Chester City again....

[OUFC4eva]

In relation to Crystal Palace FC, I thought that when a club enters Administration it kind of nullifies any winding up order and therefore the business is protected for a period of time whilst assets are sold, funds are realised and it can be sold on as a going concern.

So the HMRC petition/action is deferred for a maximum of 12 months ?

I dread to think how much money Simon Jordan has lost. He was said to be totally devastated by the club's Administration.

On a separate note the Administrator, Brendan Guilfoyle has banned star player Victor Moses from appearing for Palace at Newcastle tonight.

[Ascension Ox]

In relation to Crystal Palace FC, I thought that when a club enters Administration it kind of nullifies any winding up order and therefore the business is protected for a period of time whilst assets are sold, funds are realised and it can be sold on as a going concern.

So the HMRC petition/action is deferred for a maximum of 12 months ?

I dread to think how much money Simon Jordan has lost. He was said to be totally devastated by the club's Administration.

On a separate note the Administrator, Brendan Guilfoyle has banned star player Victor Moses from appearing for Palace at Newcastle tonight.

Yes, administration creates a moratorium. For 12 months. Administrators will canvas offers, sell for best price after taking advice of valuers and ordinary creditors (including HMRC) will get what they can. Pretty much AFTER the secured creds get their piece of the action save for a slice of value known as the 'prescribed minimum' Which is not much.

I can see why the hedge fund was anxious to pull the plug, they have obviously lost confidence in Jordan.

Plus Warnock , get this, is on £750K p.a !!

[OUFC4eva]

Yes - a company called Agilo Limited, registered in the Cayman Islands ,appointed the Administrator as they feared Palace would be wound up in the High Court and it would lose it's investment.

Agilo lent Simon Jordan £5m.

[Mally]

Plus Warnock , get this, is on £750K p.a !!

I would have thought that's about the going rate for a Championship manager these days and probably cheap for one that's got promotion to, and experience of, the Premier League.

[Ascension Ox]

Plus Warnock , get this, is on £750K p.a !!

I would have thought that's about the going rate for a Championship manager these days and probably cheap for one that's got promotion to, and experience of, the Premier League.

Don't agree, it's WELL over the top. No wonder Warnock is so friendly with Jordan!

[Matt D]

Sounds like a load of bollocks to me, but without access to their accounts who am I to question Mr Vaughan?

considering his track record...

[Snake]

... without access to their accounts who am I to question Mr Vaughan?

Indeed.

Which prompts a question from me along the lines of:

Who has provided the fastest set of financial accounts regarding #oufc in recent times?

Is it?

a) Firoka

b) WPL

[Snake]

... without access to their accounts who am I to question Mr Vaughan?

Indeed.

Which prompts a question from me along the lines of:

Who has provided the fastest set of financial accounts regarding #oufc in recent times?

Is it?

a) Firoka

b) WPL

Unsurprisingly no one has answered this question because it was clearly a rhetorical one. So, my next question is why are the accounts of WPL so late. Is this because..

WPL just want out with as much of our (the fans) money as possible.

WPL would like the 12th Man fund to keep going and save them/him a few quid when they/he does pull out.

WPL are waiting to see if they can flog our club come May, when hopefully they/he will put it on the market in the same position (Division IV) as when they/he bought it from Uncle Firoz.

WPL have no other options.

WPL love Oxford United as much as thousands of other people do.

WPL have other priorities, and from what I’m being told Celtic Crusaders are giving Leeds a bit of unexpected competition at Wrexham’s Racecourse Ground as I write. And it’s a full house (though my source is dodgy on this matter as he’s only my brother and he’s new to Twitter).

[slappy]

Well I've spent the last few afternoons preparing &quota report to the board&quot about whether the company I work for is a &quotgoing concern&quot for a period of not less than 12 months from the intended signing off of the accounts.

About 2 years too late the auditing standards people / auditors have woken up to the fact that companies might not be &quotgoing concerns&quot, and are asking us to do comprehensive reports as to why we are. Cash flow forecasts, assessment of the business environment we are in, stress tests etc.

I can write all of this up under the various considerations required, but for OUFC or indeed WPL it might not be so easy. The old &quotparent company will provide funding for a year&quot doesn't really stack up anymore, especially when it seems that IL won't stick more money in.

Anything other than a clean audit report could upset the bank who the club now owe money too etc.

[GodalmingYellow]

Well I've spent the last few afternoons preparing &quota report to the board&quot about whether the company I work for is a &quotgoing concern&quot for a period of not less than 12 months from the intended signing off of the accounts.

About 2 years too late the auditing standards people / auditors have woken up to the fact that companies might not be &quotgoing concerns&quot, and are asking us to do comprehensive reports as to why we are. Cash flow forecasts, assessment of the business environment we are in, stress tests etc.

I can write all of this up under the various considerations required, but for OUFC or indeed WPL it might not be so easy. The old &quotparent company will provide funding for a year&quot doesn't really stack up anymore, especially when it seems that IL won't stick more money in.

Anything other than a clean audit report could upset the bank who the club now owe money too etc.

Except of coure that the club do not require an audit, and therefore do not require a clean audit report.

Sounds like your auditors are going OTT a bit.

[rambler]

Very sad situation at Chester.
Don't know which is the better option for them, go bust &amp start again or carry on for as long as they can, in the hope that a new owner can come to the rescue?

[Mooro]

Case adjourned for 42 days until 10 March. Their official site claims that they're seeking a CVA and all that they owe is £26,125 to HMRC and £20,000 to other creditors. Sounds like a load of bollocks to me, but without access to their accounts who am I to question Mr Vaughan?

You just know what is going to happen don't you....

New knight in shining armour appears during w/c Mon 22nd Feb and announces takeover deal.
CFU rejoice, cancel the boycott &amp encourage all fans to turn up on the Saturday to welcome the new owners.
The players respond to the packed house and claim a shock win over the title favourites.
10th March, new owners elect request another 4 week adjournment as they have had insufficient opportunity to fully take hold of the true financial situation at the club.
6th April, new owner throws in towel due to extent of obstacles put up by the Vaughans meaning:
7th April, club officially wound up with three weeks of season to go.
Fri 9th April, Brian Lee announces that the Conference Board are to meet urgently to discuss how the situation to be handled.
Fri 16th April, original meeting cancelled as confirmations faced by two board members fail to be found.
Fri 23rd April, Conference Board finally convene to discuss issue, but are sidetracked by earlier agenda item on paper clips and adjourn the rest of the meeting until the Monday.
Sat 24th April, final league games played, leaving Stevenage top by one point from Oxford.
Mon 26th April, all eyes on Birmingham as Mr Lee and Co face the difficult decision of whether to follow their main rulebook and expunge all points gained in games against Chester (ie Stevenage 6, Oxford 3) or invoke Appendix 6.1.i.iv.x &quotMr Lee has the right to invoke any arbitrary rule he sees fit&quot and award 3 points to those sides which were still to play Chester when they folded, &quot....as it seemed a shame to discount their influence entirely, given how late in the season it was when they folded....&quot

You heard it here first

[GodalmingYellow]

Case adjourned for 42 days until 10 March. Their official site claims that they're seeking a CVA and all that they owe is £26,125 to HMRC and £20,000 to other creditors. Sounds like a load of bollocks to me, but without access to their accounts who am I to question Mr Vaughan?

You just know what is going to happen don't you....

New knight in shining armour appears during w/c Mon 22nd Feb and announces takeover deal.
CFU rejoice, cancel the boycott &amp encourage all fans to turn up on the Saturday to welcome the new owners.
The players respond to the packed house and claim a shock win over the title favourites.
10th March, new owners elect request another 4 week adjournment as they have had insufficient opportunity to fully take hold of the true financial situation at the club.
6th April, new owner throws in towel due to extent of obstacles put up by the Vaughans meaning:
7th April, club officially wound up with three weeks of season to go.
Fri 9th April, Brian Lee announces that the Conference Board are to meet urgently to discuss how the situation to be handled.
Fri 16th April, original meeting cancelled as confirmations faced by two board members fail to be found.
Fri 23rd April, Conference Board finally convene to discuss issue, but are sidetracked by earlier agenda item on paper clips and adjourn the rest of the meeting until the Monday.
Sat 24th April, final league games played, leaving Stevenage top by one point from Oxford.
Mon 26th April, all eyes on Birmingham as Mr Lee and Co face the difficult decision of whether to follow their main rulebook and expunge all points gained in games against Chester (ie Stevenage 6, Oxford 3) or invoke Appendix 6.1.i.iv.x &quotMr Lee has the right to invoke any arbitrary rule he sees fit&quot and award 3 points to those sides which were still to play Chester when they folded, &quot....as it seemed a shame to discount their influence entirely, given how late in the season it was when they folded....&quot

You heard it here first

The terrible thing is how realistic that sounds.

[theox]

Agree fully with Mooro and GY.

[boris]

Chester latest: after they failed to travel to Forest Green last night because the players were demanding the 3 months pay they're owed, the police have now refused to attend their game v Wrexham at the weekend because of non-payment, and that's been called off.

A special meeting of the Conference was called for today and an announcement is expected within the next half hour or so. Highly likely that they're going to be expelled from the Conference.