Nil Paid Shares

[melv]

Get on the case Melv... ;)

 

Had a reply to the e mail I sent asking if they will be chasing them for their money.

 

Thank you for your e mail.

 

I note your concerns in relation to the issuing of shares by the company and can confirm that as administrators of the company this is something that we will be looking at as part of our statutory investigations.;)

[Edge81]

I hope the administrators can't do/say anything yet on legal advice.

 

Then....

 

A clear statement is needed from the administrator telling us exactly what the situation is.

 

Make you mind up Melv, do you want them to remain tight lipped or not?! :razz::razz::razz:===

[melv]

Then....

 

 

 

Make you mind up Melv, do you want them to remain tight lipped or not?! :razz::razz::razz:===

 

The first part that you quoted was supposed to say - I expect the administrators can't do/say anything yet on legal advice.But I left it to late to edit it.If you look you will see that my mind is made up and without a shadow of doubt I want the money owed to the club for the unpaid shares paid up.If it makes Deakin,Miller bankrupt than so be it.

[Edge81]

The first part that you quoted was supposed to say - I expect the administrators can't do/say anything yet on legal advice.But I left it to late to edit it.If you look you will see that my mind is made up and without a shadow of doubt I want the money owed to the club for the unpaid shares paid up.If it makes Deakin,Miller bankrupt than so be it.

 

If it makes them bankrupt them we can have a party in Burslem as far as I am concerned!!! ===

[FATBOYSTEVE]

Apart from chasing "nil paid" shares , what about the fact that anyone or all of the Burslum 9 may be on the list of creditors and as such be involved with the Administrators in agreeing potential new owners as well as trying to get payment of any debts the Club is deemed to owe these characters for "services rendered" in getting the Club into its present situation during there - V2001 regime.

[Warren]

The administrator owes his duty to the creditors. I guess that is backward looking, getting in as much money owed to the company as possible and forward looking for a new owner. Because of the time pressures I imagine the administrator is prioritising getting in offers for the club and preparing the creditors voluntary agreement etc. But he must surely look at outstanding debtors in due course and then it comes down to what was contractually agreed - in theory.

 

In practice, the worry here is not just that the shares were not paid up and that a lie occurred about this. The previous board were of such low credibility and integrity that it may be no contract documentation to buy the shares ever existed, if such documentation did exist it was never recognised in the administrative and accounting systems or in the minutes of board meetings or finally anything that did exist has been destroyed. I am not clear how far an administrator will pursue fraud / misconduct of past directors. Investigating such things and taking legal action has cost in its own right and sometimes the chances of winning and recovering money have to be weighed against the cost of investigation including taking legal action.

 

So, we will see, but I do trust the administrator to act in the best interests of the creditors. If there is a viable route to recover money I expect that will be pursued.

[JOHNNYAITCH]

Sadly directors of companies get away with this sort of behaviour all the time..there is a case to be answered but it's justy not worth the expense of trying to 'get a conviction' especially when thee may be little chance of actually getting the money

 

The administrator will I reckon only pursue them if it's in the interests of the creditors and not cos it's 'right' or cos we'd like to see them squeezed until they burst!!! There may be scope afterwards for someone to pursue a civil case against tham or indeed there may have been criminal wrongdoing but I can't see the administrator doing more than collating relevant facts which could potentially be used as evidence, but not for that purpose.

[sunny boslem]

Had a reply to the e mail I sent asking if they will be chasing them for their money.

 

Thank you for your e mail.

 

I note your concerns in relation to the issuing of shares by the company and can confirm that as administrators of the company this is something that we will be looking at as part of our statutory investigations.;)

 

go get the scumbags

[IDF]

 

In practice, the worry here is not just that the shares were not paid up and that a lie occurred about this. The previous board were of such low credibility and integrity that it may be no contract documentation to buy the shares ever existed, if such documentation did exist it was never recognised in the administrative and accounting systems or in the minutes of board meetings or finally anything that did exist has been destroyed. I am not clear how far an administrator will pursue fraud / misconduct of past directors. Investigating such things and taking legal action has cost in its own right and sometimes the chances of winning and recovering money have to be weighed against the cost of investigation including taking legal action.

 

.

 

If a form (sh01?) was filed at company house showing them as issued as nil paid, then there must be accompanying paperwork for when they should be paid for? Just curious as I'm no legal bod, just want miller and deakin to burn.....