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1885

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About 1885

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  • Birthday 27/09/1997

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    Ramsbottom
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    Software developer

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    https://hoyle.io

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  1. Magnificent, each and every one of them. Get that man out of our club.
  2. Wonderful, wonderful, wonderful news. What a massive 24 hours. UP YOU SHAKERS!
  3. Meanwhile, a five minute drive from Prenton Park in the North West Counties...
  4. If you have the means to be able to afford to run a football league club, especially one with our alleged debts, you can afford a mortgage on a £1.5m house. Let’s flip it on its head: if he has the cash sitting in a bank, why wouldn’t he buy his main residence, even if just as an investment piece?
  5. I think it was MM from memory?
  6. “ The Board is extremely concerned about the developing situation at Bury and has asked the Executive to provide whatever practical assistance it can to the Club.“ https://www.efl.com/news/2019/april/efl-statement-april-board-update/
  7. No 99 year lease has been filed with the land registry.
  8. Correct. But don't worry lads, he's got enough money to save a club with millions of pounds worth of debt...
  9. Even if the debt position of the club has changed, the cash flow position will have been readily available when he took over the club. He should have the resources, as a "very successful businessman" willing to take on a club with a known dreadful financial position, to be able to cover a month's worth of salaries at minimum whilst the bank account situation is being dealt with. That isn't being an ATM. That's exercising a duty of care to your staff. Not suggesting he should remortgage his house or anything... although that may present an issue...
  10. One more thing to tack onto this as some background context as to why this is a fairly important change in tone, and that it isn't just a case of me getting annoyed by semantics: there's no guarantee that a validation order will pass. Precedent and general conditions for a validation order being approved were clarified by RC Brewery Ltd. vs HMRC [2013]: "8. As a general rule, validation orders will only be made where there is no serious risk to creditors or where the court is satisfied that the company is likely to improve the position of creditors by trading at a profit" The argument I can imagine being made is that we need to release the funds to pay our staff so we can complete our fixtures, which in turn means that we can collect the EFL payments and season ticket income that we promised we'd pay HMRC with on the 15th May. It may work, but it's by no stretch a magic bullet to guarantee unfettered bank account access, and it can take anywhere from same day to a few days to get a court date. Every possibility that we can get/will get/have already got a validation order. The only way we'll know is if staff report finally getting paid.
  11. I'd suggest not - they're two entirely different concepts, and they've removed the section about staff being paid this week, as linked to by RM when the original statement was live.
  12. I'm sorry for spending the past few days on this board banging on about finance - starting to feel like a broken record! - but this is just laughable. There is a world of difference between magically creating a new bank account, whilst your other accounts are frozen and you are subject to a WUP, and submitting a validation order, which means your bank (in this instance, NatWest) is no longer responsible for any debts accrued during the duration of the winding up petition. The former is nigh-on impossible, the latter can get expensive, and is quite rare to actually see in practice. Anyone with any level of understanding of business finance would know the difference between the two. It is not an easy mistake to make. It is exceptionally worrying to see a statement change in that manner, without any kind of notification or justification, from someone who is supposedly a self-proclaimed expert in business turnaround. It's also worrying to see any form of timescale for payment disappear with it.
  13. Hmm. The statement appears to have been mysteriously updated to make reference to a validation order and remove any reference to a new bank account (and to actually thank the staff and players)
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