Bolton now in Administation

Discussion in 'Bulletin Board' started by Farnham_Red, May 13, 2019.

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  1. man

    mansfield_red Well-Known Member

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    I imagine the issue is that if a company is in such dire straits that there'll be nowt to distribute after winding up then it's in the interests of all creditors to give it time to see if it can be turned round, as then everyone will stand a better chance of being paid.
     
    mansfield_red, May 14, 2019
    #21
  2. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    To slightly modify the old classic - you owe HMRC £1,000 then you have a problem You Owe HMRC £100,000,000 then they have a problem
    I guess as Pompey says they try to get what they can
     
    Farnham_Red, May 14, 2019
    #22
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  3. Dub-Tyke

    Dub-Tyke Well-Known Member

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    The football creditors rule is disgraceful and should have been challenged years ago by HMRC. It ain’t lawful. And no other industry does it or can get away with it.

    I kinda get the point, but HMRC’s money is the public’s money, so no excuse.
     
    Dub-Tyke, May 14, 2019
    #23
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  4. Dar

    Darfield138 Well-Known Member

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    The way it works, the FA will suspend the share of the club in the league and won't restore it until all the football debts are paid. The share is arguably the most valuable asset although the league refuse to value it. The Administrator is under a duty to achieve the maximum value if he cant restructure the company's debts and HMRC are under a duty to get the max for the public purse. That's why they end up being bought by someone who offers a CVA to pay all the football debts and so much in the pound for everybody else. As possibly the highest ranking Creditor HMRC could possibly vote a CVA down and moveto liquidation but they wouldnt receive as much. The league would probably shuffle everybody else up the league like they did with Rangers
     
    Darfield138, May 14, 2019
    #24
  5. DEETEE

    DEETEE Well-Known Member

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    It’s secured debt the majority that’s owed... whoever buys the club has to settle £30m or so owed on these.

    Everything else gets to play second fiddle..
     
    DEETEE, May 14, 2019
    #25
  6. Donny Red

    Donny Red Well-Known Member

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    It's on the BBC Sports website that Bolton Wanderers are now setting up a Food Bank and are asking for
    donations of foodstuff from local suppliers, to give to the players and their families, because
    they still have not been paid the wages owed to them. Some players can't buy the food necessary to feed
    themselves and their families.
     
    Donny Red, May 14, 2019
    #26
  7. Dar

    Darfield138 Well-Known Member

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    What on earth have they got that's worth £30m? If they find a buyer who wants to keep the place in the league, the football debts will have to be settled. It's never happened (except rangers in Scotland) that a club has been kicked out. Even if it did i don't see the football powers allowing the share and therefore the place in league one being put up to highest bidder. Most likely admit AFC Fylde would be my guess if that were to happen. However most likely, new buyer, CVA, settle football related debts, 10p in pound to everyone else. If there are secured creditors they could have the value of the secured assets as they could be realised (after fees) or vote to enter the CVA.
     
    Darfield138, May 14, 2019
    #27
  8. La Dent de Crolles

    La Dent de Crolles Well-Known Member

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    Why?

    How far above 6th did Luton.finish this season?

    If they can score goals, can stay up easy, maybe get to play offs
     
    La Dent de Crolles, May 15, 2019
    #28
  9. Micky Finn

    Micky Finn Well-Known Member

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    More from a fans pov. Spend half a season trying to get into the black and the other half trying to scrape enough to avoid the drop vs starting with a clean slate in L2 and quite possibly pis5ing the league.
     
    Micky Finn, May 15, 2019
    #29
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  10. TitusMagee

    TitusMagee Well-Known Member

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    Im guessing if they are on their arse they will lose any half decent player and I can't imagine many wanting to stay after the nightmare they've had in recent months. Will be surprised if they get anywhere near the playoffs, regardless of points penalties.
     
    TitusMagee, May 15, 2019
    #30
  11. DEETEE

    DEETEE Well-Known Member

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    Two thirds of the debts owed at least relate to various secured loans on the stadia.

    Most of which are in negative equity.

    They take precedent over any unsecured creditor. Be it HMRC or the footballers.

    The same cannot be included in voluntary arangement. Because those arangements do not cover secured debt.

    Only unsecured debts can be included in these.

    Bolton as a club is royally ******.
     
    DEETEE, May 15, 2019
    #31
  12. Sco

    Scoff Well-Known Member

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    Maidstone were effectively kicked out - they resigned, but at the time they didn't have any players, couldn't fulfill their first fixture and weren't allowed to merge with a team in Newcastle... Aldershot were the same, resigned 3/4 of the way through the season. Both would have been kicked out if they hadn't resigned first.
     
    Scoff, May 15, 2019
    #32
  13. Gimson&theBarnsleys

    Gimson&theBarnsleys Well-Known Member

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    Gimson&theBarnsleys, May 15, 2019
    #33
  14. BrunNer

    BrunNer Well-Known Member

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    I didn't realise that they have a taxi sponsor that doesn't own any taxis and an energy drink sponsor that doesn't make energy drinks. All sounds a bit dodgy? Seaborne Ferries on next years shirts?
     
    BrunNer, May 15, 2019
    #34
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  15. Jack Tatty

    Jack Tatty Well-Known Member

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    The majority of players still under contract have handed in their 2 week notice to quit the club.
     
    Jack Tatty, May 15, 2019
    #35
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  16. Bak

    Baka Well-Known Member

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    Anyone who'd be any good for us? That Vela?
     
    Baka, May 15, 2019
    #36
  17. kektyke

    kektyke Well-Known Member

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    It's not for the players but the other employees at the club that earn less than a couple of hundred quid a week that haven't been paid
     
    kektyke, May 15, 2019
    #37
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  18. Donny Red

    Donny Red Well-Known Member

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    Didn't realise that. Says " staff" in the article. Wrongly assumed that to probably include some of
    the junior players at the Club. Cheers.
     
    Donny Red, May 15, 2019
    #38
  19. Jack Tatty

    Jack Tatty Well-Known Member

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    Nope.
     
    Jack Tatty, May 15, 2019
    #39
  20. DEETEE

    DEETEE Well-Known Member

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    Cos hes trying to get daddy to buy tje training ground.
     
    DEETEE, May 15, 2019
    #40
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