skybluereeve
Well-Known Member
Can you shed any light on this new company being set up? Good news for a takeover? Or admin round the corner?
Brinner Snozzer (3 Viewers)
- Thread starter skybluereeve
- Start date
skybluereeve
Well-Known Member
Ha ha can't help otis I'm out the loop here in oxford
skybluereeve
Well-Known Member
May well be dad xx
spwaverley4916
Active Member
Company Information Summary
Companies house status: Active
Registration Date: 21/04/2011
Registration Type: Private Limited with share capital
Registration Number: 07612487
This company has not yet filed a description of their activities.
Companies house status: Active
Registration Date: 21/04/2011
Registration Type: Private Limited with share capital
Registration Number: 07612487
This company has not yet filed a description of their activities.
Astute
Well-Known Member
Maybe they are not allowed to put down "bullshitters" as a description of their activities.
EleanorRigby
New Member
Wouldn't be to show a nosey MP who our owners are would it ?
sky blue john
Well-Known Member
Maybe Ken and Inge are planning a takeover and made an offer to Sisu ?
Sub
Well-Known Member
just when i thought it couldnt get any worse :facepalm::facepalm::facepalm::facepalm:
skybluereeve
Well-Known Member
Cheers snozzer you never let me down.so tomorrow we will actually be none the wiser? Great a ha ha I hate this lot so much
skybluereeve
Well-Known Member
Dont worry mate at least we get something from you.I now look forward to the CET tomorrow.cheers again snozzer
skyblueinBaku
Well-Known Member
Nathccfc
Well-Known Member
Can anyone in business or that knows about business tell me if they are allowed to transfer city's debts to another company and then put that company into administration, also will it have any effect on Cov like points deduction? Not really sure what they are trying to achieve tbh?!
chiefdave
Well-Known Member
I would imagine it would be a situation like Southampton where SISU will try and argue that the company that have gone into admin is nothing to do with CCFC but the league are unlikely to stand for that and will take the points off them anyway.
What I'm not understanding is that if all the money, or at least the vast majority of it, is owed to SISU what is the advantage of going into admin. I assume they would keep the money owed to SISU in one of the companys not going into admin as if they're going to write off their investment why not sell up to Hoff? In which case how much debt would be cleared, do we owe a lot more to 3rd parties than they're letting on?
oldskyblue58
CCFC Finance Director
Assume they have sold CCFC H & CCFC to Otium for £1 - I think it has to be seen to be sold. The two companies are worth nothing because of their debts it can be argued. If Otium is a seperate company not owned by SISU funds then they could try argue it is an entirely new venture - except the directors are common to both Otium and SBS&L (but have to be to keep control of it).
They could let CCFC H & CCFC limited go bust and buy back the trademark, name etc out of administration. That would leave all the debts in Optium group with next to no assets. It would also leave the rights to 50% of ACL safe in SBS&L(where it is now) owned by SISU funds, they would probably already have transferred the training ground to SBS&L too so they keep hold of it also (in actual fact thats probably why SBSL have a charge over that asset). That would mean the debt owed to SBS&L by CCFC and CCFC H being written off (its uncollectable really anyway) but the loan from SISU funds to SBS&L still in place. The new CCFC formed and owned by SBS&L would then start next season with no debts - what division and how many points deduction is anyones guess. They would operate from the Ricoh on a smaller budget but with a clean slate, hoping to get success in lower division and some impetus. Might also facilitate a quicker purchase of the RIcoh (the real target) because the whole thing is more viable, and that is where the SISU funds expect to make their return
Would be interested to see who owns the new players contracts being issued. Might be reason for the secrecy on the terms etc.
Not an insolvency practitioner so cant comment on legality but morally it stinks. There will be a lot of creditors affected, not just HMRC, there will be some small businesses that go bust because of it. But what do they care.
They could let CCFC H & CCFC limited go bust and buy back the trademark, name etc out of administration. That would leave all the debts in Optium group with next to no assets. It would also leave the rights to 50% of ACL safe in SBS&L(where it is now) owned by SISU funds, they would probably already have transferred the training ground to SBS&L too so they keep hold of it also (in actual fact thats probably why SBSL have a charge over that asset). That would mean the debt owed to SBS&L by CCFC and CCFC H being written off (its uncollectable really anyway) but the loan from SISU funds to SBS&L still in place. The new CCFC formed and owned by SBS&L would then start next season with no debts - what division and how many points deduction is anyones guess. They would operate from the Ricoh on a smaller budget but with a clean slate, hoping to get success in lower division and some impetus. Might also facilitate a quicker purchase of the RIcoh (the real target) because the whole thing is more viable, and that is where the SISU funds expect to make their return
Would be interested to see who owns the new players contracts being issued. Might be reason for the secrecy on the terms etc.
Not an insolvency practitioner so cant comment on legality but morally it stinks. There will be a lot of creditors affected, not just HMRC, there will be some small businesses that go bust because of it. But what do they care.
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