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Thread: Admin.

  1. #81
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    Also worth pointing out if we go into Administration:
    All Football debts have to be paid in full
    All Hmrc debts have to be paid in full
    All other creditors have to be paid at least 20P in the Pound
    We have to prove we have funds to run for 12 months

    Failure on any of these accounts would result in suspension from the National League. Going into administration also risks suspension or at best a points deduction and transfer embargo.

    Quite simply put we are between a rock and a hard place unless the SA deal materialises.

  2. #82
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    Quote Originally Posted by jonnyt1 View Post
    Also worth pointing out if we go into Administration:
    All Football debts have to be paid in full
    All Hmrc debts have to be paid in full
    All other creditors have to be paid at least 20P in the Pound
    We have to prove we have funds to run for 12 months

    Failure on any of these accounts would result in suspension from the National League. Going into administration also risks suspension or at best a points deduction and transfer embargo.

    Quite simply put we are between a rock and a hard place unless the SA deal materialises.
    Those conditions have to be met in order to come out of administration. The SA group would have to pay all of those debts in full if they bought the club from Hardy (ie Paragon Leisure, who own Notts' shares). Once we're in admin, Hardy (Paragon Leisure) would get diddly squad for the shares and only a proportion of the non HMRC and football debts (like Paragon Interiors) need to be paid. That's why the SA group might want to wait. But then again, waiting risks someone else buying the club out of Admin. The threat of needing admin should focus Hardy's mind on accepting the deal on offer, given that half a loaf is better than none.

    It's not in Hardy's interst to liquidate (although HMRC might do that) as not only would lose all his money, he would also face an investigation of his conduct.

    Company liquidators (insolvency practitioners) have a legal mandate to investigate the behaviour of directors during the period leading up to the liquidation.

    Where wrongful trading can be proven, directors could face a disqualification order which would prevent serving as a company director for up to 15 years.


    https://www.companydebt.com/liquidat...y-liquidation/

    Just speaking from what I have learnt from reading, someone else may well know better.
    Last edited by Bohinen; 13-06-2019 at 02:09 PM. Reason: Wrong link

  3. #83
    Join Date
    Aug 2004
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    363
    Quote Originally Posted by jonnyt1 View Post
    Also worth pointing out if we go into Administration:
    All Football debts have to be paid in full
    All Hmrc debts have to be paid in full
    All other creditors have to be paid at least 20P in the Pound
    We have to prove we have funds to run for 12 months

    Failure on any of these accounts would result in suspension from the National League. Going into administration also risks suspension or at best a points deduction and transfer embargo.

    Quite simply put we are between a rock and a hard place unless the SA deal materialises.
    Sorry Jonny but see the Conference rules:

    13.B.1 In the event of a Club entering an Insolvency Event between the end of the AGM and start of the AGM immediately following thereafter (‘the next AGM’) then it shall automatically be relegated by one Step at the next AGM, unless one of the following requirements has been met, namely:
    (i) Prior to the next AGM it has Paid in Full all its creditors (including but not limited to Football Creditors); or
    (ii) Prior to the next AGM it has Paid in Full its Football Creditors and entered a compliant CVA.
    For the purposes of this Rule, a CVA shall be considered compliant if it provides for the following:
    - That all Creditors will be paid in Full;
    - The first payment under the terms of the CVA shall be made within 28 days of the approval of the CVA and shall constitute a minimum of 10% of the total sum payable;
    - The balance shall be paid in equal amounts over the remaining period of the CVA;
    - The period of the CVA shall not extend beyond three years from the date of approval.

  4. #84
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    Quote Originally Posted by SwalePie View Post
    I think my query was misunderstood. I'm fully aware of the meaning of administration but was wondering why it had so suddenly become the main talking point as I had not seen an actual cause for the shift in thinking.
    As per the OP, and the fact that a deal due in May but extended by the Judge till June didn't materialise and a healthy dollop of mistrust that one will. If you feel confident that someone is actually going to pay the debts, and pay AH what he wants, then you've got a more trusting mind than most of us, or you know something you're not telling.

  5. #85
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    Jul 2009
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    Quote Originally Posted by Old_pie View Post
    ....you know something you're not telling.
    Which, under these circumstance, you should tell us as much as you currently know. Swale you did inject a fair degree of hope a week or so ago and that hope needs a boost.

  6. #86
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    Nov 2004
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    Quote Originally Posted by SmiffyPie View Post
    Which, under these circumstance, you should tell us as much as you currently know. Swale you did inject a fair degree of hope a week or so ago and that hope needs a boost.
    I have no more info to offer. The last update I had was that talks with the SA mob should be happening this week in London, which everyone already knows. Not a sausage of an update since that I'm afraid. I have no reason to believe anything has gone wrong...but then again I have absolutely no reason to believe anything has gone right either

  7. #87
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    Feb 2003
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    7,546
    Quote Originally Posted by Nigel_M View Post
    Sorry Jonny but see the Conference rules:

    13.B.1 In the event of a Club entering an Insolvency Event between the end of the AGM and start of the AGM immediately following thereafter (‘the next AGM’) then it shall automatically be relegated by one Step at the next AGM, unless one of the following requirements has been met, namely:
    (i) Prior to the next AGM it has Paid in Full all its creditors (including but not limited to Football Creditors); or
    (ii) Prior to the next AGM it has Paid in Full its Football Creditors and entered a compliant CVA.
    For the purposes of this Rule, a CVA shall be considered compliant if it provides for the following:
    - That all Creditors will be paid in Full;
    - The first payment under the terms of the CVA shall be made within 28 days of the approval of the CVA and shall constitute a minimum of 10% of the total sum payable;
    - The balance shall be paid in equal amounts over the remaining period of the CVA;
    - The period of the CVA shall not extend beyond three years from the date of approval.

    Whoever eventually buys the club will have no interest whatsoever as to what league we end up playing in. They will only be interested in the re-development of the area and making a huge profit in the process....The football side of the business will merely be a unwanted distraction that came with the package...

  8. #88
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    Feb 2010
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    Quote Originally Posted by SwalePie View Post
    I have no more info to offer. The last update I had was that talks with the SA mob should be happening this week in London, which everyone already knows. Not a sausage of an update since that I'm afraid. I have no reason to believe anything has gone wrong...but then again I have absolutely no reason to believe anything has gone right either
    In which case, and even as I said quite a long while ago, admin is a very likely scenario and if I was buying it is what I'd wait for rather than saddle my finances with debt settlement some of which may still yet come to the fore.

  9. #89
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    Jun 2018
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    Quote Originally Posted by SwalePie View Post
    I have no more info to offer. The last update I had was that talks with the SA mob should be happening this week in London, which everyone already knows. Not a sausage of an update since that I'm afraid. I have no reason to believe anything has gone wrong...but then again I have absolutely no reason to believe anything has gone right either
    Have you got a sore arse Swale from all those splinters sitting on that fence?

  10. #90
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    Quote Originally Posted by SwalePie View Post
    I have no more info to offer. The last update I had was that talks with the SA mob should be happening this week in London, which everyone already knows. Not a sausage of an update since that I'm afraid. I have no reason to believe anything has gone wrong...but then again I have absolutely no reason to believe anything has gone right either
    Thanks.

  11. #91
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    Feb 2004
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    Quote Originally Posted by durhampie View Post
    Whoever eventually buys the club will have no interest whatsoever as to what league we end up playing in. They will only be interested in the re-development of the area and making a huge profit in the process....The football side of the business will merely be a unwanted distraction that came with the package...
    At last we have some common ground Durham, that's exactly what I was thinking

  12. #92
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    Quote Originally Posted by maddogslater View Post
    At last we have some common ground Durham, that's exactly what I was thinking
    After this extended period of silence probably what most of us fear. NCFC is just a means of getting to richer pickings.

  13. #93
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    Nov 2004
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    Quote Originally Posted by McCullochisGod View Post
    Have you got a sore arse Swale from all those splinters sitting on that fence?
    Extremely

  14. #94
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    Jul 2011
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    1,704
    Another week gone, no good news, more debt announced, a convicted fraudster in one of the bid teams, silence on the takeover front.
    Admin seems more likely than a takeover to me, bankruptcy and oblivion not out of the question.

  15. #95
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    Jun 2016
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    We'll be on evo stick league soon

  16. #96
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    Oct 2008
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    Quote Originally Posted by optipez View Post
    Another week gone, no good news, more debt announced, a convicted fraudster in one of the bid teams, silence on the takeover front.
    Admin seems more likely than a takeover to me, bankruptcy and oblivion not out of the question.
    This could have been posted about Notts multiple times over recent years, it's happened so often. I feel strangely calm about it this time, detached even. When we did actually go into admin previously, there was an impetus amongst supporters to do something and of course we all did do something. There doesn't seem to be the same drive this time, we're all a bit more resigned to our fate. It's sad, but understandable, the club has been in the doldrums for years. It's a shame that it didn't work out with Hardy; whatever people's thoughts on him, he revived interest in a dying club and the improvement in the attendance figures are astonishing. It could have ended up very differently. Very sad really, however much he was hoist with his own petard (which he absolutely was of course).

    I've still got a feeling that the sale will go through and admin wont happen because it wont be in Hardy's interests to do that.

  17. #97
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    Jan 2003
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    Quote Originally Posted by cher1 View Post
    This could have been posted about Notts multiple times over recent years, it's happened so often. I feel strangely calm about it this time, detached even. When we did actually go into admin previously, there was an impetus amongst supporters to do something and of course we all did do something.
    Our history doesn't help, but I think it's part and parcel of how football is nowadays. Even if there was the impetus to do something, what could we actually do? Reviving Trust ownership and running the club within its means would be a one way ticket to where we're heading without resolution to the current crisis anyway. And looking at the examples of other clubs isn't encouraging either. Blackpool fans had to boycott for four years, and they only had a successful outcome because of Oyston's legal problems. Charlton fans have been trying to oust their owner for years too, without a resolution as yet. Fans are increasingly powerless, and that's especially a problem in crises like the the one we're going through.

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