diamond mad wrote:You can appeal for patience all you like but patience does not pay the creditors.
Fans can be as patient as they want but when the creditors run out of patience it is only money that will help the situation. Even if the 100k came in from season tickets it would not cover two of the major creditors who are pushing for payment and that excludes HMRC.
Without the tax being paid to HMRC we won't be signing any players on a contract basis including the ones that we have had this year if their contracts are up and that's most of them.
Wednesday will be a telling day.
Explain what acting like a headless chicken on these boards (whom my words are aimed at) achieves, especially for the creditors? Absolutely nothing is the answer and you know it.
As for the creditors, a meeting to meet the creditors has been arranged for 2pm Wednesday. Four days time. If no meeting had been arranged at this point in time and was not for some time (we've just played the last games of the season today, so the timing is logical), you would have a point.
As for your last two paragraphs, roll on Wednesday.
Mad Dog wrote:
Explain what acting like a headless chicken on these boards (whom my words are aimed at) achieves, especially for the creditors? Absolutely nothing is the answer and you know it.
As for the creditors, a meeting to meet the creditors has been arranged for 2pm Wednesday. Four days time. If no meeting had been arranged at this point in time and was not for some time (we've just played the last games of the season today, so the timing is logical), you would have a point.
As for your last two paragraphs, roll on Wednesday.
Mad Dog I appreciate your optimism/positivity, but there's no way everyone can share your views no matter how many posts you think it will take. You ask what it achieves? This is a messageboard, not some hub where we're supposed to airey fairy talk about the club pretending everything is perfect. Fans have views, I don't think you can criticise them for airing them especially when what they are saying is perfectly legitimate.
And you mention the meeting as if it's going to sort stuff out. I would predict based on the overall range of information on here, it certainly is not going to!
I concur with Oundle Diamond. A creditors meeting without inviting all the creditors is surely one step away from Administration + with no assets to sell + no income it seems to me that we are in a very serious and worrying position.
Pressman wrote:I concur with Oundle Diamond. A creditors meeting without inviting all the creditors is surely one step away from Administration + with no assets to sell + no income it seems to me that we are in a very serious and worrying position.
Doesn't the statement on the offy site count as an invitation? We've never had any assets to sell other than the players have we?
I would have thought the creditors meeting was set up to look into perhaps doing a cva, which would allow the club to go forward. Just guessing though!
bozzer wrote:I would have thought the creditors meeting was set up to look into perhaps doing a cva, which would allow the club to go forward. Just guessing though!
That's a reasonable thought, however a CVA would be an insolvency event therefore the club would have to exit it by the second Saturday in May (I think) in order to stay in the Conference (so the Southern League would beckon). I think that's how it works. Not sure if you'd count that as "going forward" ;)
Two of Diamonds wrote:
Doesn't the statement on the offy site count as an invitation?
Only if the creditors are aware of it by being frequent visitors to the OWS.
Do you think that representatives of HMRC, East Northants Council (Business Rates), Power Suppliers (Gas and Electricity) and Water Company who I suspect are principal creditors will turn up without a formal invitation?
Two of Diamonds wrote:
Doesn't the statement on the offy site count as an invitation?
Only if the creditors are aware of it by being frequent visitors to the OWS.
Do you think that representatives of HMRC, East Northants Council (Business Rates), Power Suppliers (Gas and Electricity) and Water Company who I suspect are principal creditors will turn up without a formal invitation?
I agree with that. Those creditors simply don't do deals and certainly not on an informal basis, which I suspect is what is being attempted here. I can see the logic in trying to broker an informal arrangement with creditors on a "something is better than nothing" basis and to try and avoid sanction on the footballing side. However, without those crown or utility creditors on board I can't see it working. HMRC in particular seem to take a very dim view of football clubs now and have very little patience and sympathy.
The Winding Up petition is a very serious development. How can we tie up a commercial deal with that hanging over the club? If the Directors take deposits (which a forward sponsorship deal is and indeed season tickets are) without a reasonable expectation of delivering the service that can have serious consequences for them. The problem now is the Cloverdale debt has to be sorted - this will inevitably make it less likely for other creditors to accept reduction or deferrment (i.e. if they issue a petition and got paid, we'll do the same). The petition can also be supported by other creditors (known as "piggy backing"). If this happens it will mean paying off or agreeing deals with all those creditors to keep the winding up petition at bay.
All very sad & depressing. I can't see the way out unless the owners do what they said they were going to do and invest in the club. It appears that, due to delays in getting PBdevs up and running and an absence of current funds, that won't be possible.
