Trading Whilst Insolvent

[Bald Eagle]

How the fucj do I put you on the block list you stupid ****

 

Ah! education is a wonderful thing don't you think? Your comments indicate that you sadly missed out on yours, and can merely post abuse and vulgar comments.

 

1) What relevance do your comments have to this thread?

2) Do you understand what the thread means?

3) Do you honestly think the club has prospered under V2001, where we are a league lower and they have quadrupled the debt they had on Day 1?

4) Why if everything in the garden is rosy are they (or is that you?) desperate to cling to power and are preventing any financial information from seeing the light of day

 

I do not expect a sensible response, and would be more than happy for you to put me on your block list. I suggest you find a Primary school child to do this for you!:shutup:

[WEMBLEY OF THE NORTH]

Ah! education is a wonderful thing don't you think? Your comments indicate that you sadly missed out on yours, and can merely post abuse and vulgar comments.

 

1) What relevance do your comments have to this thread?

2) Do you understand what the thread means?

3) Do you honestly think the club has prospered under V2001, where we are a league lower and they have quadrupled the debt they had on Day 1?

4) Why if everything in the garden is rosy are they (or is that you?) desperate to cling to power and are preventing any financial information from seeing the light of day

 

I do not expect a sensible response, and would be more than happy for you to put me on your block list. I suggest you find a Primary school child to do this for you!:shutup:

 

Smarter than a 10 year old?

[MarkB2]

Ah! education is a wonderful thing don't you think? Your comments indicate that you sadly missed out on yours, and can merely post abuse and vulgar comments.

 

1) What relevance do your comments have to this thread?

2) Do you understand what the thread means?

3) Do you honestly think the club has prospered under V2001, where we are a league lower and they have quadrupled the debt they had on Day 1?

4) Why if everything in the garden is rosy are they (or is that you?) desperate to cling to power and are preventing any financial information from seeing the light of day

 

I do not expect a sensible response, and would be more than happy for you to put me on your block list. I suggest you find a Primary school child to do this for you!:shutup:

 

I was surprised to see his response to you, Eagle, and naturally assumed his comment was meant for markymark.

[Timothius]

People wallowing in demise - what is wrong with you?

People worried by our demise and trying to rid the club of the reasons of our demise, THE BOARD.

[Robbie Earle's Perm]

I think he may have accidentally quoted you instead of Markymark, BA.

 

I think he's done exactly that as Smada's previous posts don't have him down particularly as a board lover.

[NW9Valiant]

I have been thinking over the last few weeks about the potential risks that the current Directors have been taking, and how they could become personally liable for any debts should we enter administration, and it be found that we have been trading whilst insolvent.

 

I know there was some argument about 12 months ago about the valuation of the ground, and I presume the resultant value would naturally affect the balance sheet of the club.

 

A business may be 'cash flow insolvent' or 'balance sheet solvent' if it holds illiquid assets, particularly against short term debt that it cannot immediately realize if called upon to do so. Conversely, a business can have negative net assets showing on its balance sheet but still be cash flow solvent if ongoing revenue is able to meet debt obligations

 

The interesting part of the Companies Act is ‘wrongful trading section 214’ that if Directors do not act properly i.e. If they do not act properly or the way any reasonable person would have acted, then this may possibly be seen as acting wrongfully or trading whilst insolvent. If wrongful trading is proven, then the directors can be made personally liable for the company's debts from the time they knew the company was insolvent. One of the provisions in this section looks into such items as taking further credit, and if this is deemed to the detriment of our long term creditor’s then it is clear that the provisions under the act have been broken, and they would become liable. Given we have not payed the council loan on time, we have not been "able to pay debts as they become due"!

 

I really hope the current Directors have taken time to understand this postion, as I for cannot understand how they have not broken the rules, and subsequently the law!

 

MOLD the law is coming to get you! ===

 

If I have you right, it's from the time they knew which would be important.

 

Maybe this is why Lloyd claims he doesn't know anything?

[Mr Carter]

I have this horrible sinking feeling that Lloyd and Deakin have sorted out some form of "Investment" that will make the EGM a formality for them to win :(

[Caroline Oakes]

I have this horrible sinking feeling that Lloyd and Deakin have sorted out some form of "Investment" that will make the EGM a formality for them to win :(

 

I have that very same feeling Mr C:(

[Fosse69]

I have this horrible sinking feeling that Lloyd and Deakin have sorted out some form of "Investment" that will make the EGM a formality for them to win :(

 

They would like us to think that, chin up ============

[melv]

I have this horrible sinking feeling that Lloyd and Deakin have sorted out some form of "Investment" that will make the EGM a formality for them to win :(

 

If they were to invest £20 it would be more than Deakin has invested.

[Timothius]

I have this horrible sinking feeling that Lloyd and Deakin have sorted out some form of "Investment" that will make the EGM a formality for them to win :(

 

They may have people they are trying to get involved, but didn't they also do that before the last egm, Earl Barratt etc sat in the directors box, whatever happened to them ? No sane businessman will invest without seeing the books and the books won't look good if they see them.

[Toby]

I would suggest we've been trading whilst insolvent for quite some time. £300k from some dodgy Gibraltans in direct contravention of a loan that could compromise our very existence suggests this might be the case...

[Loggerheads Sage]

I have that very same feeling Mr C:(

 

And me - I think that was why they ignored the 21 day deadline on Friday, I think they will tie a deal up over the weekend (Manchester loan men?) A deal after the EGM is called can't count at the EGM can it? I'm dreading tomorrow's news, it will be the final death knell of our club - hope to God I'm wrong!

[Birches Head Fred]

I would suggest we've been trading whilst insolvent for quite some time. £300k from some dodgy Gibraltans in direct contravention of a loan that could compromise our very existence suggests this might be the case...

 

I agree, but I believe they may well have 'deals' set up which will guarantee they remain in power.

I think then we will move onto a legal challenge to prove that previous and existing board members have not acted in the best interests of the club/supporters/shareholders.

This I believe will be a long, protracted process (delayed at every turn by the board in the hope of exhausting our funds) and unfortunately it will be up to our lawyers to 'prove' their guilt.

 

I honestly believe they think they have the upper hand and it is going to turn very nasty at some point (not that I am advocating violence), it's just that I think that will be the fan's only remaining recourse to action.

[Caroline Oakes]

And me - I think that was why they ignored the 21 day deadline on Friday, I think they will tie a deal up over the weekend (Manchester loan men?) A deal after the EGM is called can't count at the EGM can it? I'm dreading tomorrow's news, it will be the final death knell of our club - hope to God I'm wrong!

 

Will the 'business men' buy the now famous nil-paid shares? They then can use them at the AGM/EGM and the SC can then only use Hank the Yanks if they are also paid for? Pratt is also very much involved (his contacts maybe?????) and I know what Stan Meigh has said publically but he has a huge soft spot for Pratt. I know this is all very negative and we have to be patient, but I do feel the silence from all sides just buys the Board time to stitch us up.............again:(