the law on administration. happy reading folks (1 Viewer)
- Thread starter fleebagfisher
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fleebagfisher
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In the current financial climate companies encountering difficulties (such that they might be facing administration or winding up) should be mindful that monies paid out or other transactions with a third party, could be unwound in the event of their insolvency.
The same needs to be borne in mind by anybody dealing with companies they suspect are struggling financially.
If a company goes into administration or winding up, certain transactions entered into within a specified period before the commencement of the administration or winding up may be challenged.
The principal objective of winding up procedures is that creditors of a company should, as far as possible, be treated equally.
Creditors however might look to protect themselves in the event of the company's winding up, either by ensuring they are paid off before the winding up, or by entering into transactions aimed at putting them in a better position than other creditors. A company and its directors may sometimes be tempted to help, particularly if the directors have guaranteed the debt in question or because they feel some sort of ethical obligation to the creditor. Directors might also be tempted to sell off assets cheaply, sometimes to connected parties, before a company goes down.
In such cases there is a risk that the transaction will be attacked by a subsequently appointed liquidator for being either a transaction at an undervalue or a preference.
The same needs to be borne in mind by anybody dealing with companies they suspect are struggling financially.
If a company goes into administration or winding up, certain transactions entered into within a specified period before the commencement of the administration or winding up may be challenged.
The principal objective of winding up procedures is that creditors of a company should, as far as possible, be treated equally.
Creditors however might look to protect themselves in the event of the company's winding up, either by ensuring they are paid off before the winding up, or by entering into transactions aimed at putting them in a better position than other creditors. A company and its directors may sometimes be tempted to help, particularly if the directors have guaranteed the debt in question or because they feel some sort of ethical obligation to the creditor. Directors might also be tempted to sell off assets cheaply, sometimes to connected parties, before a company goes down.
In such cases there is a risk that the transaction will be attacked by a subsequently appointed liquidator for being either a transaction at an undervalue or a preference.
fleebagfisher
New Member
A pre pack administration sale is a powerful, legal way of selling the business on to a third party, a "newco" or to the existing directors if the business is facing serious problems and creditor threats.
The main advantage of prepack administration is continuity of the "business" and when the plan is ready and a contract of purchase is drawn up, the company is quickly protected by the Court while the administrator sells the "business and assets" (not the actual company) to the new owners. This gets rid of debts, unwanted or onerous contracts, and employees (in certain circumstances there could TUPE issues that are quite difficult) and there needs be no interruption to the business which in itself can destroy value.
Another big advantage is that the cost of the process is lower than some other options as the administrators do not need to find funding to trade the business. The process, including the preliminary marketing, valuation work and discussions with creditors can be very quick and done in a couple of days if necessary.
If the business is to be sold to a connected party, i.e. the former directors, they will need to be able to fund the acquisition of the assets. However, the assets will need to be independently valued.
Of course, a prepack can generate negative publicity if the former directors are seen to be shedding liabilities. However, it should be remembered that the business was already insolvent prior to any appointment and a protracted process ending in liquidation could have been the alternative with the loss of many more jobs. Following controversy, the government launched a consultation process on reform to the pre pack administration process and has decided that no change is necessary.
The main advantage of prepack administration is continuity of the "business" and when the plan is ready and a contract of purchase is drawn up, the company is quickly protected by the Court while the administrator sells the "business and assets" (not the actual company) to the new owners. This gets rid of debts, unwanted or onerous contracts, and employees (in certain circumstances there could TUPE issues that are quite difficult) and there needs be no interruption to the business which in itself can destroy value.
Another big advantage is that the cost of the process is lower than some other options as the administrators do not need to find funding to trade the business. The process, including the preliminary marketing, valuation work and discussions with creditors can be very quick and done in a couple of days if necessary.
If the business is to be sold to a connected party, i.e. the former directors, they will need to be able to fund the acquisition of the assets. However, the assets will need to be independently valued.
Of course, a prepack can generate negative publicity if the former directors are seen to be shedding liabilities. However, it should be remembered that the business was already insolvent prior to any appointment and a protracted process ending in liquidation could have been the alternative with the loss of many more jobs. Following controversy, the government launched a consultation process on reform to the pre pack administration process and has decided that no change is necessary.
fleebagfisher
New Member
The Rights, Powers & Duties of an Insolvency Administrator appointed under The Insolvency Act 1986
What can an Insolvency Administrator do? - What powers are given to an Insolvency Administrator by law?
An insolvency administrator is a very powerful animal. His rights, powers and duties are set out in Schedules1 and B1 of the The Insolvency Act 1986.
The legal source of the powers (in other words "what he is allowed to do") of an Insolvency Administrator are found:
- At Schedule 1 to The Insolvency Act 1986. This schedule lists 23 "specific powers" of an insolvency Administrator appointed under The Insolvency Act and
- Schedule B1 of The Insolvency Act 1986 defines an Administrator's "General Powers" at Paragraph 59 of that Schedule. Under this Paragraph an Insolvency Administrator has the power to "do anything necessary or expedient for the management of the affairs, business and property of the company" and may "remove directors" and "appoint directors".
In everyday language an insolvency Administrator has the power to:
dismiss directors, managers and employees
close down outlets
negotiate the sale of the business of the company
put forward re-structuring proposals to creditors
From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration. Use the powers of an Administrator for the benefit of your company if you need to dismiss a difficult director, freeze creditors and / or restructure your business
What can an Insolvency Administrator do? - What powers are given to an Insolvency Administrator by law?
An insolvency administrator is a very powerful animal. His rights, powers and duties are set out in Schedules1 and B1 of the The Insolvency Act 1986.
The legal source of the powers (in other words "what he is allowed to do") of an Insolvency Administrator are found:
- At Schedule 1 to The Insolvency Act 1986. This schedule lists 23 "specific powers" of an insolvency Administrator appointed under The Insolvency Act and
- Schedule B1 of The Insolvency Act 1986 defines an Administrator's "General Powers" at Paragraph 59 of that Schedule. Under this Paragraph an Insolvency Administrator has the power to "do anything necessary or expedient for the management of the affairs, business and property of the company" and may "remove directors" and "appoint directors".
In everyday language an insolvency Administrator has the power to:
dismiss directors, managers and employees
close down outlets
negotiate the sale of the business of the company
put forward re-structuring proposals to creditors
From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration. Use the powers of an Administrator for the benefit of your company if you need to dismiss a difficult director, freeze creditors and / or restructure your business
fleebagfisher
New Member
Companies Administration, Objections and Directions FAQs
How do I notify a breach of the Companies Act?
Supply full details in writing, together with any evidence, such as copy letterheads in the case of stationery breaches, or relevant correspondence from the company for consideration.
How do I notify a breach of the Companies Act?
Supply full details in writing, together with any evidence, such as copy letterheads in the case of stationery breaches, or relevant correspondence from the company for consideration.
fleebagfisher
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DETAILS
Otium Entertainment Group LimitedEdit details
Company Number: 07612487
Company Type: Private limited with share capital
SIC Code: 7415, Holding Companies Including Head Offices
Inc. Date: 21 Apr 2011
Annual Returns: 21 Apr 2012
Annual Accounts: Unknown
Last Updated: 27 May 2013
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Registered Address
4Th Floor
1 Red Place
London
W1K 6PL
United Kingdom
Trading Address Edit details
4th Floor
1 Red Place
London
W1K 6PL
Trading Tel: Add Telephone number
ABOUT OTIUM ENTERTAINMENT GROUP LIMITED
Otium Entertainment Group Limited was founded on 21 Apr 2011 and has its registered office in London. The organisation's status is listed as "Live"and it currently has 2 directors. It was founded by Mr Kenneth Paul Dulieu, Mr Onyechinaeduanaghaefuuzo Nnatuwereugo Igwe, Mr Leonard Jason Brody. The company has only one subsidiary, Coventry City Football Club (Holdings) Limited.
GROUP STRUCTURE
ORG NAME RELATIONSHIP
06414248 Sky Blue Sports & Leisure Limited Parent
00094305 Coventry City Football Club (Holdings) Limited Subsidiary
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FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
18 May 2013 Compulsory strike off cancelled
23 Apr 2013 First Dissolution (Gazette)
21 Sep 2012 Change of Officers
21 Apr 2012 Annual Returns
09 Feb 2012 Change of Officers
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Otium Entertainment Group LimitedEdit details
Company Number: 07612487
Company Type: Private limited with share capital
SIC Code: 7415, Holding Companies Including Head Offices
Inc. Date: 21 Apr 2011
Annual Returns: 21 Apr 2012
Annual Accounts: Unknown
Last Updated: 27 May 2013
Add Add Add
Registered Address
4Th Floor
1 Red Place
London
W1K 6PL
United Kingdom
Trading Address Edit details
4th Floor
1 Red Place
London
W1K 6PL
Trading Tel: Add Telephone number
ABOUT OTIUM ENTERTAINMENT GROUP LIMITED
Otium Entertainment Group Limited was founded on 21 Apr 2011 and has its registered office in London. The organisation's status is listed as "Live"and it currently has 2 directors. It was founded by Mr Kenneth Paul Dulieu, Mr Onyechinaeduanaghaefuuzo Nnatuwereugo Igwe, Mr Leonard Jason Brody. The company has only one subsidiary, Coventry City Football Club (Holdings) Limited.
GROUP STRUCTURE
ORG NAME RELATIONSHIP
06414248 Sky Blue Sports & Leisure Limited Parent
00094305 Coventry City Football Club (Holdings) Limited Subsidiary
1 to 2 of 2
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FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
18 May 2013 Compulsory strike off cancelled
23 Apr 2013 First Dissolution (Gazette)
21 Sep 2012 Change of Officers
21 Apr 2012 Annual Returns
09 Feb 2012 Change of Officers
1 to 5 of 12
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fleebagfisher
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Sky Blue Sports & Leisure Limited
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DETAILS
Sky Blue Sports & Leisure LimitedEdit details
Company Number: 06414248
Company Type: Private limited with share capital
SIC Code: 7415, Holding Companies Including Head Offices
Inc. Date: 31 Oct 2007
Annual Returns: 31 Oct 2012
Annual Accounts: 31 May 2011
Last Updated: 04 Dec 2012
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Registered Address
4Th Floor
1 Red Place
London
W1K 6PL
United Kingdom
Trading Address Edit details
4th Floor
1 Red Place
London
W1K 6PL
Trading Tel: Add Telephone number
ABOUT SKY BLUE SPORTS & LEISURE LIMITED
Sky Blue Sports & Leisure Limited was founded on 31 Oct 2007 and has its registered office in London. The organisation's status is listed as "Live"and it currently has 2 directors. It was founded by Mr Raymond Ranson, Mr Onyechinaeduanaghaefuuzo Nnatuwereugo Igwe. 500-999 people are employed at this company. The company has only one subsidiary, Otium Entertainment Group Limited.
CASH1,924,683 GBP
Included as part of current assets, cash refers to the amount held in current or deposit bank accounts.
2009
2010
2011
1M
2M
2M
3M
BOOK VALUE-38,688,016 GBP
Also known as net asset value, book value can give a rough indication of a company's net worth.
2009
2010
2011
-40M
-20M
0
CURRENT LIABILITIES11,931,111 GBP
Any amount owed by a company to other agents that must be paid within one year of the date on the balance sheet.
2009
2010
2011
10M
11M
12M
CURRENT ASSETS3,804,619 GBP
Also known as circulating or floating assets, current assets constantly change from cash to goods and back again.
2009
2010
2011
2M
3M
4M
5M
GROUP STRUCTURE
ORG NAME RELATIONSHIP
#0072064 Sconset Capital Lp Parent
07612487 Otium Entertainment Group Limited Subsidiary
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PREVIOUSLY KNOWN AS
DATE CHANGED PREVIOUS NAME
23 Nov 2007 Baulder Sports & Leisure Limited
1 to 1 of 1
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FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
31 Oct 2012 Annual Returns
21 Sep 2012 Change of Officers
17 Sep 2012 Amendment to Articles
22 Jun 2012 Accounts Filed at Company Registration Office
09 Feb 2012 Change in Registration Office
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DETAILS
Sky Blue Sports & Leisure LimitedEdit details
Company Number: 06414248
Company Type: Private limited with share capital
SIC Code: 7415, Holding Companies Including Head Offices
Inc. Date: 31 Oct 2007
Annual Returns: 31 Oct 2012
Annual Accounts: 31 May 2011
Last Updated: 04 Dec 2012
Add Add Add
Registered Address
4Th Floor
1 Red Place
London
W1K 6PL
United Kingdom
Trading Address Edit details
4th Floor
1 Red Place
London
W1K 6PL
Trading Tel: Add Telephone number
ABOUT SKY BLUE SPORTS & LEISURE LIMITED
Sky Blue Sports & Leisure Limited was founded on 31 Oct 2007 and has its registered office in London. The organisation's status is listed as "Live"and it currently has 2 directors. It was founded by Mr Raymond Ranson, Mr Onyechinaeduanaghaefuuzo Nnatuwereugo Igwe. 500-999 people are employed at this company. The company has only one subsidiary, Otium Entertainment Group Limited.
CASH1,924,683 GBP
Included as part of current assets, cash refers to the amount held in current or deposit bank accounts.
2009
2010
2011
1M
2M
2M
3M
BOOK VALUE-38,688,016 GBP
Also known as net asset value, book value can give a rough indication of a company's net worth.
2009
2010
2011
-40M
-20M
0
CURRENT LIABILITIES11,931,111 GBP
Any amount owed by a company to other agents that must be paid within one year of the date on the balance sheet.
2009
2010
2011
10M
11M
12M
CURRENT ASSETS3,804,619 GBP
Also known as circulating or floating assets, current assets constantly change from cash to goods and back again.
2009
2010
2011
2M
3M
4M
5M
GROUP STRUCTURE
ORG NAME RELATIONSHIP
#0072064 Sconset Capital Lp Parent
07612487 Otium Entertainment Group Limited Subsidiary
1 to 2 of 2
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PREVIOUSLY KNOWN AS
DATE CHANGED PREVIOUS NAME
23 Nov 2007 Baulder Sports & Leisure Limited
1 to 1 of 1
FirstPreviousNextLast
FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
31 Oct 2012 Annual Returns
21 Sep 2012 Change of Officers
17 Sep 2012 Amendment to Articles
22 Jun 2012 Accounts Filed at Company Registration Office
09 Feb 2012 Change in Registration Office
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fleebagfisher
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Coventry City Football Club (Holdings) Limited
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DETAILS
Coventry City Football Club (Holdings) LimitedEdit details
Company Number: 00094305
Company Type: Private limited with share capital
SIC Code: 9262, Other Sporting Activities
Website: http://ccfc.co.uk
Inc. Date: 24 Jul 1907
Annual Returns: 29 Sep 2012
Annual Accounts: 31 May 2011
Last Updated: 02 Apr 2013
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Registered Address
Ricoh Arena
Phoenix Way Foleshill
Coventry
CV6 6GE
United Kingdom
Registered Tel: 08448731883
Trading Address Edit details
Ricoh Arena
Phoenix Way
Coventry
West Midlands
CV6 6GE
Trading Tel: Add Telephone number
ABOUT COVENTRY CITY FOOTBALL CLUB (HOLDINGS) LIMITED
Coventry City Football Club (Holdings) Limited was incorporated on 24 Jul 1907 and is located in Coventry. The company's status is listed as "Live"and it currently has 2 directors. Coventry City Football Club (Holdings) Limited employed 250-499 people. They have one subsidiary, , Coventry City Football Club Limited.
CASH955,093 GBP
Included as part of current assets, cash refers to the amount held in current or deposit bank accounts.
2000
2005
2010
-1M
0
1M
2M
BOOK VALUE-47,234,191 GBP
Also known as net asset value, book value can give a rough indication of a company's net worth.
2000
2005
2010
-50M
-25M
0
CURRENT LIABILITIES49,947,022 GBP
Any amount owed by a company to other agents that must be paid within one year of the date on the balance sheet.
2000
2005
2010
0
25M
50M
75M
CURRENT ASSETS1,783,187 GBP
Also known as circulating or floating assets, current assets constantly change from cash to goods and back again.
2000
2005
2010
1M
2M
3M
4M
GROUP STRUCTURE
ORG NAME RELATIONSHIP
07612487 Otium Entertainment Group Limited Parent
03056875 Coventry City Football Club Limited Subsidiary
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PREVIOUSLY KNOWN AS
DATE CHANGED PREVIOUS NAME
16 Feb 1996 The Coventry City Football Club Limited
1 to 1 of 1
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FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
14 Mar 2013 Change of Officers
29 Sep 2012 Annual Returns
21 Sep 2012 Change of Officers
22 Jun 2012 Accounts Filed at Company Registration Office
22 Mar 2012 Charge Lodged
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REGISTERED TRADEMARKS
MARK STATUS NUMBER
Ccfc Registered 2214869
1 to 1 of 1 (7 total)
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DETAILS
Coventry City Football Club (Holdings) LimitedEdit details
Company Number: 00094305
Company Type: Private limited with share capital
SIC Code: 9262, Other Sporting Activities
Website: http://ccfc.co.uk
Inc. Date: 24 Jul 1907
Annual Returns: 29 Sep 2012
Annual Accounts: 31 May 2011
Last Updated: 02 Apr 2013
Add Add Add
Registered Address
Ricoh Arena
Phoenix Way Foleshill
Coventry
CV6 6GE
United Kingdom
Registered Tel: 08448731883
Trading Address Edit details
Ricoh Arena
Phoenix Way
Coventry
West Midlands
CV6 6GE
Trading Tel: Add Telephone number
ABOUT COVENTRY CITY FOOTBALL CLUB (HOLDINGS) LIMITED
Coventry City Football Club (Holdings) Limited was incorporated on 24 Jul 1907 and is located in Coventry. The company's status is listed as "Live"and it currently has 2 directors. Coventry City Football Club (Holdings) Limited employed 250-499 people. They have one subsidiary, , Coventry City Football Club Limited.
CASH955,093 GBP
Included as part of current assets, cash refers to the amount held in current or deposit bank accounts.
2000
2005
2010
-1M
0
1M
2M
BOOK VALUE-47,234,191 GBP
Also known as net asset value, book value can give a rough indication of a company's net worth.
2000
2005
2010
-50M
-25M
0
CURRENT LIABILITIES49,947,022 GBP
Any amount owed by a company to other agents that must be paid within one year of the date on the balance sheet.
2000
2005
2010
0
25M
50M
75M
CURRENT ASSETS1,783,187 GBP
Also known as circulating or floating assets, current assets constantly change from cash to goods and back again.
2000
2005
2010
1M
2M
3M
4M
GROUP STRUCTURE
ORG NAME RELATIONSHIP
07612487 Otium Entertainment Group Limited Parent
03056875 Coventry City Football Club Limited Subsidiary
1 to 2 of 2
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Explore
PREVIOUSLY KNOWN AS
DATE CHANGED PREVIOUS NAME
16 Feb 1996 The Coventry City Football Club Limited
1 to 1 of 1
FirstPreviousNextLast
FILINGS SHOWING ALL
DATE FILING DETAILS FLAG
14 Mar 2013 Change of Officers
29 Sep 2012 Annual Returns
21 Sep 2012 Change of Officers
22 Jun 2012 Accounts Filed at Company Registration Office
22 Mar 2012 Charge Lodged
1 to 5 of 71
FirstPreviousNextLast
REGISTERED TRADEMARKS
MARK STATUS NUMBER
Ccfc Registered 2214869
1 to 1 of 1 (7 total)
FirstPreviousNextLast
fleebagfisher
New Member
SISU Based Company Heading Towards Being Dissolved
The Otium Entertainment Group, which has Coventry City Holdings Directors Tim Fisher and Mark Labovitch as Directors and is based at SISU Capital's Red Place in London head quarters, was issued with a first notification of strike off action (First Gazette) in the London Gazette on April 23rd.
This is the first step in dissolving a company that the registrar of Companies (Companies House of England & Wales ) has reason to believe the company is no longer carrying busineses or is not in operation.
Back on November 11th 2011, Ken Dulieu told the Coventry Telegraph that Otium Entertainment Group (OEG) was not a mystery company and said: “For the avoidance of doubt, OEG was set-up as a vehicle to allow the ultimate shareholder of Coventry City FC to provide the football club with working capital at a time when such an injection was vital.
“At no time has OEG been viewed as anything other than a vehicle for raising new money for Coventry City. Otium is not a ‘mystery’ company. The ownership structure was disclosed in CCFC’s regular filings to the Football League and the FA in June."
Disolving a company is a three to six month process, starting with the First Gazette, which is a publication in the London Gazette and a notice to the company owner. Another notice will be sent to the company owner and if no response was received, then Companies House will strike it off its records and post another publication in the London Gazette, making it official the company is no longer in business.
http://www.companiesintheuk.co.uk/ltd/otium-entertainment-group
Dissolution prior to winding up - Source: http://www.insolvency.gov.uk/freedo...icalManual/Ch37-48/chapter38/part1/part_1.htm
http://www.coventrycity-mad.co.uk/n...tery_company_claims_dulieu_712361/index.shtml
The Otium Entertainment Group, which has Coventry City Holdings Directors Tim Fisher and Mark Labovitch as Directors and is based at SISU Capital's Red Place in London head quarters, was issued with a first notification of strike off action (First Gazette) in the London Gazette on April 23rd.
This is the first step in dissolving a company that the registrar of Companies (Companies House of England & Wales ) has reason to believe the company is no longer carrying busineses or is not in operation.
Back on November 11th 2011, Ken Dulieu told the Coventry Telegraph that Otium Entertainment Group (OEG) was not a mystery company and said: “For the avoidance of doubt, OEG was set-up as a vehicle to allow the ultimate shareholder of Coventry City FC to provide the football club with working capital at a time when such an injection was vital.
“At no time has OEG been viewed as anything other than a vehicle for raising new money for Coventry City. Otium is not a ‘mystery’ company. The ownership structure was disclosed in CCFC’s regular filings to the Football League and the FA in June."
Disolving a company is a three to six month process, starting with the First Gazette, which is a publication in the London Gazette and a notice to the company owner. Another notice will be sent to the company owner and if no response was received, then Companies House will strike it off its records and post another publication in the London Gazette, making it official the company is no longer in business.
http://www.companiesintheuk.co.uk/ltd/otium-entertainment-group
Dissolution prior to winding up - Source: http://www.insolvency.gov.uk/freedo...icalManual/Ch37-48/chapter38/part1/part_1.htm
http://www.coventrycity-mad.co.uk/n...tery_company_claims_dulieu_712361/index.shtml
fleebagfisher
New Member
anyone want to look at otium a bit closer?? i dont see how the FA will agree to it.
fleebagfisher
New Member
Address
4TH FLOOR
1 RED PLACE
LONDON
UNITED KINGDOM
W1K 6PL
Activities of other holding companies not elsewhere classified
Legal Information
Accounts Overdue (as of 15 Jun 2013)
Annual Return Overdue (as of 15 Jun 2013)
Company Registration No.: 07612487
Incorporation Date: 21 Apr 2011
2 Years old
Financial Year End: 31 May
Capital: £1,000.00
on 21 May 2012
Company Return - Directors & Shareholder Information:
As at:
21 Apr 2012
Filed on:
21 May 2012
Purchase this document for £4.99 excl VAT
£1000 capital.
4TH FLOOR
1 RED PLACE
LONDON
UNITED KINGDOM
W1K 6PL
Activities of other holding companies not elsewhere classified
Legal Information
Accounts Overdue (as of 15 Jun 2013)
Annual Return Overdue (as of 15 Jun 2013)
Company Registration No.: 07612487
Incorporation Date: 21 Apr 2011
2 Years old
Financial Year End: 31 May
Capital: £1,000.00
on 21 May 2012
Company Return - Directors & Shareholder Information:
As at:
21 Apr 2012
Filed on:
21 May 2012
Purchase this document for £4.99 excl VAT
£1000 capital.
fleebagfisher
New Member
“For the avoidance of doubt, OEG was set-up as a vehicle to allow the ultimate shareholder of Coventry City FC to provide the football club with working capital at a time when such an injection was vital.
“At no time has OEG been viewed as anything other than a vehicle for raising new money for Coventry City. Otium is not a ‘mystery’ company. The ownership structure was disclosed in CCFC’s regular filings to the Football League and the FA in June.
“At no time has OEG been viewed as anything other than a vehicle for raising new money for Coventry City. Otium is not a ‘mystery’ company. The ownership structure was disclosed in CCFC’s regular filings to the Football League and the FA in June.
fleebagfisher
New Member
well, after looking at everything i do not believe the fa or the court will allow the sale to otium based on its wealth, it has to prove it has the funds, it clearly doesnt, also it seems to have the same parent company, and is in trouble itself... going by the above. im sure there will be objections to the in a court, maybe a judicial review, but either way i think suggestions this will all be over in 2 weeks are way premature. more like 4 months
fleebagfisher
New Member
plus im hopin our fans will read through the shitstorm of info and educate themselves in insolvency as they are so heated about it,
Then why would Appleton ,they either raise funds to cover his expenses ,ACL's debt and other fees? A vehicle to liquidate ,hasn't the motion to strike off been halted .If all this went ahead ,Appleton wouldn't work again.
That's a hell of a lot to take in.
