Hopefully complete a sale now with the interested consortium !
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Hopefully complete a sale now with the interested consortium !
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Potential new owners have passed fit & proper according to twitter
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Whose Twitter? Do we have a link?Originally Posted by HAPPYMAGPIEHAPPY
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Phew. Now let's get this takeover done quickly and get on with enjoying football again.
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Absolutely
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Scoop Curtis and three Notts County fans in attendance at court, no Alan Hardy though
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I though LC had abandoned Twitter but he's back. It must be be of the Notts fans who mentioned fit and proper because it's not mentioned on here
https://twitter.com/LeighCurtis_NP/s...93390567813120
https://twitter.com/Johnnysmalls78/status/1148893471169585153
Replying to @LeighCurtis_NP
Was Beanhead there, Leigh?
Looks like ITV beat him to it
https://twitter.com/pbearneITV/statu...92455217106944
BREAKING: High Court judge gives @Official_NCFC 3 wk extension to pay off tax bill. Court told sale and purchase agreement drafted for takeover of club by Danish consortium and @FootballAssoc have approved them as “fit & proper” directors. Adjourned till 31 July @ITVCentral
Last edited by Bohinen; 10-07-2019 at 10:03 AM. Reason: I hate fecking Twitter #hardyout
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Notts had originally applied for a two-week extension...
So why did we get three? I'm honestly getting sick of all this push further back - as to do with the F&P persons test I wasn't able to find a single thing about it looking over Twitter.
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Presumably to try and help prevent the court from wasting any more time. They are showing an extraordinary amount of patience given the history and broken undertakings from the previous court appearances.
On the other hand if they liquidate no-one gets anything so whilst there is some chance of something happening it may be seen that there is no harm in allowing the possibilities to be explored.
I'd have liquidated. There is still a "get out" procedure if things can be done in 10 days (I think) otherwise THE END.
How long before another consortium are photographed being shown around the Lane?
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Could be 7 days?
A creditor will ask their solicitor or legal team to apply for a compulsory winding up order. The winding up ‘petition’ is the name given to the application sent to court. It is reviewed by the court, and if passed, sent to the insolvent company.
It generally takes around 28 days in total for a winding up order to take effect.
Once you are in receipt of a winding up petition, you need to act quickly to save your company. There is a seven day time limit in which to take one of the following courses of action. It is advisable to seek the advice of a licensed Insolvency Practitioner at this time.
Pay all monies due to the creditor
Propose a Company Voluntary Arrangement – this is a formal insolvency procedure which provides extended payment terms, sometimes up to five years. It also allows the company to escape liquidation, and provides an opportunity for business recovery.
Place the company into Administration via an Administration Order. If the Order is granted, you will need to appoint an Insolvency Practitioner to value and sell company assets, with the intention of paying off the debt. Putting the company into Administration halts all legal action, including the winding up petition.
Dispute the existence or amount of the debt. You must be sure of your facts however, as you may be seen to be accusing the creditor of abusing the court system.
If you are unable to take any of these steps or have simply run out of time, once the court approves the application for a winding up order, the matter will be taken out of your hands and the liquidation process will begin.
The winding up petition is advertised in the London Gazette, where it will be seen by the banks and HMRC. This often results in the bank taking action to freeze company bank accounts in order to safeguard their money.
The Official Receiver will be appointed to sell business assets, liquidate the company and investigate directors for signs of misconduct or insolvent trading.
Can a winding up order be reversed once issued?
It is possible to reverse a winding up order already issued by the court. There are two ways in which legal proceedings can be stopped:
Anyone can apply to have the order rescinded within seven days on the grounds that the court did not have all the relevant facts when making their decision to pass the order.
An application to ‘stay’ liquidation proceedings can be made by the Official Receiver, an appointed liquidator, a shareholder of the company, or a creditor. This can be at any stage after the winding up order has been made, and includes both temporary and permanent staying of proceedings.
It is important to remember that the earlier you act to prevent a winding up order, the better your chances of success. Intervening at the Statutory Demand stage could significantly influence the outcome – your IP may suggest a Company Voluntary Arrangement or other insolvency procedure that would alleviate the creditor’s fear of non-payment.
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