Norman Smurthwaite will put Port Vale into adminstration in May

[News Feed]

Port Vale owner Norman Smurthwaite says he will put the club into administration if a deal to sell the Valiants isn’t made by the 5th May. BBC Radio Stoke report that Smurthwaite “says he will put the club into administration on May 5 if no new owner is in place. He won’t fund the club […]

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[Bycarsbill]

How can this make sense? If he has had an offer, surely whatever the figure offered would be in excess of what he would receive as a creditor if the club went into administration? The more he spouts, the more he reminds me of Donald Trump--he just needs a bit more fake tan!!

[tommytunstall]

Just listened to Smurthwaite interview. What an arrogant, chauvinistic,spiteful man he is. I know for a fact that there are senior people at Vale Park who do not now support what he is doing.

 

We should not let Mark Porter and B and G take all the flak. It is now time for people like Rudgie, Fradley, KMF and other backers to talk some sense into this person.

[nowag]

Vale will never do any good as long as Smurf is in charge,

If Synectics solutions has offered £3.5m that is a lot more than he paid for the club,

the sooner you go Smurf the better for Port Vale.

[bycars bootboy]

Yes,unbelievable what he's coming out with."Garlick will be the one to deal with any sale by the 5th of May"then goes on to say "no one can but a football club in 5 weeks".

[TheSage]

And yet he still has his supporters on here!

Amazing.

[Heatwave]

Could he put a solvent club into administration?

 

Admin is a scheme whereby the creditors' claims against the club are put on hold while a new buyer is found or the assets liquidated, the proceeds going to creditors after the taxman has taken his share.

 

I suppose he could still liquidate the club if he wanted but I don't think admin could be an option.

[CambridgeDon]

Could he put a solvent club into administration?

 

Admin is a scheme whereby the creditors' claims against the club are put on hold while a new buyer is found or the assets liquidated, the proceeds going to creditors after the taxman has taken his share.

 

I suppose he could still liquidate the club if he wanted but I don't think admin could be an option.

 

Reading all this I'm left wondering if anyone on the site knows what is involved in declaring a company insolvent?

 

I'm not an expert by any means, in fact far from it, but my understanding is that if a company files for insolvency, it has to prove to a court that it is unable to meet its debts. Reading it up in Wiki, it also seems that the first aim of the court would be to see if there is any way the company can be rescued, in the interests of its creditors, rather then simply being dissolved. Then it looks as if the timing is also very important; as I understand it, the Directors are under a statutory duty to declare a company insolvent as soon as they know they cannot meet their debts. Otherwise, they might be seen to be trading wrongfully, which I understand would make them personally liable for any debts after the point they knew the company was insolvent.

 

I'm unsure about all this. Does anyone know the legal position? Can you just decide you're going to declare yourself insolvent months in advance? Can you do it deliberately under company law to bring your business to an end? Can you separate out essential assets (like the ground?). I just don't know.

 

Others on this site may know more than me (highly likely), paticularly if they were involved in our previous admins, so it would be good to get a view as to what can and can't happen.

[DIV3SOUTH]

I Think I listened carefully to his rantings but did I really hear that....

 

He's going to pay all the debts off.

Return all the season ticket money.

Then give the club to the administrator to sell.

That sounds like a great business plan from a great business brain.

[Aussie Rules]

Port Vale owner Norman Smurthwaite says he will put the club into administration if a deal to sell the Valiants isn’t made by the 5th May. BBC Radio Stoke report that Smurthwaite “says he will put the club into administration on May 5 if no new owner is in place. He won’t fund the club […]

The post Norman Smurthwaite will put Port Vale into adminstration in May appeared first on onevalefan.co.uk.

 

 

Click for full article

 

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very clever wording Norman. Why?! Because you, and you only will control when a 'Deal' is finalised and a new 'Owner' is in place.

[Erniemossrules]

I Think I listened carefully to his rantings but did I really hear that....

 

He's going to pay all the debts off.

Return all the season ticket money.

Then give the club to the administrator to sell.

That sounds like a great business plan from a great business brain.

 

Keep up the protests and get rid of him then we can have a Smurf Brexit party on the last home game against Macc on 27th April.