstory.wrexham

 

I might be reading that wrong (trying to keep my 2 year old entertained at the same time) but it seems Hamilton and Guterman, used the club to buy the ground from a Brewery and then simply transferred the ownership of the ground to another company once bought. In Vales case, Smurf bought the Vale and all it’s assets when taking them out of administration and then transferred the Ground to Alchemy Land (I think) later down the line, the club wasn’t used as a vehicle to purchase the ground (so no misrepresentation), it was an asset of the business Norman bought and to do with what he likes. That’s my reading of it but I could be completely wrong.

[JRC]

I might be reading that wrong (trying to keep my 2 year old entertained at the same time) but it seems Hamilton and Guterman, used the club to buy the ground from a Brewery and then simply transferred the ownership of the ground to another company once bought. In Vales case, Smurf bought the Vale and all it’s assets when taking them out of administration and then transferred the Ground to Alchemy Land (I think) later down the line, the club wasn’t used as a vehicle to purchase the ground (so no misrepresentation), it was an asset of the business Norman bought and to do with what he likes. That’s my reading of it but I could be completely wrong.

 

There are definitely differences and there was evidence that Hamilton and Gutteridge colluded behind the backs of other directors backs and lied to the owners of the ground to get a lower price. I'm sure whatever happens will result in court proceedings but this isn't a clear precedent.

[ValiantEffort]

He really has not thought about the implications......

Imagine what stress this is causing to his family. Its not just now but for years to come....

 

I don't know how he can put his family through this for what is in all reality a very small % of his overall wealth.

Money/power/ego etc must be so very important to him.

 

He could (and would) be carried around Burslem shoulder high again if he put an extra 1 million a year into Vale. Hes getting old, die with 100 million in the bank rather than 130 million but be happy!!