Court (a), Second Leg 12/06/2017

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Court (a), Second Leg 12/06/2017

PostPosted by Smiley Culture » Mon Jun 12, 2017 6:47 am

Ball (case) number thirty today. Scheduled for 10.30 I believe but it'll be later than that.

All signs point to little change, it seems Becchetti has paid the creditors and we move on from this, still owned by the clown, but with him, you never know.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by jamie9456 » Mon Jun 12, 2017 6:57 am

Difficult to know what we'll actually learn from today's hearing if anything. If he has paid the creditors as has been suggested, will he give any indication to the court about his plans to sell? I guess he's not obliged to in any way?
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Re: Court (a), Second Leg 12/06/2017

PostPosted by POSHO » Mon Jun 12, 2017 7:08 am

I would suspect that debts paid, case dismissed. Next case please. This would suggest that we start next season in the national league without a points deduction unless the goes back to his bad old ways and builds up the debts again and fails to give the league the financial details for the forthcoming season in which case they won't accept us anyway. My gut feeling is that he will stay, take in as much revenue as he can and then abandon us
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Re: Court (a), Second Leg 12/06/2017

PostPosted by ChingfordRed » Mon Jun 12, 2017 7:12 am

He can't officially sell the club if it still has a winding-up petition hanging over it, the aim will be to get that dismissed and then he can sell it to T & T.

Then I woke up and realised it's Becchetti we're dealing with here, this ain't over, far from it.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by Smiley Culture » Mon Jun 12, 2017 7:23 am

In an ideal world, the deal to sell will be done within the next week and we can start afresh, I could even live with waiting two weeks for the deal to be completed but it needs to be completed no later than that really.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by orientinoz » Mon Jun 12, 2017 7:29 am

Is there a live stream link?
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Re: Court (a), Second Leg 12/06/2017

PostPosted by ChingfordRed » Mon Jun 12, 2017 7:30 am

No, Shona Duthie will be blogging though.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by orientinoz » Mon Jun 12, 2017 7:47 am

ChingfordRed wrote:No, Shona Duthie will be blogging though.


Thanx chingy
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Re: Court (a), Second Leg 12/06/2017

PostPosted by Exile Canberra Australia » Mon Jun 12, 2017 8:37 am

Can someone at the hearing summerise on here, after, the salient points thanks
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Re: Court (a), Second Leg 12/06/2017

PostPosted by brentmeistergeneral » Mon Jun 12, 2017 8:38 am

Been such a protracted build up to today lets hope we get some good news
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Re: Court (a), Second Leg 12/06/2017

PostPosted by ChingfordRed » Mon Jun 12, 2017 8:41 am

If he has paid all the outstanding debts then obviously nothing will change, just more time in limbo.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by Exile Canberra Australia » Mon Jun 12, 2017 8:51 am

The system should insist he has to attend in person and not with a employee AA and sworn statement.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by POSHO » Mon Jun 12, 2017 8:53 am

If, as stated, a company can't be sold whilst facing a winding up order, how come the judge apparently said in March that the should either pay up or SELL within 8 to 10 weeks
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Re: Court (a), Second Leg 12/06/2017

PostPosted by Off The Hook » Mon Jun 12, 2017 9:20 am

If he can't sell, why have Loft spent the last 3 months calling for him to do just that? Why did the judge last time tell him to cough up or sell?
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Re: Court (a), Second Leg 12/06/2017

PostPosted by spen666 » Mon Jun 12, 2017 9:27 am

POSHO wrote:If, as stated, a company can't be sold whilst facing a winding up order, how come the judge apparently said in March that the should either pay up or SELL within 8 to 10 weeks


That statement can't be the full picture as it would mean companies in debt either:
a) having to pay off the debts themselves - often not possible without external funding in place
b) any potential new owner having to pay off debts with no guarantee they will purchase company.


I suspect that the reality is somewhere between the 2. Namely that it is very difficult to agree a sale with a WUP outstanding and this may be part of the problems in getting a sale agreed
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Re: Court (a), Second Leg 12/06/2017

PostPosted by Off The Hook » Mon Jun 12, 2017 9:29 am

spen666 wrote:
POSHO wrote:If, as stated, a company can't be sold whilst facing a winding up order, how come the judge apparently said in March that the should either pay up or SELL within 8 to 10 weeks


That statement can't be the full picture as it would mean companies in debt either:
a) having to pay off the debts themselves - often not possible without external funding in place
b) any potential new owner having to pay off debts with no guarantee they will purchase company.


I suspect that the reality is somewhere between the 2. Namely that it is very difficult to agree a sale with a WUP outstanding and this may be part of the problems in getting a sale agreed


Isn't this your area of expertise?
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Re: Court (a), Second Leg 12/06/2017

PostPosted by spen666 » Mon Jun 12, 2017 9:31 am

Exile Canberra Australia wrote:The system should insist he has to attend in person and not with a employee AA and sworn statement.


FB?

But FB is not involved in the proceedings it is a WUP against LOFC LIMITED.

The application is not against FB, he is neither a respondent, nor a party to the proceedings. FB is merely a shareholder in LOFC Holdings Ltd, the holding company who own the majority of the shares in LOFC Ltd
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Re: Court (a), Second Leg 12/06/2017

PostPosted by spen666 » Mon Jun 12, 2017 9:32 am

Off The Hook wrote:
spen666 wrote:
POSHO wrote:If, as stated, a company can't be sold whilst facing a winding up order, how come the judge apparently said in March that the should either pay up or SELL within 8 to 10 weeks


That statement can't be the full picture as it would mean companies in debt either:
a) having to pay off the debts themselves - often not possible without external funding in place
b) any potential new owner having to pay off debts with no guarantee they will purchase company.


I suspect that the reality is somewhere between the 2. Namely that it is very difficult to agree a sale with a WUP outstanding and this may be part of the problems in getting a sale agreed


Isn't this your area of expertise?


My expertise is financial crime and fraud and bribery in particular corporate crimes of this nature.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by French polisher » Mon Jun 12, 2017 9:34 am

spen666 wrote:
Exile Canberra Australia wrote:The system should insist he has to attend in person and not with a employee AA and sworn statement.


FB?

But FB is not involved in the proceedings it is a WUP against LOFC LIMITED.

The application is not against FB, he is neither a respondent, nor a party to the proceedings. FB is merely a shareholder in LOFC Holdings Ltd, the holding company who own the majority of the shares in LOFC Ltd



FB is Managing Director of LOFC.
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Re: Court (a), Second Leg 12/06/2017

PostPosted by ChingfordRed » Mon Jun 12, 2017 9:35 am

Oh God, the OTF are there.
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