bridge too far

12/10 at least!

IMO they are insolvent: Insolvency means the inability to pay one's debts as they fall due. Usually used in Business terms, insolvency refers to the inability for a company to pay off its debts. Business insolvency is defined in two different ways: Cash flow insolvency Unable to pay debts as they fall due. Balance sheet insolvency Having negative net assets – in other words, liabilities exceed assets. http://en.wikipedia.org/wiki/Insolvency My understanding is that it is illegal to continue to trade whilst knowingly insolvent and directors can be held personally liable for debts accrued. Who can apply to have a company declared insolvent?

But that's where money talks. The PL is, as someone else has said, a huge worldwide brand. The TV revenue is massive and that's why the PL gets such a good cut from Sky. Damage the brand and the audience might drop. The FL is small beer and a dent in its reputation will make no discernable difference to its income.

I think the PFA, on behalf of the players, could issue a winding-up petition of their own (or join the HMRC one). It was certainly an option my solicitor offered when I was being paid late consistently.

I think that such an intricate web has been woven that any serious investor would run away scheming. It's the sort of thing that could drag through the courts for donkey's years.

Confusion reigning here! Is it 75% number wise or value wise?

Regardless of Gaydamak being the largest creditor, don't HMRC still have the right to refuse the CVA being granted? Oh - see above

Interesting to read this about phoenix companies (because that's what I think it would be): "Why do phoenix companies have a bad reputation? In the past, some directors have deliberately forced their companies into insolvency in order to buy back the assets at a reduced price while absolving their responsibility for the liabilities. The Insolvency Act 1986 has made it far more difficult for directors to do this, with stricter rules over the insolvency process and who can become a liquidator. The liquidator must ensure that the best price is obtained for a business and its assets. Click here to find out more about the insolvency process. In a minority of cases, directors abuse the phoenix company arrangement by transferring the assets of a failing business at less than market value before insolvency, thereby reducing the funds available to creditors when the original company becomes insolvent." and this: What can be done about those who abuse the system?The Insolvency Act 1986 gives the liquidator a number of powers to stop those who are abusing the system. These include allowing a liquidator to take recovery action where the failed company has entered into a sale at a lower than market value at a time when the company was unable to pay its debts. In addition, the Act makes it an offence for a director of a company which has gone into insolvent liquidation to be a director of a company with the same or a similar name, or concerned in its management, without leave of the court within 5 years after the winding up. A director who contravenes the Act may be made liable for the debts of the original company after he/she became director " From: http://www.payontime.co.uk/collect/phoenix_companies.html

Still at least some of the press now seem to be questioning HR's role in all this - especially the guy in the Guardian (Jamie Jackson?)

Hmmm but he bigs Redknapp up far too much for my liking :mad:

I do think this is gathering pace like a snowball. All the media are posting negative reports on a daily (and sometimes more) basis and surely it's only a matter of time before the PL does something positive to save face amd resolve this matter once and for all.

Plus the £9m that's owed to Gaydamak at the end of the month

Just got back from the obligatory panick buying session. No papers, so having to rely on you lot to find out the latest in the Poopey saga. A good 6 or 7 inches here

Bleedin' blizzard here in W. Oxfordshire!

Behave I thought hamsters had pouches?

Could they sue for breach of contract? Of course, I realise that, were they to win their cases, there wouldn't be the wherewithall to pay them damages.

Might the players' wages be coming out of a slush fund :smt102

Clouds the picture somewhat

Aaaah! Icy what you're all doing!

http://www.google.com/imgres?imgurl=http://www.fugly.com/media/IMAGES/WTF/kfc-chicken-clone.jpg&imgrefurl=http://www.fugly.com/pictures/13488/kfc-chicken-clone.html&h=650&w=450&sz=57&tbnid=dXsk18Q_6XB94M:&tbnh=270&tbnw=187&prev=/images%3Fq%3Dkfc%2Bchickens&usg=__hwNdP30519NVrCDjj10Goj8_kGM=&ei=jW5DS4WBIN-g4QbE4KmqCA&sa=X&oi=image_result&resnum=1&ct=image&ved=0CAcQ9QEwAA

Or NOT paid to NOT play football

Hop on your bike, zoom up the A34 and you can play in my garden

it's my glasses misted up It's actually really heavy and settling quickly.

Snowing here in Oxfordshire now.

Link doesn't work. I thought companies were obliged to keep records for at least 7 years?