Clapham Saint

Exactly what I thought!

The man is a moron.

Unless TV has lied to me I believe doctors refer to it a CTD. (Circling The Drain)

The fact that without going into administration on Monday they will almost certainly be wound up on the 11th seems to have escaped him.

If they go into admin after the end of the transfer window then the administrator will have no opportunity to sell any players to raise funds. If he can't sell players he will only have cash on the day funds with which to fund the trading until he is able to make a sale. Funding the trading will cost a LOT as he will have to continue to pay any players that are retained. If he doesn't have the funds with which to trade and can't make a sale almost straight away he would have to consider shutting the doors and not taking the risk of losin money.

Every day that goes by makes me think it more likely that they will cease trading and be wound up. Unless a SECURED credit or (the unsecured ones can't) puts them into admin as soon as the court opens on monday I think they'l be wound up at the hearig. I think at least some of the players will walk having not been paid. I also wonder how much of the money recived from spurs is in a pfc bank account. If it was paid into the lawyer's (i forget his name) firm's client account, I wonder how much is still there... (obviously any that has gone on will no doubt have been paid to the most appropriate creditor, I'm just speculating on how much is left)

It will pay the players. It WONT pay HMRC before the winding up petition.

Yep. If the directors want an administrator to be appointed then they would now need to apply to court. In applying to court they are acknowledging that they are insolvent. If they are insolvent they need to provide a good reason why the creditors would be better off with the company placed into administration rather than liquidation, as would be the case if the WUO is passed.

In very basic terms an adminstrator can be apointed by: i) the Directors ii) a qualifying floating chargeholder iii) the court If a winding up petition is in place the Directors are blocked but the other two are still possible.

The Directors CAN'T put the club into admin anymore becuse there is a winding up petition in place. I agree that it would be crazy for the secured creditors not to put the club into admin before the petition is heard but it is equally crazy for them not have appointed administrators already. After Monday there will be little an administrator can do. All the time that he runs the club he will be personally responsible for any losses incurred and would have to be really REALLY sure of a sale of the business to continue to trade unless he can raise funds from elsewhere. With no ability to sell players to raise funds to cover the losses himself he may have no option but to shut the doors anyway, unless somebody else agrees to fund trading (can't see that happening). EDIT: Not saying there is no chance of them continuing to trade for a short period without a sale, but trying to highlight that the chances of them not making it are significant.

One of the funniest bits of the whole mess IMO.

Quite. There's so many obvious flaws in all of those arguments there's no point even bothering to start.

Me neither. It is unbelievable that not one of the secured creditors has put them into admin yet. What can they possibly hope to gain from not doing so? :smt102 I want to play them even more now. Will be gutted if they don't mke it. (never thought I'd say that!!!)

Not actually true. MLT played for Southampton Football Club, owned and operated by Southampton Football club Limited. The owner of Southampton Football club limited (southampton Leisure Holdings PLC) went into administration and Marcus purchased Southmapton Football Club Limited from the administrator. The football club is still owned and operated by Southampton Football Club Limited and the history therefore remains intact.

Wheaay!!!!

Damn!!!

9000!!!!!!!

Haven't played the first one but have pre-ordered to down loan this from Steam. Bet it takes F***ing ages as everybody tries to download at once.

Not looking good for their sales negotiations. Maybe somebody should buy them a copy of "negotiating for dummies". Does anybody have a phone number for a book shop where we might be able to buy such a book?

Without quoting (section 212 of the insolvency act if anybody cares) there are two definitions of insolvency, The first is liabilities (including contingent/prospective) being greater than assets. The second is not being able to pay creditors as and when they fall due. HMRC's petition is based ont he fact that they have not been paid as and whe the amounts were due and therefore the Company is insolvent and should be wound up.

So even in their death they manage to make me hate them more. Fish fiddling bunch of £*%^*&£B£ £)($*&£$!!!!!!!!!

Me too. I'm due £40 if they go down, £160 if they finish bottom. If they go pop completely and are withdrawn from the league then technically they won't have finished bottom, or been relegated...

I haven't checked the court documents but if this is true, two additional creditors have effectively added their names to the petition being heard on the 11th. If HMRC are paid and withdraw from the proceedings the hearing will still go ahead as currently scheduled, just under the other creditors names. It effectively prevents Poopey from delaying proceedings by just paying HMRC and nobody else safe in teh knowledge that other creditors would have to make a fresh application.

Lol. Good question http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2123069298 Best Fans In The World