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Administration latest news

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61Administration latest news - Page 3 Empty Re: Administration latest news Mon Feb 24 2020, 14:26

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
I have a friend with a similar mind set, but he drives us crazy.
He's mad on trains, but when one appears in a movie he'll pipe up 'This picture is set in 1948. That particular gauge didn't come into service until 1954'. Then he'll point out the missing insignia on a particular uniform. Meanwhile several men have been shot, and a chase is on.
But he's happy, and he won't be changing any time soon.

62Administration latest news - Page 3 Empty Re: Administration latest news Mon Feb 24 2020, 14:52

Ten Bobsworth


Andy Walker
Andy Walker
[You must be registered and logged in to see this link.] wrote:I have a friend with a similar mind set, but he drives us crazy.
He's mad on trains, but when one appears in a movie he'll pipe up 'This picture is set in 1948. That particular gauge didn't come into service until 1954'. Then he'll point out the missing insignia on a particular uniform. Meanwhile several men have been shot, and a chase is on.
But he's happy, and he won't be changing any time soon.
I told you. You should watch Le Diner de Cons (with subtitles)

63Administration latest news - Page 3 Empty Re: Administration latest news Mon Feb 24 2020, 15:00

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Oh God! I've just seen myself as others see me. I thought slippers were interesting.

64Administration latest news - Page 3 Empty Re: Administration latest news Mon Mar 09 2020, 22:15

Sluffy

Sluffy
Admin
I wonder how this Coronavirus is going to effect the club financially?

Will attendance fall whilst the games are still on and what will happen if they have to be played behind closed doors, or even if the league is indefinitely suspended or terminated early?

Wages (including to staff as well as the players), suppliers and creditors all still need to be paid no matter what.

Not sure what insurance if any, RV may have to cover such things, force majeure may come in to play perhaps but I guess cash flow will probably be an ongoing concern to be dealt with?

Maybe the EFL and/or government will recompense in someway but I would imagine if they did that businesses would have to wait months/years for a settlement.

Creditors from the sale of the club to FV would still need to be paid as per the terms and timescales agreed to irrespective of whether the club is still allowed to play games in front of crowds or not.

FV did report two initial lines of credit to the tune of £40m to fund the club - so far so good BUT the terms was full repayment in three years!

It may well be such that the terms of repayment can/will be extended but one assumes that will incur financial penalties and/or additional interest charges - in other words more debt.

As I can't see how FV intends to make a profit in the first place, will coronavirus deal to us a mortal blow financially?

65Administration latest news - Page 3 Empty Re: Administration latest news Tue Mar 10 2020, 09:12

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
If it does, I doubt we'll be the only ones.

66Administration latest news - Page 3 Empty Re: Administration latest news Wed Mar 11 2020, 08:05

RangersDave

RangersDave
Mario Jardel
Mario Jardel
I think it will hurt all teams below the exhaulted shyte hole that is the Premier league.

Thinking any team that is close to the edge will probably fall, and this might lead to the complete revamp of football in this country, except the 'top' league, which rather like a Monty Python character will continue to eat at the trough without a care in the world until it explodes.

Teams such as mine might well go, unless a halt is called to the league / leagues until all this is over.

Mind you, its all boll ocks really when people are dying.

67Administration latest news - Page 3 Empty Re: Administration latest news Tue Mar 24 2020, 19:44

Sluffy

Sluffy
Admin

68Administration latest news - Page 3 Empty Re: Administration latest news Fri Apr 24 2020, 17:00

Sluffy

Sluffy
Admin







Fwiw I'm sure something was said about doing this in the Administrators report.

Can't be arsed digging it out now but if my memory is serving me correctly it seems to suggest Iles hasn't bothered reading it/or understood it.

I can't recall if it was deemed to be some sort of asset (ownership and title to that specific company name) so I guess there might even been a 'sale' involved (if so probably just the notional £1 charge) but I doubt very much that it's been purchased on speculation by anybody other than by FV (or with agreement with them).

In theory a third party could have bought and set up a business under that name with the intention to buy the club FROM FV - so it's not 100% nailed on that it is FV that is going to do a name change but as the company that currently 'owns' the club is actually called FVWL Football Limited, it seems more than likely it is.

EDIT - In fact just checking before I posted this Companies House as already recorded that the company has been incorporated with one share being issued which is owned by non other than FVWL Football Limited

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69Administration latest news - Page 3 Empty Re: Administration latest news Fri Jul 10 2020, 17:12

Sluffy

Sluffy
Admin


Interesting, at least academically anyway.

It seems to confirm that KA DID sell his company ICI to Bassini after all, as Bassini claimed all along.

ICI only asset was the share holding of Burnden Leisure, which was the umbrella company that owned the club (and hotel).

Not that it makes any difference now to the club and FV, because both the Administrators (club and hotel) took out court protection to carry on with the sales - and Bassini never was approved as a potential owner by the EFL by not producing proof of funds but it does raise the question once again about the whys and what fors where going on at the time?

I guess we will never get to the bottom of it now but on paper at least Bassini owns a company - ICI - that has an outstanding charge against it from Eddie Davies Estate with has as its only assets the ownership shares in Burnden Leisure which itself is in the process of being liquidated.


And for the record the thing I detest about Maguire (and Iles also) is their total lack of professionalism - and playing to the social media crowd - by making their personal and snidey comments.

He/Iles should keep their own personal opinions to themselves and stick to the jobs they are paid to do - and not deliberately stir up the internet/twitter lynch mobs who many seem to believe everything they read on there as gospel.

70Administration latest news - Page 3 Empty Re: Administration latest news Sat Jul 11 2020, 13:07

Sluffy

Sluffy
Admin
I see that the Administrator has made another progress report on the hotel, filed on 17th June -

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It's entitled a 'joint Administrators report' but it is all about the hotel - and is from the three Administrators appointed by Quantuma.

The report shows that £7,472,425,00 was paid for the hotel by FVWL and the payment was made up of £6,482,425 that was owed to Prescot Business Park (Michael James) being it's secured creditor status for £5.5m plus accrued interest, an amount of £441,000 as initial down payment by FV and the balance of £549,000 in ten monthly payments on £54,900 starting 30th Sept, 2019. (p11/12 of 31)

The first six payments have been made but the hotel (due to virus/reduced income) asked for the last four payments to be deferred starting again in September 2020, which was agreed.

The report covers a period from the 14th May, 2019 (when Admin started) to the 13th May 2020 (therefore a years trading) and also an 'extract' of that period being 14th Nov, 2019 to 13th May 2020 - I've not spotted yet why that is? (FV took ownership on 28th Aug, 2019 also the hotel was 27th Nov, 1998 (p19 of 31) so maybe to match up with it's accountancy period???).

Something must be significant about that date (maybe even obvious) but it eludes me exactly what that is so far?

As well as this there is also attached a further progress and Trading Account up to the 9th June.

Keep in my though that these reports are for the 'old' hotel company 'Bolton Whites Hotel and not the new 'existing and trading one 'FVWL Hotel'.

The report goes on to say that after there are still costs incurrent but remaining unpaid (such as their solicitors fees) and also their own fees but these will be settled from the sale leaving a balance of £123,000 to be distributed to unsecured creditors (remember these are not footballing creditors) who will receive something like 15p in the £. (p13 of 31)

A part of Administrators duties they have to investigate and report on the conduct of the Directors (Ken Anderson) which was sent to the Insolvency Service on the 9th August, 2019 (almost a year ago now!)

It seems that the Administrators fees (just for the hotel remember) will total £724,570.00 (p15 0f 31).

Finally it seems to me that the Administration/Liquidation had intended to end when the final deferred payment was received and thus all accounts and unsecured creditors could be settled (which would have been about this time now but this as been extended to around the start of next year). p17/31

71Administration latest news - Page 3 Empty Re: Administration latest news Sun Aug 23 2020, 22:05

Sluffy

Sluffy
Admin
Just seen this and fwiw I imagine in ties in with EDT and the Administrator becoming secured creditors on land owned by the club a couple of months back?



EDIT

Added this from Bob from another thread (posted 31/3/2021) just to keep track of it.

[You must be registered and logged in to see this link.] wrote:The first liquidators statement of BWFC2019 (the company formed in 1895) is now available to see at CH.

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Its not easy reading, not least because of the continually blurred descriptions of the amounts owed to Fildraw and KA respectively (Pages 10/11).

No mention of how much Sharon had to pay to the ageing, eco-hippy, tax dodging Lord of the Manor of Rodborough. Not to be confused, of course, with Christian Doidge who was sold to Hibs for c. £250K.

Anyway its now more than clear that there never were any additional creditors (hidden away in the wardrobe according to the media and at least one PR merchant) that had reportedly scuppered FV's original plan to buy BWFC as a Championship club.

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