Admin.

[jonnyt1]

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.

[Bohinen]

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.

[Nigel_M]

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.

[Old_pie]

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.

[SmiffyPie]

....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.

[SwalePie]

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

[durhampie]

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...

[Old_pie]

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.

[McCullochisGod]

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?

[SmiffyPie]

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.