SUFC: The Future SUFC up for sale

[West Stand]

I think the NL would be royally ****ed off with us if we went into administration.
I’m really surprised we haven’t been sanctioned the way the club has been run for the past 10 months.

I wouldn’t worry too much what the NL would do post an Insolvency event there are rules and regulations to cover such events but as things are today who would be calling in an administrator? RM may and if he does that’s the end. A potential owner can’t a creditor can’t but as I say the 5/8 draws ever closer

 

[West Stand]

Would it make more sense for a buyer to perhaps establish themselves as the front runner for a failing company and dither until a company has no option but to enter administration, at which point they are magically the front runners to pick up the company from the administrators without the debts?

Think the WUO would trump matters

 

[yogi bear up the cagire]

So Kimura are not a prospective buyer then but are acting on behalf of their client ? And are there to facilitate the finance ?

I don''t know whether I can get m'y head around those kind of ramifications. Starting to sound more like a Le Carré thriller than the simple sale of a football club. It's time for me to go to bed. Maybe I'll wake up in the morning and find that this whole saga has been nothing but a very bad dream?

 

[CRATE]

So Kimura are not a prospective buyer then but are acting on behalf of their client ? And are there to facilitate the finance ?

Wrong

 

[Yorkshire Blue]

Think the WUO would trump matters

This suggests it would be possible

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.

www.aabrs.com

 

[kentblues]

Let’s forget admin- no one associated with the club or fans are thinking that way- it was an observation from an external finance expert who maybe anyway isn’t intimate with the current situation. Alt-delete.
Very interesting hearing Carl on the Twitter discussion re the opportunities associated with developing the RH site. Pretty much how I see it.

 

[meerkat54]

I wouldn’t worry too much what the NL would do post an Insolvency event there are rules and regulations to cover such events but as things are today who would be calling in an administrator? RM may and if he does that’s the end. A potential owner can’t a creditor can’t but as I say the 5/8 draws ever closer

Administration does now seem like an unlikely road to take.

 

[West Stand]

This suggests it would be possible

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.

www.aabrs.com

It is possible but it’s rare and as I pointed out earlier SUFCLtd is almost certainly trading whilst insolvent.

As it says in the link you attached

For example, if the business is still viable and has a good future then an administration could be used to defend your company against the petition. But, you cannot simply place the company into administration as before.

 

[Billy Bests boot laces]

This may sound like a daft question, but it's getting late, & i've yet to have my Horlicks!.
When the sale of the club was announced in March, it was stated that an American co would be the 'middlemen'. So why have Duddridge & Firth recently taken this mantle?.
Did the 'roach' pee off the USA co, or vice versa or what happened??.

 

[JAL]

This may sound like a daft question, but it's getting late, & i've yet to have my Horlicks!.
When the sale of the club was announced in March, it was stated that an American co would be the 'middlemen'. So why have Duddridge & Firth recently taken this mantle?.
Did the 'roach' pee off the USA co, or vice versa or what happened??.

Ron Martin is why.

 

[kentblues]

This suggests it would be possible

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.

www.aabrs.com

“ Once the winding up petition has been served, it is no longer simply the case of organising a pre-pack sale or placing the company into administration yourself. To use either of these options, you must apply to the court for the winding up petition to be adjourned before it can consider whether an administration order would be in the best interests of the creditors and the petitioner.”

So confirms as I said you need court permission after getting first an adjournment (time we don’t have), you still likely have to satisfy football creditors when you come out the other side (for league to issue license) AND it has to be in the interest on the WUP creditors (so that’s some of the non football creditors)

Lots of reasons why we can forget the idea. And tbh it’s only a pretty cash starved buyer who would consider as the prize wouldn’t be worth the chase..

 

[JAL]

As per the Twitter space, a potential meeting at 10AM tomorrow assuming between Ron Martin and a buyers party.

 

[MikeLapper]

Simon Jackson, is in the Twitter space. Come and talk mate!

Anything interesting come out of this?

 

[JAL]

Anything interesting come out of this?

No, he left pretty quickly.

 

[choggy]

For example, if the business is still viable and has a good future then an administration could be used to defend your company against the petition. But, you cannot simply place the company into administration as before.

What you're describing in accounting terms is called 'Goodwill' - the value of the company's customer base (i.e us supporters in the case of SUFC) for future revenues.

It's hard to define an accurate figure for this but is important for any company take-over bid to assess as part of due-diligence, and equally important when deciding if a company should be placed in administration.

 

[Napster]

This may sound like a daft question, but it's getting late, & i've yet to have my Horlicks!.
When the sale of the club was announced in March, it was stated that an American co would be the 'middlemen'. So why have Duddridge & Firth recently taken this mantle?.
Did the 'roach' pee off the USA co, or vice versa or what happened??.

The US agency is still involved as of a few weeks ago

 

[Jack_23]

Anything interesting come out of this?

As soon as his name got mentioned he left but I can guarantee as soon as he left he got someone else to join and listen for him

 

[hlane17]

Big Kerry wins the night on the Twitter space

 

[Ricey]

Big Kerry wins the night on the Twitter space

The voice is so familiar!

 

[barton west]

If we were to enter administration, a queue would be formed, with the secured creditors having first dibs at the cash realised from the sale of assets, if any (Roots Hall), followed by the unsecured creditors. HMRC first, then presumably Ron. Most notable among the casualties - those not getting back any or some of the value of their services - would be PG Site Services.
I think they would be extremely ****ed if this were to happen.