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Would appear that the story that Brass has withdrawn his action are not correct...

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My understanding would be that a case has to be heard once given a date. It can be quickly adjourned etc if the rumours are true. 

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2 minutes ago, puddin said:

My understanding would be that a case has to be heard once given a date. It can be quickly adjourned etc if the rumours are true. 

OK fair enough, hopefully that's the case.

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So just to clarify, is this a winding up petition, or a winding up order?

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Who knows, but with the mountain of debt and tangled web of finances then no surprise if the judge just thinks it's to hideous to manage. That car park scheme sounds that it must have broken regulation and would be a constant drain if we we're to survive.

May be Bury FC Phoenix 1885 in the long term might be the best option.

Hopefully something can be pulled from the hat...

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1 minute ago, MrBistow said:

Who knows, but with the mountain of debt and tangled web of finances then no surprise if the judge just thinks it's to hideous to manage. That car park scheme sounds that it must have broken regulation and would be a constant drain if we we're to survive.

May be Bury FC Phoenix 1885 in the long term might be the best option.

Hopefully something can be pulled from the hat...

That is Mederco - not Bury Football Club.

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3 minutes ago, MrBistow said:

Who knows, but with the mountain of debt and tangled web of finances then no surprise if the judge just thinks it's to hideous to manage. That car park scheme sounds that it must have broken regulation and would be a constant drain if we we're to survive.

May be Bury FC Phoenix 1885 in the long term might be the best option.

Hopefully something can be pulled from the hat...

Bury FC have no liability with creditors of the car park scheme, those debts lie with Mederco

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5 minutes ago, MrBistow said:

Who knows, but with the mountain of debt and tangled web of finances then no surprise if the judge just thinks it's to hideous to manage. That car park scheme sounds that it must have broken regulation and would be a constant drain if we we're to survive.

May be Bury FC Phoenix 1885 in the long term might be the best option.

Hopefully something can be pulled from the hat...

I've just been asking myself the same question.

Let's suppose that we somehow get through today (let's say the rumours are true and Brass has said he'll wait until the end of the season). It will still need paying eventually. As do the wages (imminently - that will soon be 2 months worth). Then there's everything else.

If we make it through today, something else will arise in a week or two. And then a week or two after that. 

That can't go on forever, it's tiring.

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A Phoenix Club is a good idea. Its happened before obviously...Halifax, Aldershot, Hereford etc. But the difficulty seems to me that if you were starting up a football club (which is in effect what we would be doing) the last place you'd want to start it would be in the shadows of the Etihad and Old Trafford floodlights with about 8 other League clubs in a 30 mile radius.

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17 minutes ago, S85 said:

So just to clarify, is this a winding up petition, or a winding up order?

It's a Petition that's being heard which could result in an Order.   

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12 minutes ago, RammyShaker said:

I've just been asking myself the same question.

Let's suppose that we somehow get through today (let's say the rumours are true and Brass has said he'll wait until the end of the season). It will still need paying eventually. As do the wages (imminently - that will soon be 2 months worth). Then there's everything else.

If we make it through today, something else will arise in a week or two. And then a week or two after that. 

That can't go on forever, it's tiring.

One issue looming is the overdue accounts.   

Will the auditors be prepared to sign off the accounts with the company as a going concern and what would be the consequences of not doing so?

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26 minutes ago, emu said:

Bury FC have no liability with creditors of the car park scheme, those debts lie with Mederco

So the loans aren't secured against the carpark / land itself as a charge ? If not then we're safe from that perspective but a question for another day is why on god's earth would anybody invest in anything without security, even with shares you actually own them - crazy.

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14 minutes ago, surrey__exile said:

It's a Petition that's being heard which could result in an Order.   

Quite a big difference then. I have no doubt that given the vast expanse of debt we have been saddled with, we really should be in the WUO stage. It’s common sense to question the viability of the club at this point.

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Just now, MrBistow said:

So the loans aren't secured against the carpark / land itself as a charge ? If not then we're safe from that perspective but a question for another day is why on god's earth would anybody invest in anything without security, even with shares you actually own them - crazy.

one word: Greed?

 

Same as all those who have invested in Mederco's student accommodation scams. If it looks to good to be true - then it probably is.

It's a gamble - sometimes you get lucky.

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18 minutes ago, UnrealDerekSpence said:

keeping an eye on this fella at the high court: is this the best place to find out?

https://twitter.com/TommmGeorge

He's the reporter in the BT link so guess that the updates will be on both platforms at similar times. 

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2 minutes ago, MrBistow said:

So the loans aren't secured against the carpark / land itself as a charge ? If not then we're safe from that perspective but a question for another day is why on god's earth would anybody invest in anything without security, even with shares you actually own them - crazy.

Sadly, nice marketing information and a headline return of 10% (and ignoring the small print of your capital is at risk)!

I have sympathy with those normal people who invested hard earned, not insignificant,  money in the scheme, however do ask how on earth they thought an area of concrete in front of a small football club that they have never visited was ever a good investment.

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