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castleparknight
World Cup Winner Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 2979 |
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Posted: 03 Jun 2023 at 11:55 |
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Great caveat Camquin
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Onward and Upwards C'mon Donny!
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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About three weeks. The bank might freeze their accounts on Monday. And I am not sure that you can sell a business if the court has accepted the petition. But at this point, I think they can pay the debt and stop the process. This is not financial advice |
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Sweeney Delenda Est
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Brizzer
World Cup Winner Joined: 09 Mar 2012 Location: Jersey Status: Offline Points: 3398 |
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So how long will that give them then Camquin? Before the order is served that is and their day in court? |
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Tackle Low!!!!!
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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Petition not order. They have petitioned the courts to start the proceedings. The order comes at the end. |
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The Blues
World Cup Winner Joined: 05 Aug 2007 Status: Offline Points: 4801 |
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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I believe he may have been willing to sell for £1, but only if the buyer took on all the responsibilities, so the debt to HMRC and those owed to the former director. Now, I suspect there has been a lot o discussion as to how much of the latter they do take on. |
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billesleyexile
World Cup Winner Joined: 20 Jun 2013 Location: England Status: Offline Points: 1855 |
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apparently the 50% has been paid. so it's now down to whether the RFU blinks I suppose.
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keep the faith
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tulip
World Cup Winner Joined: 12 Mar 2012 Location: W Yorks Status: Offline Points: 2167 |
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I thought he was giving it away for zilch. Nothing to sell.
He obviously doesn’t want to pay out another 1/2 million because he doesn’t trust the buyers
Edited by tulip - 31 May 2023 at 17:16 |
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4434 |
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Surely Crossan needs to pay 100% of wages today or he won't have a club to sell |
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RAID ON
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3647 |
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This really does have the smell of the buyers trying to finish off LI then try to buy any assets they might have, worrying all round.
I have a new motto for the RFU "We used to be indecisive, but we're not sure now"
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islander
World Cup Winner Joined: 17 Mar 2010 Location: jersey Status: Offline Points: 7385 |
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Optimism levels re: Irish dropped again last night according to Times correspondent. Wonder what today will bring.
Alex Lowe @AlexMLowe London Irish last night backtracked on a commitment to pay salaries in full, which was an RFU condition for extending the takeover deadline. The RFU must decide today whether to still grant more time with only 50% pay guaranteed or suspend London Irish. |
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4434 |
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It's probably in the post |
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RAID ON
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knightandday
World Cup Winner Doncaster Knights Joined: 21 May 2007 Location: Lincoln Status: Offline Points: 1763 |
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Or bounce
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Winning isn't everything, it just makes the beer taste better
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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BBC is reporting that if Mick puts his hand in his pocket again and pays the players tomorrow, then Irish can have another week for the cheque to arrive.
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billesleyexile
World Cup Winner Joined: 20 Jun 2013 Location: England Status: Offline Points: 1855 |
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IIRC the administrators get paid *first*, before HMRC or anyone else. Which makes sense I suppose, given they wouldn't have a business model themselves if they didn't get paid.
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keep the faith
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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Worcester Warriors debts to the DCMS / England Sports Council were secured against the P-Shares. The administrator does not envisage that these will be repaid in full. Nor do they believe there will be enough to pay HMRC in full. As I understand it, no other creditors will be paid - except for the administrator's own fees. |
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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To quote the administrators DCMS provided loans of £14.1m … whilst not having any direct security in respect of these loans, it did have subordination agreements in place with Canmango and Derek Richardson. Canmango being another company in the group. Both Canmango and Derek claimed o be secured creditors, but the administrators did not agree. Therefore, neither Canmango nor Derek got any money, and the subordination agreements were moot. As far as I can tell, DCMS were then an unsecured creditor, and so got nothing. We also know Christopher Holland paid £35k for the IP and £115k for some memorabilia.
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Member728
World Cup Winner Joined: 13 Aug 2009 Location: RAG Status: Offline Points: 2714 |
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more like quicksand
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islander
World Cup Winner Joined: 17 Mar 2010 Location: jersey Status: Offline Points: 7385 |
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Update from BBC man on Twitter just now:
Chris Jones BBC @chjones9 · 8m Understand London Irish have been given a week's extension by the RFU to get the takeover done. This will be the last chance and is dependent on current ownership meeting Wednesday's payroll. |
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6211 |
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About right.
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Our Club |
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