Interim Board

[ValeMadrid87]

Ok of the interim are elected at the EGM (if it goes that far)...

 

What are there Aims?

 

What time scale do they have in charge?

 

Do they have the ability to Scrap 24.9% Rule immediately?

 

Do all share allocations get automatically scrapped?

 

Do they have full control of the accounts & if so how long before they got shown too the public?

 

How long does it take too get out of Admin..?

 

Say for instance one of the interim became evil (lol) do the other interim board members still have control too move the individual...?

 

Does the interim board choose who to sell the club too?

 

How long has a club got in admin before something happens and what happens?

 

 

And last question... When the deals have been done too pay off the creditors and the club is bought

[ValeMadrid87]

How long does it take before somebody will have full control and be able to function...

[Jacko51]

Ok of the interim are elected at the EGM (if it goes that far)...

 

Don't know all the answer but can do a few.

 

 

What are there Aims? To investigate the financial position of the club, see if it is saveable and if it is, look for a buyer. If it isn't, bite the bullet.

 

What time scale do they have in charge? As short as possible if they've got any sense!

 

Do they have the ability to Scrap 24.9% Rule immediately? That can't be done without the agreement of the holders of 75% of the shares as far as I know.

 

Do all share allocations get automatically scrapped?

 

Do they have full control of the accounts & if so how long before they got shown too the public?

 

How long does it take too get out of Admin..?

 

Say for instance one of the interim became evil (lol) do the other interim board members still have control too move the individual...?

 

Does the interim board choose who to sell the club too? If they are going to sell the club as a going concern then they will need the agreement of the holders of a majority of the shares.

 

How long has a club got in admin before something happens and what happens? No idea on that one - ask one of the many accountants on here to help.

 

 

And last question... When the deals have been done too pay off the creditors and the club is bought .... How long does it take before somebody will have full control and be able to function... If the club is being bought as a going concern that will happen straight away. If it is being bought out of admin it could take a while. If I remember rightly when we went into admin last time, admin was December and the deal with V2001 took the thick end of 6 months to dot all the i's

[Jacko51]

Sorry - missed these ones for some reason

 

Do all share allocations get automatically scrapped? Only if the club goes into admin or the shareholders vote to do it!

 

Do they have full control of the accounts & if so how long before they got shown too the public? 2011 Accounts should be sent out with the AGM papers. Next accounting year ends on 30 June 2012.

 

How long does it take too get out of Admin..?How long is a piece of string? Each case is different.

 

Say for instance one of the interim became evil (lol) do the other interim board members still have control too move the individual...?

We need four directors to be quorate because of the Articles so the solution would be to stick him or her in a corner and outvote them on every issue! I don't envisage that happening, however.

[1]

Also, WHAT ARE THE CARTEL HIDING?!?!

Edited by Admin

[Andyregs]

I may be wrong, but you seem to e mixing admin and the interim board together. If we go into admin, the administrators will make all the decisions. If we don't, the interim board will run the club as any board would/should, would decide who to sell to (or whether to enter admin), and would want to do that as soon as possible.

[ValeMadrid87]

Thanks for the replys, That's cleared a few things up for me :)

[Guppy 4 England]

Re admin, who knows, nobody has ever seen the books! I would guess the next two weeks though