The unofficial AFC Rushden & Diamonds messageboard

HH I understand cash flow situations, so lets say the money wasnt there at the exact time it was needed, but as money came in for events, mini soccer, gates, programmes, food etc,shop eventually where did it go!

Not only do we not know where it went - we dont know the extent of the debt - equally how much money is in our frozen account, either way it does not add up.

And on July 1st where will Simeon money go.............none of this adds up.

You've some $6 million questions there we have no answers to.

As for the Jackson money it depends if there's still a club at that point. If there is then I should suspect Gillingham will default on the payment to await the death knell so they get out of paying it all together. I wouldn't blame then. If the money is forthcoming it "should" go into the frozen bank account for payment to the winding up creditors.

Because the Club is insolvent it can not be wound voluntarily, only its creditors can wind it up. A receiver will be appointed and will look to recover as much money as possible for the benefit of the creditors. This will include any money in the frozen accounts and anything that is owed to the Club e.g. the Jackson money. The creditors / receiver may chose to pursue any director they believe is personally responsible for any debt.

Hedgehog wrote:Because the Club is insolvent it can not be wound voluntarily, only its creditors can wind it up. A receiver will be appointed and will look to recover as much money as possible for the benefit of the creditors. This will include any money in the frozen accounts and anything that is owed to the Club e.g. the Jackson money. The creditors / receiver may chose to pursue any director they believe is personally responsible for any debt.

By his own mouth at the Fans Forum, KC is over 75% of the creditors - just out of curiousity, if HE decided to wind us up could he dictate which administrator was appointed to go in and paw over the books? Anyone know?

PigmanRDFC wrote: By his own mouth at the Fans Forum, KC is over 75% of the creditors - just out of curiousity, if HE decided to wind us up could he dictate which administrator was appointed to go in and paw over the books? Anyone know?

As far as I know, the Court would appoint the Official Receiver, who then appoints a receiver of their choosing.

I bought the paper today, and a couple of things jump out at me, one is Steve Beasant saying justin should stick to football!!

The other being he was told he would get a 750k player budget next year when he was in the running for a couple of other jobs.

Finally apart from a couple of text messages the beasants haven't been in touch at all.

Missed this NLP is it online, does anywhere know where the circus is this week, 1 clown was on honeymoon, one holed up in Weymouth and the other somehwere between K*ttering & Rushden - for a trio launching an appeal to the FA and trying to placate the courts as well as sell the club to the Japs its awfully quiet (as usual)

Formic normally has his ear to the ground and Pressman is switched on too - but haven't heard anything for a while, perhaps because its adone deal on everything - wound up and no assets to pay any bills!

Has anyone seen or heard Beasant. Beasant & Cousins!

Dinky Diamond wrote:Missed this NLP is it online, does anywhere know where the circus is this week, 1 clown was on honeymoon, one holed up in Weymouth and the other somehwere between K*ttering & Rushden - for a trio launching an appeal to the FA and trying to placate the courts as well as sell the club to the Japs its awfully quiet (as usual)

Formic normally has his ear to the ground and Pressman is switched on too - but haven't heard anything for a while, perhaps because its adone deal on everything - wound up and no assets to pay any bills!

Has anyone seen or heard Beasant. Beasant & Cousins!

Beasant, Beasant, andCousins?

Don't you mean, Filtch, Grabbit, and Runne?

Hedgehog wrote:

PigmanRDFC wrote: By his own mouth at the Fans Forum, KC is over 75% of the creditors - just out of curiousity, if HE decided to wind us up could he dictate which administrator was appointed to go in and paw over the books? Anyone know?

As far as I know, the Court would appoint the Official Receiver, who then appoints a receiver of their choosing.

KC did state at the last meeting that if he sent the club into administration (being by far the largest creditor), he could send in his own financial administrator to look into the accounts. He wasn't convinced that an Official Receiver would do this as thoroughly.

Two of Diamonds wrote:

Hedgehog wrote:

PigmanRDFC wrote: By his own mouth at the Fans Forum, KC is over 75% of the creditors - just out of curiousity, if HE decided to wind us up could he dictate which administrator was appointed to go in and paw over the books? Anyone know?

As far as I know, the Court would appoint the Official Receiver, who then appoints a receiver of their choosing.

KC did state at the last meeting that if he sent the club into administration (being by far the largest creditor), he could send in his own financial administrator to look into the accounts. He wasn't convinced that an Official Receiver would do this as thoroughly.

This might be true if the club went into administration but not if it was wound up by its creditors - the Court appoints the Official Receiver. The Club can not be voluntarily wound up because it is insolvent. KC can't send the Club into administration - this action can only be taken by the Directors. Of course, it could be that he is assuming that the Directors would follow his instructions - in which case is it possible that has he been acting as Director himself all along and is therefore culpable for the mess we are in?