Trust meet administrator - statement coming (1 Viewer)

oldskyblue58 said:

no BSB ....... you can buy CCFC Ltd seperately for example but would need to find agreement on settlement of the inter company debts etc

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dongonzalos said:

Well done should make interesting reading

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thegameaintstraight said:

With reference to the debts and other ccfc matters-
There are known knowns; there are things we know that we know.
There are known unknowns; that is to say, there are things that we now know we don't know.
But there are also unknown unknowns – there are things we do not know we don’t know.

—United States Secretary of Defense, Donald Rumsfeld​

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oldskyblue58 said:

Just some questions

- what exactly are Mr Appletons terms of reference?
- if appointed to CCFC Ltd why does he feel able to tell CCFC H what to do ?
- How can he dismiss a claim from a creditor by saying someone else who he doesnt act for will pay it and why does he feel he can tell a third party to accept it. The contract at AEH or at ACL as yet is not broken until CCFC Ltd is liquidated or agreement reached?
- If he is acting for a non trading property subsidiary - surely the only decision he has is to liquidate, so the only reason it is still going it would seem is that he needs to to secure the League share for CCFC (the club) which is apparently operated by CCFC H Ltd, does that mean he is acting jointly with CCFC H Ltd? or that he believes the whole operation is wrong and the club is CCFC Ltd's?
- How difficult is it to establish what a non trading property subsidiary with just a lease has by way of assets, liabilities or income? There should be nothing other than the lease and an inter company debt
- If both CCFC Ltd and CCFC H Ltd have been charged by ARVO why did ARVO go after the company that apparently has no assets and leave the company with assets alone?
- How difficult can it be to establish who is registered as the owner of the share...... If the league has records he can obtain those but he can also obtain other records (as administrator under the insolvency acts he has rights to obtain information). It doesnt matter what the intended owner is, it does matter who the registered owner is. For example the Football League annual return to Company House 23/06/08 lists it as company number 3056875 ........ that is CCFC Ltd. So in 2008 that is who the Football League registered and recognised as the owner. Surely SISU have the relevant paperwork transferring that share since then ? The football league annual return 23/06/12 still lists it as CCFC Ltd so no change had been registered by that date. So how long can the paper trail be ? Intention doesnt matter, internal accounting jiggery pokery doesnt matter, what was registered and approved by the Football League?

Up until last June when the 2011 accounts were signed off the trade was clearly in CCFC Ltd (including the academy). The accounts could only be signed off because there were cash flows/budgets for 12 months from that date indicating the company (CCFC Ltd) was a going concern ie not non trading. We are still in that period. If the directors were aware at June 2012 that CCFC Ltd was not trading and that the trade was now in CCFCH then that is significant to anyone reading the accounts and should have been declared in the accounts. For instance had ACL been aware that CCFC Ltd no longer traded then their actions would almost certainly have been different. CCFC Ltd is portrayed as having nothing other than the lease, no income, if that were the case last June I suspect the club would have started the season under administration and embargo. The administrator will have to investigate this period thoroughly

There is a lot in this that just doesnt seem to stack up. Of course the administrators report will or should enlighten and clarify all this and other matters ...........

The administrators terms of reference seem to have very fluid boundaries though to me

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