Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 1:14 pm  

It's a pity the HMR&C don't actively chase up the likes of Amazon and Starbucks for unpaid tax

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 1:20 pm  

Slugger McBatt wrote:

So are you saying that he put the Bulls into administration principally to get his own money back?

To be fair, I saw comment a couple of months before the admin happened with someone (I forget who) highlighting the fact that Green and his wife had just been positioned so that it made sure they were the main creditors. The person at the time speculated if maybe they were setting up for this exact situation.

Originally I thought it a bit nuts, but it looks a lot less nuts now.

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 1:33 pm  

Just an aside here, but assuming we pull through again. Given the fact that we have shafted plenty of small business in the Bradford area due to our inability to operate within our financial capabilities, how will we attract the printers of the programmes / food merchandisers etc to work with us? Surely there cannot be a lot of confidence that they will get paid what is agreed in the contract?

After all, the Bradford Bulls credit rating is now so bad that they cannot even pay in cash.

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 1:35 pm  

mystic eddie wrote:

Just an aside here, but assuming we pull through again. Given the fact that we have shafted plenty of small business in the Bradford area due to our inability to operate within our financial capabilities, how will we attract the printers of the programmes / food merchandisers etc to work with us? Surely there cannot be a lot of confidence that they will get paid what is agreed in the contract?

In fairness, it's effectively a new company and a new owner doing business with them (unless Green gets it back), so that's probably the main reason. But the point is a sound one. I suspect there may be a lot of "pay first, goods/services later" deals until some trust is re-established.

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 1:52 pm  

HamsterChops wrote:

I suspect there may be a lot of "pay first, goods/services later" deals until some trust is re-established.

This will most probably be the case.

Therefore, we will have to find even MORE money in the short term to potentially "insure" our suppliers up front?

What a shambles!

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 3:39 pm  

We'd have to do that anyway as a new company.

Would imagine the new buyer will sort out whichever suppliers they want to continue with and bin off the ones they fonts

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 3:49 pm  

Doesn't seem to be much info knocking about. I'm taking that as a good sign that it's all being handled professionally.

Doesn't give us much to go on though.

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 3:58 pm  

zapperbull wrote:

It's a pity the HMR&C don't actively chase up the likes of Amazon and Starbucks for unpaid tax

Subtle difference is that they use legal loopholes to lower their tax liability. We simply don't pay what's legally due. So in that sense they don't have anything to go after.

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 4:41 pm  

Sensei-Bull wrote:

Doesn't seem to be much info knocking about. I'm taking that as a good sign that it's all being handled professionally.

Doesn't give us much to go on though.

no it doesn't. I suspect by now the NDAs have gone out to the prospective buyers (as per the T and A article) so we still won't hear much for a week or two?

Re: Administration 3 - now in technicolour : Tue Nov 22, 2016 4:42 pm  

Slugger McBatt wrote:

So are you saying that he put the Bulls into administration principally to get his own money back?

No.

He did so to eliminate the risk of the winding-up petition succeeding, and the company thus being liquidated.

If you think about it, whether the company is wound up, liquidated, sold or whatever any creditor will only get whatever they are due from whatever is available at that date. You need to get your head round the difference between keeping the body alive, and with it, the hope of someday salvaging something, and allowing the body to die, in which case there's the guarantee of getting only a %age of possibly feck-all.

I don't have any details of the administration so hard to say more.