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Argyle in Administration???
- Thread starter Bedfordgreens
- Start date
A
Anonymous
Guest
The way things are at the club it wouldn't surprise me.
The usual pattern is winding up orders, transfer embargo's and then administration.
The usual pattern is winding up orders, transfer embargo's and then administration.
Big deal, the boards money is protected by the ownership of the stadium so they would just walk away.
This has been coming and even if this is just a rumour as i suspect the closure of Devonport as a home to the Royal Navy that will be announced on October 20th along with many more public sector job losses will send a wave of financial realism through the city that will see gates fall even more.
The end is nigh.
This has been coming and even if this is just a rumour as i suspect the closure of Devonport as a home to the Royal Navy that will be announced on October 20th along with many more public sector job losses will send a wave of financial realism through the city that will see gates fall even more.
The end is nigh.
If the club is losing 250K a month as has been mentioned on other threads why would directors continue to shell out that amount each month to keep the club afloat...its putting good money after bad....far better to go into administration...you cant finance our inflated squad on 7000 gates....
oddball":1qvrs0cl said:
But doesn't the club owe a lot of money to individual members of the Board and various funds they have set up? So if the club did go into Administration they'd be shooting themselves in the foot.
A
Anonymous
Guest
Administration normally consists of a process where an insolvency practitioner (administrative receiver) is appointed by a lender to realise a company's assets and pay preferential creditors and the lender's debt. In Argyle's case the major lenders would be Mastpoint (through the mortgage arranged in December 2009), Lombard for the loan for the freehold. In addition there would be a bank overdraft facility and loans in some form or other from the Director's themselves.
In addition others and in particular the HMRC have the legal ability to submit a winding up order to recover unpaid debts if an agreement to pay those debts is not able to be reached or the agreement to pay has been defaulted upon. HMRC have used this mechanism to try and recover unpaid taxes, normally PAYE and VAT.
Administrative receivers have been appointed at many football clubs as lenders and debtors have sought to secure a preferential creditor position ahead of the HMRC. This is what has happened recently at Palace and Portsmouth.
Unless there has been a massive falling out behind the scenes (and there is nothing to indicate that there has been) it is highly unlikely that any of the Directors are pushing for a loan repayment. Equally the same could be said of Mastpoint. The unknown is Lombard and the Bank.
However, the main concern is with HMRC who will be inyielding. They are looking to set an example in football after getting shafted by Pompey. It will not be a transfer embargo that we should worry about it is the pre-emptive actions of HMRC. I have no knowledge of whether Argyle are up to date with their taxes but HMRC are showing no sympathy particularly in the struggle to pay down the country's debt mountain. So if the HMRC are about to turn their attention again to Argyle after the winding up order issues at the turn of the year then administration may be the safest recourse with all the consequences that go with it. Worrying times indeed.
In addition others and in particular the HMRC have the legal ability to submit a winding up order to recover unpaid debts if an agreement to pay those debts is not able to be reached or the agreement to pay has been defaulted upon. HMRC have used this mechanism to try and recover unpaid taxes, normally PAYE and VAT.
Administrative receivers have been appointed at many football clubs as lenders and debtors have sought to secure a preferential creditor position ahead of the HMRC. This is what has happened recently at Palace and Portsmouth.
Unless there has been a massive falling out behind the scenes (and there is nothing to indicate that there has been) it is highly unlikely that any of the Directors are pushing for a loan repayment. Equally the same could be said of Mastpoint. The unknown is Lombard and the Bank.
However, the main concern is with HMRC who will be inyielding. They are looking to set an example in football after getting shafted by Pompey. It will not be a transfer embargo that we should worry about it is the pre-emptive actions of HMRC. I have no knowledge of whether Argyle are up to date with their taxes but HMRC are showing no sympathy particularly in the struggle to pay down the country's debt mountain. So if the HMRC are about to turn their attention again to Argyle after the winding up order issues at the turn of the year then administration may be the safest recourse with all the consequences that go with it. Worrying times indeed.
Milehouse Man":3cu01aa5 said:
How am i supposed to sleep now ? And i've got work in the morning.
Obviously it would be a massive kick in the teeth..
But as long as we stay up this season, could we do a Southampton?
Wipe our debts and start back at square 1?
It sure is worrying though.
But as long as we stay up this season, could we do a Southampton?
Wipe our debts and start back at square 1?
It sure is worrying though.
IF this happens the best we can hope for is a sugar daddy sees the potential. At the end of the day, the world cup bid and the stadium plans will see a good return on investment. Hopefully someone can see that. Chris Dawson or that Heaney geezer? Anyone got contacts in Dubai? Must be a massive potential Market for lge1 footy over there surely?
mrrapson":hfl49oce said:
Chris Dawson ? You must be joking, this is a proud football club not a market stall. The man gets on my wick with his Del boy persona.