http://fc01.deviantart.net/fs70/f/20...at-d7c6eg6.pngQuote:
Originally Posted by boz-monaut
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http://fc01.deviantart.net/fs70/f/20...at-d7c6eg6.pngQuote:
Originally Posted by boz-monaut
So question for those who work in financial circles.
By Tinkler placing the club into voluntary administration, what sort of say does he have in appointing the administrators and then the direction they take? I would have thought very little. Unless Tinks can convince the administrators that he can trade his way out of insolvency, which is a million to 1 chance, that the administrators will proceed with the sale or liquidate what little assets there are. Doesn't this mean that the sale either goes through to Dundee, another party, or liquidation starts in which the FFA just take back the licence anyway. Is that close to what will likely happen?
I wouldn't have thought there is anyway to wriggle out of this now for Tinkler. That placing the club into administration is just a means to take a step back in the hope the FFA will let the sale go through. If the FFA strip the licence then the sale doesn't go through and the players and creditors will get a pittance unless the FFA pay some or all of the debts.
It wouldn't surprise me if the FFA give the administrators time to look over the books and have some discussions around if this sale is viable before stripping the licence.
Voluntary administration is an insolvency procedure where the directors of a financially troubled company or a secured creditor with a charge over most of the company’s assets appoint an external administrator called a ‘voluntary administrator’.
The role of the voluntary administrator is to investigate the company’s affairs, to report to creditors and to recommend to creditors whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors.
A voluntary administrator is usually appointed by a company’s directors, after they decide that the company is insolvent or likely to become insolvent. Less commonly, a voluntary administrator may be appointed by a liquidator, provisional liquidator, or a secured creditor.
What is the effect of a voluntary administration?
The effect of the appointment of a voluntary administrator is to provide the company with ‘breathing space’ while the company’s future is resolved. While the company is in voluntary administration:
unsecured creditors can’t begin, continue or enforce their claims against the company without the administrator’s consent or the court’s permission
owners of property (other than perishable property) used or occupied by the company, or people who lease such property to the company, can’t recover their property
except in limited circumstances, secured creditors can’t enforce their charge over company property
a court application to put the company in liquidation can’t be commenced, and
a creditor holding a personal guarantee from the company’s director or other person can’t act under the personal guarantee without the court’s consent.
Continuing to supply during voluntary administration
Any debts that arise from the voluntary administrator purchasing goods or services, or hiring, leasing, using or occupying property, are paid from the available assets as costs of the voluntary administration. If there are insufficient funds available from asset realisations to pay these costs, the voluntary administrator is personally liable for the shortfall. To have the benefit of this protection, you should ensure you receive a purchase order authorised in the manner advised by the voluntary administrator.
The voluntary administrator must also decide whether to continue to use or occupy property owned by another party that is held or occupied by the company at the time of their appointment.
Within five business days after their appointment, the voluntary administrator must notify the owner of property whether they intend to continue to occupy or use the property. If the voluntary administrator decides to continue to do so, they will be personally liable for any rent or amounts payable arising after the end of the five business days.
Amounts that become due to employees after the date of the appointment of the voluntary administrator have a priority claim against the company’s assets as a cost of the administration. However, the voluntary administrator does not become personally liable for such amounts unless the voluntary administrator adopts employees’ contracts of employment or enters into new employment contracts with them.
Meetings of creditors during voluntary administration
Two meetings of creditors must be held during the voluntary administration:
First creditors’ meeting
The voluntary administrator must call the first creditors’ meeting within eight business days after the voluntary administration begins.
The purpose of the first meeting is for creditors to decide two questions:
whether they want to form a committee of creditors, and, if so, who will be on the committee, and
whether they want the existing voluntary administrator to be removed and replaced by a voluntary administrator of their choice.
A creditor who wishes to nominate an alternative voluntary administrator must approach a registered liquidator before the meeting and get a written consent from that person that they would be prepared to act as voluntary administrator. The voluntary administrator will only be replaced if the resolution to replace them is passed by the creditors at the meeting.
To be eligible to vote at this meeting, you must lodge details of your debt or claim with the voluntary administrator.
Second creditors’ meeting (to decide the company’s future)
After investigating the affairs of the company and forming an opinion on each of the three options available to creditors, including an opinion as to which option is in the best interests of creditors, the administrator must call a second creditors’ meeting. At this meeting, creditors are given the opportunity to decide the company’s future.
This meeting is usually held about five weeks after the company goes into voluntary administration (six weeks at Christmas and Easter).
In preparation for the second meeting, the voluntary administrator must send creditors the following documents at least five business days before the meeting:
a notice of meeting
the voluntary administrator’s report, and
a statement about any proposals for a deed of company arrangement.
These will be accompanied by:
a claim form (usually a ‘proof of debt’ form), and
a proxy voting form.
So from what little sense i can make of all these reports doing the rounds Tinks has basically just weaseled himself some space and time so the FFA couldn't take his licence back today. They must have finally got their shit together to take him on and he locked the door and told them he can't play today and to come back later in the week?
I am a little worried about the mixed reports about Dundee.. i've heard that offered Tinks 5 million but FFA said NO, i've heard that the FFA has told Dundee they can buy the licence off them once they take it from the fat man and i've heard they don't want us anymore because they are pissed off with everyone they speak to at the FFA, whom they think are incompetent? All 3 of which are plausible...
Surely going into administration is an automatic reason for the FFA to take his license?
But who pays the players and businesses that are owed? If the FFA are working with an administrator its in everyone's best interest for the sale to go through unless Dundee don't want to deal with Tinkler which is also likely.Quote:
Originally Posted by OmeletteDuFromage
I can't remember what of the debt the FFA paid, if any, from Con's ownership
Issue is it is Tinker's company HSG that runs the Jets that is insolvent. The debts are Tinker's to either pay or get written off. Most likely he will be trying to get them written off so it will probably be the players staff and creditors of the Jets such as Forum Ray Watt Hunter Stadium etc who will get stiffedQuote:
Originally Posted by borat
It has nothing to do with our club. Our club is really the Licence which will be parting company with Tinkler soon enough and either ending up in the hands of Dundee Utd group or ending up in the hands of the FFA.
The big issue really is what are the FFA gonna do in relation to Tinkler's game he is playing.
Basically he is GONE but the choice is really the FFA's as to how they wish him to go. Tinker wishes to go out on his terms and wants to be allowed to negotiate a sale.
The FFA could though force him out now and sell the licence themselves
The FFA may be prefer though to sit back and let it happen as taking his licence even if they are allowed to may see all manner of consequences for them if he digs his heels in and gets the lawyers involved.
Tinker has backed them into a corner and is playing a power battle with them. They don't want to get involved and take him on but will then look weak in not doing anything.
This is all about who gets the last word here and I am expecting Tinkler to get it
I thought the point of placing a business into voluntary administration is that an administrator is immediately appointed who controls the business from that point on. If there is a legitimate buyer for the club, and thats a big if for the administrator to decide, then its not right for players, staff and businesses owed millions to be left with cents in the dollar. The FFA should either strip the licence and guarantee the debts or let the administrator be appointed and the sale proceed.
As far as I can see, Tinkler is gone and no longer in control of the club. So let an administrator see if a sale can be salvaged and hopefully no one left out of pocket. The FFA hold all the aces and can strip the licence whenever they choose and not approve the sale if they choose.
Princey, can we get that in laymans terms please?
If you are on Twitter start following ex Jet Neil Young.
@neil_young79
:lulzturtle:Bloke loves laying the boot in
I'm calling bullshit on this until someone can actually name the administrator that has been appointed.
James Shaw from Shaw Gidley according to ABC OnlineQuote:
Originally Posted by The Dunster
I couldn't disagree more, this move by Tinks isn't going to delay anything the FFA do.Quote:
Originally Posted by Frodo
What it does is give Tinks a case for a future law suit once FFA act, Tinks will try to take FFA to Court by claiming that they denied him a chance to sell his asset. An asset that he publicly stated that he had no intention of selling in the foreseeable future mind you.
However Tinks will find out just like Palmer and Con did that the license conditions heavily favour FFA and he won't have a hope in hell in Court.
This shows how full of shit Tinks is.
I would hazard to guess that Tinks was in talks with Dundee is complete bullshit as we all know that Stephen Thompson said it's not Dundee that are in talks about the Jets it himself. If the deal that Tinks had lined up is true he would have known that and he would have said I'm not far from a deal to sell the Jets to Stephen Thompson.
Likely scenario is that FFA has had a deal with Thompson for some time and just had to wait until they boned Tinks just like they did with Con. FFA takes back the licence and clears the debt left by Tinks, then onsells the license to Thompson for a small profit.
Just reading the VA process and to pace a business in VA it must be a resolution of the board of directors and in writing. Once that occurs they have 8 days to appoint the administrators and call notice for the first meeting with creditorsQuote:
Originally Posted by The Dunster
Ffa has just terminated the licence
Soo...
FFA takes license back.
Dundee refuses to deal with FFA imbeciles.
Tinkler takes FFA to court (costs FFA money)
FFA must pay outstanding debts (more FFA money)
FFA must pay out Stubbins / CEO contracts to replace them (more FFA money)
New Jets team made up of youth and has-beens...memberships drop (more FFA money)
FFA must fund Jets next season to maintain Foxtel deal (more FFA money)
FFA give themselves a pat on the back for managing the situation so well.
RIP NEWCASTLE JETS, wouldnt mind a change back to gold
Quote:
Originally Posted by Shayne
TWG
http://theworldgame.sbs.com.au/artic...plays-hardball
Yay, we're in the front pages of the news again!
can we be newcastle, not have a stupid name and pretend all this nonsense never happened?