Terry Gibson's perm
Well-Known Member
If they reform I hope it’s in south London so the local idiots that jumped on the bandwagon have a long journey but I guess they will want to watch top level rugger as it’s all about the game.
Wasps going into admin & the impact on CCFC (113 Viewers)
- Thread starter Alkhen
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If they reform I hope it’s in south London so the local idiots that jumped on the bandwagon have a long journey but I guess they will want to watch top level rugger as it’s all about the game.
shmmeee
Well-Known Member
Im assuming the only way the gates would be closed would be liquidation. If they’re in admin then they’re running basically. If they liquidate then all the contracts and stuff go with it.
Telfer85
Well-Known Member
At the same time can you see someone buying them out of admin without knowing if they have a ground? I imagine it’s still to play at cbs.
oldskyblue58
CCFC Finance Director
It's not quite that simple though. If the administration button is pressed on Monday the assets vest in the hands of the administrators. It will be their decision as to when and if the doors are open or indeed shut not CCC.
If it is liquidation then the lease doesn't cease immediately, it remains an asset to be sold. It could take time and ccc may have to go to court to get possession then open the doors. Administrators are viewed as agents of the court in insolvency matters.
Administrators/liquidator will close the doors if the figures they have say that the stadium won't break even for the next month or months. The reason for that is because administrators become personally liable for any losses.
In the meantime events booked in already will be reconsidering their bookings so affecting future incomes and the administrator view of viability
shmmeee
Well-Known Member
I thought in any insolvency event the lease reverts to the council if they wish?
oldskyblue58
CCFC Finance Director
Yes it should do but it will take time and possibly court time.
oldskyblue58
CCFC Finance Director
Makes me wonder what is going on. If wasps holdings which is wasps rfc is bought then they are the owners of acl I assume........
Perhaps just being a little sceptical but is this being staged ie a pre pack situation? Not an insolvency expert so a bit beyond my skill set
Telfer85
Well-Known Member
Exactly my thoughts at the moment
skybluetony176
Well-Known Member
The guy behind it seems to be the most hated guy in Welsh rugby
duffer
Well-Known Member
It's the same issue though, the bondholders have a mortgage on the lease, so they're not going to let it just revert to the council.
If either the administrator or the council try to disclaim the lease, I think the bondholder (or at least their trustee) would go to court to stop it happening. It's hard to find stuff about this, but I think we're talking about 'vesting orders', as described here...
What an interesting vest: vesting orders following disclaimer of a lease
Daniel Gatty discusses the recent High Court ruling in Leon v Her Majesty's Attorney General and others [2018] EWHC 3026 (Ch)
gatehouselaw.co.uk
chiefdave
Well-Known Member
Is anybody actually acting on behalf of the bondholders to enforce any of this? The trustee seems to have done fuck all up to now.It's the same issue though, the bondholders have a mortgage on the lease, so they're not going to let it just revert to the council.
If either the administrator or the council try to disclaim the lease, I think the bondholder (or at least their trustee) would go to court to stop it happening. It's hard to find stuff about this, but I think we're talking about 'vesting orders', as described here...
What an interesting vest: vesting orders following disclaimer of a lease
Daniel Gatty discusses the recent High Court ruling in Leon v Her Majesty's Attorney General and others [2018] EWHC 3026 (Ch)
Didn't the bond prospectus say something about the lease being security but others, ie the council, potentially having claim to it as well?
Steve Waggott gives update on Rovers' game with Coventry City
Steve Waggott expects Rovers’ game against Coventry City to go ahead – but says a decision over where the fixture will be played will be made on…
Half an hour indicates Birmingham citys ground?
jordan210
Well-Known Member
MalcSB
Well-Known Member
Is Birmingham in the East Midlands now?
Steve Waggott gives update on Rovers' game with Coventry City
Steve Waggott expects Rovers’ game against Coventry City to go ahead – but says a decision over where the fixture will be played will be made on…www.lancashiretelegraph.co.uk
Half an hour indicates Birmingham citys ground?
shepardo01
Well-Known Member
The bit that worries me, is in the full statement, it states about building a squad to "compete at the highest level".
Wonder if they may be in line to buy the ground/lease, (from themselves so to speak (wasps) ) when it goes into admin on Monday.??
Me neither but they can appeal the punishment
But if they're in admin or liquidation Monday I think they have to lose the P shares
Paul Anthony
Well-Known Member
Sounds like there's a sucker punch coming.
MAFF
Well-Known Member
why on earth would they re-purchase the lease? worked so well the first time didn't it...
shepardo01
Well-Known Member
If the decision is being/has to be made by Monday lunchtime, its nailed on to NOT be at the CBS.Steve Waggott gives update on Rovers' game with Coventry City
Steve Waggott expects Rovers’ game against Coventry City to go ahead – but says a decision over where the fixture will be played will be made on…
Half an hour indicates Birmingham citys ground?
Was told this evening that it is administration on Monday (not liquidation) and that because a decision has to be made on Monday regarding the game, it will be played away from CBS as too early for any administrator to make the call.
Not when I last checked…
SkyBlueSam01
Well-Known Member
I think 'capable of playing at the top level next season' means they aim to have a squad of actual pro rugby players rather than signing Pete from the Dog and Duck and Ben Wilson on a free
shepardo01
Well-Known Member
It was Covids fault they lost money!... wasn't it!?!
Zero debt incoming too....??
Although apparently, any bid for ACL, even in admin, should include the 35m for bondholders... (unless no bids include that)....
SkyBlueSam01
Well-Known Member
Are the posh seats the ones covered in lichen rather than pigeon shit?
Sbarcher
Well-Known Member
I liked the music pre-match today playing Streets of London. That was no coincidence, naughty boys.
MalcSB
Well-Known Member
You could well be right, but if it is administration it will be the same as the ones currently in place for Wasps Hildings - so they will have had all the information they need for some time.
Nick
Administrator
Paying all their debts off?
Telfer85
Well-Known Member
Potentially or through a pre packed admin? Can’t see these buying a rugby club without a home can you?
Nick
Administrator
They aren't just going to be able to go into admin and have debts wiped and go again, surely?
duffer
Well-Known Member
The trustee is supposed to be acting on the bondholders behalf, but has been remarkably inactive so far. However, at some point he's going to be obliged to step in. There's no way he could just let the lease slip away without challenge; if he does you'd think the bondholders would have a serious case for the trustee to answer.
chiefdave
Well-Known Member
Probably more like when we get told we're leaving no stone unturned in assembling the greatest squad in the history of football.
Telfer85
Well-Known Member
I honestly hope not but wouldn’t rule it out would you? I just can’t see someone going into save them and not knowing if they’ve even got a ground to play at.
That part just doesn’t add up. I’m no insolvency expert so don’t know how they’d do it but it points to that.
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