HMRC issue winding up order

[werstayinup]

I'm disgusted that it has come to this. The behaviour of the Directors of Port Vale FC, Bill Bratt in the main, is a total disgrace and he should be made culpable for all of this mess.

 

I would also like to spare a thought for all of our shareholders, mostly normal fans who have dipped into their pockets and given up their hard earned to help the club they love. They could lose their investments due to the gross mismanagement of our beloved club.

 

Utterly, utterly shameful.

 

A lot were persuaded to by Oliver as well:yes:

[boomer's vet]

Surely the only way out of this with out being dissolved is:

 

1-Somebody pays the debt off.

2-The council put us into admin.

 

It doesn't take an Alan Sugar this does it? :)

[werstayinup]

To be fair, I don't think any fans ever saw the shares as an investment, did they?

 

Bill Bratt:shifty:

[portvalemarket]

Yep.

 

Plymouth fan just posted this on TTF -

 

Going into administration will temporarily halt tax liabilities I believe, and HMRC can't wind you up, the issue becomes critical if money owed to the tax man is over 25% of your overall debt owed to creditors, if that is the case you won't get a CVA through and will incur more than a 10 point deduction.

 

You will need to sell any assets available whatsoever to ensure that the amount of money owed to creditors who will vote against the CVA is less than 25% of the total amount. That is why we had to have a firesale during our admin January transfer window.

 

 

 

what assets is there to sell that would generate the sort of money needed to pay off the creditor??

 

players cant be sold (embargo),transfer window closed.

 

 

what a ******* nightmare:(

[tonyh]

Didn't we split into 2 companies, the ground and the football team. Not that it matters too much as we have a 100% mortgage on the ground.

The ex RBS chairman lost his knighthood. Will Bratt lose his MBE?

[VantaaVale]

To be fair, I don't think any fans ever saw the shares as an investment, did they?

 

No, but they didn't expect to lose their money either.

[Mr Football]

Surely the only way out of this with out being dissolved is:

 

1-Somebody pays the debt off.

2-The council put us into admin.

 

Correct. And if 1 applies then this shower in charge get to carry on

[werstayinup]

Just a feeling i have, but i think with the board backed massively into a corner a certain local businessman may just be making a last chance solution.

 

Not heard anything from anybody, just a feeling i have.

 

IF this is true,i hope it's not Meigh:(

 

To be fair though they would have to be mental,as they still couldn't have overall control because without admin then the 24.9% will stay,however i guess if a clever business man was to negotiate with all who are owed money by offering them a little more than they would get if Vale were in admin,then they could get a team who might just get promoted to league one with no admin(ok i guess i will wake up soon).

[pjvale]

Can the legal beagle advise on what options we have now.

[dixon_vale4eva]

SSN Breaking news: Port Vale in talks with S-O-T council over £300,000 loan to keep the club afloat for the rest of the season. How slow are they sure this has been happening all morning??

[CAVALIER]

Remind me on why we turned Mo down again?

[SourceOfTheTrent]

IF the council are considering a loan to keep the club afloat for the rest of the season they should only do it on the basis that the current board are instantly dismissed and the council appoint their own administration to operate the club. Leaving Lloyd and co. in place is unacceptable to both fans and council tax payers.

[tisdeano]

The sensible approach would be for the board to allow full access to the books to Mo Chaudry, speed is of the essence. Mo could then decide if its worth taking the club on, of course Im sure the Council would now be very open to negotiate the loan.

 

Thats the sensible approach and in the interest of us all, doubt it will happen though

[Poe Vale]

SSN Breaking news: Port Vale in talks with S-O-T council over £300,000 loan to keep the club afloat for the rest of the season. How slow are they sure this has been happening all morning??

 

I'm confused as we can't function in the boardroom so how can this be sanctioned?

[dixon_vale4eva]

I'm confused as we can't function in the boardroom so how can this be sanctioned?

 

Your guess is as good as mine. Unless the council are looking to appoint somebody.