Winding up order

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Doc said:
Just in case some of you think this is funny or ajust a joke:

Leeds United's shirt sponsor Enterprise Insurance has filed a winding-up petition against the club over an alleged unpaid debt. The company's managing director Andrew Flowers was part of the Sport Capital consortium that had an attempt to take over the club collapse last week.

The case will be heard in the High Court in March. In 2012 the Gibraltar-based company lent Leeds £1.7m at 7% interest for repayment in 2015. The petition was filed on 29 January.

The move appears to be an attempt to thwart a takeover by controversial Italian Massimo Cellino. It is, however, a high risk strategy as costs could be awarded if the claim turns out not to be well founded.

For its part, the court could appoint an administrator. However, the case may well not reach court if a purchase of the club is agreed in the meantime.
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If it is due for repayment in 2015, how can they be filing for non-payment in 2014?

Well at least the club is debt free, eh?
 
MIGHTY said:
Posh
i was given a fair warning which i abided by to the letter <ok> i never once used bad language which is far more than i can say about them <ok>

if im given a warning and i abide fully by it then i should never have been banned <yikes>
as truth be know i was just simply too smart for them <whistle>
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Not hard to smarter than a mackem....:wink:
 
A good way to slow things down I would have thought. Once a winding up petition is applied for you cannot sell the company to anyone. It usually means that the bank account will be frozen. Could be interesting few days coming up.
 
GFH are running at a massive loss each month and have lasted approximately 1 year <doh> you may not have liked many things Bates did but single handedly he kept you going for 8 years


tin hat at the ready <ok>
 
oldfrenchhorn said:
A good way to slow things down I would have thought. Once a winding up petition is applied for you cannot sell the company to anyone. It usually means that the bank account will be frozen. Could be interesting few days coming up.
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Isn't that a winding up order? Not the same thing.
 
glory hunter 2013/14 said:
Isn't that a winding up order? Not the same thing.
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No GL Quote: Another thing to be aware of is that during this time you should not try to sell any assets, even if it is to raise money to satisfy debts. These transactions could be invalidated, causing even further problems for you legally. The reason for this is because those assets need to be held to benefit any person or business or government agencies that may legally have an interest in them.
 
glory hunter 2013/14 said:
That's not what's going to happen..... Wait and see.
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MIGHTY said:
Sheldon mukka its not what you think its difficult to explain i have tried in my last post as best i can <ok> they feel they have been guzumped and this is a possible but risky way of getting a court to rule in their favor <ok>


IT CAN BE DONE
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Accepted, both of you. But I doi think it is a shady and risky way of doing things, especially if you claim to be on the side of the club. Just feels wrong.

Hope it all works out right in the end <ok>

As for what you two and Posh been doing with the Mackems - you're just a bunch of minxes
 
pompeymeowth said:
It makes me sick when these money grabbers play their silly games, holding clubs to ransom just to get a debt paid. The fact that they are based in Gib says it all really.

Good luck Leeds and I'm sure it will work out ok in the end. :)
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Appreciated fella <ok>
 
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