Last banking day of the year, is the cheque in the post

[mickd1961]

If Lai is found guilty of illegal financial dealings could his assets be frozen or confiscated or is this just wishful thinking on my part. I have no idea of the laws pertaining to this.

Yes.

Then sold to Mike Ashley.

[Prando]

Whilst I am certainly not condoning Lai’s actions, I do understand them.
As the WBA ‘owner’ (ultimate major shareholder via the various holding companies) and in need of cash flow for other of his businesses, WBA have provided the vehicle to generate the funds.
Having missed out on the expected Premiership promotion and related income, Lai seized the opportunity to withdraw funds. The underlying potential trauma to the WBA business, supporters and staff is clearly of little concern to him. WBA is a UK trading company, no more.
The use of the Hedge Fund investors seems a precarious route (expensive) for him to facilitate some risk management for his overall investments.
Nervy financial times are here with any buyer unlikely to offer enough to bail Lai out…win the playoffs and then who knows ?

[baggieal]

Whilst I am certainly not condoning Lai’s actions, I do understand them.
As the WBA ‘owner’ (ultimate major shareholder via the various holding companies) and in need of cash flow for other of his businesses, WBA have provided the vehicle to generate the funds.
Having missed out on the expected Premiership promotion and related income, Lai seized the opportunity to withdraw funds. The underlying potential trauma to the WBA business, supporters and staff is clearly of little concern to him. WBA is a UK trading company, no more.
The use of the Hedge Fund investors seems a precarious route (expensive) for him to facilitate some risk management for his overall investments.
Nervy financial times are here with any buyer unlikely to offer enough to bail Lai out…win the playoffs and then who knows ?

Sorry Prando - not correct and not ethical what he’s doing. Should any owner pull money out of their company as they please with two fingers up to the shareholders? You will also find if West Brom is not trading profitably which I don’t believe it is with the needed loan - it’s actually illegal to distort money out of the company even if you own it. So in essence if a company were to go bust and any owner had extracted funds from it when it was not profitable - they will be pursued by the administrator. The creditors are the ones who will be screwed! Take Mel Norris - he screwed all his creditors and put the stadium protected in another company! He should have been sent to jail!

Things will only change when people realise he’s shafting the club! Thousands of West Brom supporters are starting to wake up to what he’s doing!

You can have any opinion you want! As a business owner - I know he’s shafting the business big time and it’s illegal to extract money when the business can’t afford it or have the due funds in their accounts.

[Prando]

Sorry Prando - not correct and not ethical what he’s doing. Should any owner pull money out of their company as they please with two fingers up to the shareholders? You will also find if West Brom is not trading profitably which I don’t believe it is with the needed loan - it’s actually illegal to distort money out of the company even if you own it. So in essence if a company were to go bust and any owner had extracted funds from it when it was not profitable - they will be pursued by the administrator. The creditors are the ones who will be screwed! Take Mel Norris - he screwed all his creditors and put the stadium protected in another company! He should have been sent to jail!

Things will only change when people realise he’s shafting the club! Thousands of West Brom supporters are starting to wake up to what he’s doing!

You can have any opinion you want! As a business owner - I know he’s shafting the business big time and it’s illegal to extract money when the business can’t afford it or have the due funds in their accounts.

Understood al buddy.
My comments are prefaced that, whilst not condoning, I also indeed understand what he’s doing. The legality, or indeed otherwise, should have been established by the Hedge Fund. My point is that, sadly, there are so many within a ‘community’ football club, not least the fans, who will not have been seriously considered in the restructuring.
Whilst acknowledging the efforts of the ‘action group’ endeavours, I’m not sure it will alter the plans of Lai and his advisers. Financial damage mitigation

[baggieal]

It would have to be proven in court that he did something wrong to contravene company law.
As far as I am aware, moving funds from one whole owned company to another within the larger group is not illegal, so long as it is publicly registered in the accounts and notification is served to company house in UK.
However unlike publicly quoted companies who have to inform the stock exchange within approximately a few weeks, for private companies (like Albion) the notification is nearly a year.
Lai owns the company.

Dubs - as a business owner myself I can confirm it’s illegal to take out sums of money if the business is not profitable as effectively it’s using creditors funds. Bit like saying any business owner can draw a salary of 200,000 and the company only has 20,000 in their accounts. Football clubs should not be allowed to rack up so much debt as any other business would not get away with it! Any owner or business can get away with extorting cash or racking up a huge directors loan account until the business goes t its up. The administrator can pursue the owner through malpractice and pursue not only company assets but personal assets too. Difficulty is this c unt is in China though so will get away with it!

[mickd1961]

Dubs - as a business owner myself I can confirm it’s illegal to take out sums of money if the business is not profitable as effectively it’s using creditors funds. Bit like saying any business owner can draw a salary of 200,000 and the company only has 20,000 in their accounts. Football clubs should not be allowed to rack up so much debt as any other business would not get away with it! Any owner or business can get away with extorting cash or racking up a huge directors loan account until the business goes t its up. The administrator can pursue the owner through malpractice and pursue not only company assets but personal assets too. Difficulty is this c unt is in China though so will get away with it!

You can take money from a LTD Company if you have "retained profit" within your company as long as you have the operating cash flow with which to do that.

I have a huge amount of retained profit within my own business but because we've had a tough year I've taken very little out.

I'd never dream of taking a massive loan out against it just to pay myself a huge amount, I actually lend my own company money from private savings at times like this to keep everything on an even keel.

I cannot understand how such large scale fraud is allowed in plain sight.

[Dubbag]

Dubs - as a business owner myself I can confirm it’s illegal to take out sums of money if the business is not profitable as effectively it’s using creditors funds. Bit like saying any business owner can draw a salary of 200,000 and the company only has 20,000 in their accounts. Football clubs should not be allowed to rack up so much debt as any other business would not get away with it! Any owner or business can get away with extorting cash or racking up a huge directors loan account until the business goes t its up. The administrator can pursue the owner through malpractice and pursue not only company assets but personal assets too. Difficulty is this c unt is in China though so will get away with it!

Correct me if wrong but does that not apply to one company only?
If you have an international trading corporation you can juggle the money to where it is needed.

[saltnshake]

Club statement, not being paid until the new year (which one.?)

[soulman101]

Club statement, not being paid until the new year (which one.?)

https://www.wba.co.uk/news/club-stat...n-limited-loan
The Chinese new year is on January 22nd. The year of the Rabbit

[mickd1961]

https://www.wba.co.uk/news/club-stat...n-limited-loan
The Chinese new year is on January 22nd. The year of the Rabbit

More like The Year of the Runt!