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| Quote ="Highlander"I'm not sure there'll be a lot of small creditors. They will have mostly been asking for up front payment.
The two main ones would seem to be Green - £650k
And HMRC - between £35k and £250k depending if the administrator and/or new owner is allowed to still challenge the VAT calculation.
And one of them can whistle for their money, at this moment in time.'"
I think we also have to remember that it's out of season so many, if not all, of the general 'ongoing' expenses will be on hold - except maybe the account at Staples.
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| Quote ="Highlander"I'm not sure there'll be a lot of small creditors. They will have mostly been asking for up front payment.
The two main ones would seem to be Green - £650k
And HMRC - between £35k and £250k depending if the administrator and/or new owner is allowed to still challenge the VAT calculation.
And one of them can whistle for their money, at this moment in time.'"
Anyone who bought a season ticket will be classed as a creditor having handed money over and at this point potentially getting nothing in return. That figure could be around the £150-200k mark.
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| Quote ="BD20":1211byfzAnyone who bought a season ticket will be classed as a creditor having handed money over and at this point potentially getting nothing in return. That figure could be around the £150-200k mark.'" will still get their tickets. I fully understand we've no 'right' to anything but, at the end of the day it's an awful lot of regular customers to pig off and to do so would be the pragmatic thing to do in the long term.
Otherwise we're hoping the current entity comes through the process intact! Mind, I've paid by card, so shuld be able to get my money back if the worst comes to the worst.
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| If the new owner pays off all the debt, then why should they get any points penalty at all?
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| Quote ="debaser"If the new owner pays off all the debt, then why should they get any points penalty at all?'"
I think six points is now the minimum just for being in admin, it could be 12 if we don't pay everything off - surely you know they always bring in some new penalty evey time we go into admin? or is it that we're always just unlucky?
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| Quote ="debaser"If the new owner pays off all the debt, then why should they get any points penalty at all?'"
Because admin equals automatic six points minimum. It's the least bad scenario at this point.
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| Quote ="vbfg"Because admin equals automatic six points minimum. It's the least bad scenario at this point.'"
Yeah but why? I need an explanation.
If you pay if all off, who has lost out?
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| Quote ="debaser"Yeah but why? I need an explanation.
If you pay if all off, who has lost out?'"
What were the circumstances that allowed Salford to be take over by the Dr without punishment?
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| It appears rules change and if you're looking for consistency you may be a while.
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| Everyone knows that the only CONSISTENT aspect of our beloved RFL is their INCONSISTENCY!
How about asking for a 'Provi' Loan?
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| Quote ="Bully_Boxer"What were the circumstances that allowed Salford to be take over by the Dr without punishment?'"
iirc he arranged a CVA with creditors agreeing to pay them back in full over a 5yr period. not sure if that actually happened though.
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| Quote ="debaser"Yeah but why? I need an explanation.
If you pay if all off, who has lost out?'"
I presume just the fact the club has entered into Administration there is a six point penalty?
After reading through some of the R.F.L. blurb
=#408000In the event that the Member has entered into a CVA pursuant to which all of
the Member's debts bound by the terms of the CVA are to be paid in full
(save that this need not include any debt to a creditor who is a Person
Connected with the Member) then a deduction of 6 points (or the equivalent
of the league points awarded for 3 wins from time to time) shall be imposed.
The deduction in the sporting sanction provided in this paragraph shall not
apply where 75% or more of the Member's debts compromised by the CVA is
owed to Persons Connected with the Member
I'm baffled, the way I read this is - If the club pay off all its creditors except the owners debt, then they will cop for a six point deduction. But if the owners debt accounts for more than 75% of the total, then its twelve?
Don't you have any lawyers who post on here, or at least someone who claims they are.
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| Quote ="The Devil's Advocate"I presume just the fact the club has entered into Administration there is a six point penalty?
After reading through some of the R.F.L. blurb
=#408000In the event that the Member has entered into a CVA pursuant to which all of
the Member's debts bound by the terms of the CVA are to be paid in full
(save that this need not include any debt to a creditor who is a Person
Connected with the Member) then a deduction of 6 points (or the equivalent
of the league points awarded for 3 wins from time to time) shall be imposed.
The deduction in the sporting sanction provided in this paragraph shall not
apply where 75% or more of the Member's debts compromised by the CVA is
owed to Persons Connected with the Member
I'm baffled, the way I read this is - If the club pay off all its creditors except the owners debt, then they will cop for a six point deduction. But if the owners debt accounts for more than 75% of the total, then its twelve?
Don't you have any lawyers who post on here, or at least someone who claims they are.'"
Let's say Green enters into administration to stop the HMRC winding up the Bulls due to a £240,000 debt to them. Let's say that that the club (i.e., the company registered with the RFL) owes Green personally £760,000 by way of a directors loans and shares, etc. The Bulls can't avoid the full sanction of 12 points by Green cashing in the club's assets to get his personal investment back of £760,000.
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| Even if a new owner pays off all debts, the 6 point deduction is for making the sport in general and The RFL itself look bad, i think
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| Quote ="Highlander"Even if a new owner pays off all debts, the 6 point deduction is for making the sport in general and The RFL itself look bad, i think'"
And in doing so increases the chances of ending up back in the same position again at some point in the future.
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| Quote ="bullsonfire"And in doing so increases the chances of ending up back in the same position again at some point in the future.'"
Depends on how much they are worth.
My opinion. Keep the squad full time. Play 1 season in league 1. Win it nd build for next year.
What have the bulls lost with doing that?????
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| Quote ="debaser"If the new owner pays off all the debt, then why should they get any points penalty at all?'"
I agree on 6 point deduction but no more.
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| Why do you need to stay full time? Considering you were beaten to the top four by two part time teams anyway.
Surely the club would be better off going part time for a year and copping the sanctions. Even with -6 it's unlikely you'd make the top four.
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| Also, could everyone stop saying "back where we belong" like it's a god given right that the Bulls should be in SL.
In any point in time you are exactly where you are supposed to be based on the decisions you (or in this case those running the club) make.
I'm not saying SL is better off without you, in fact it's getting a little boring, but please stop with the woe is me attitude.
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| Are you sure we would win Div 1? Don't forget we now have Toronto doing a Leigh in that division.
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| Look at Championship teams competing for top 4
Full Time - Hull KR, London, Toulouse
Part Time - Fev, Batley, Sheffield, Halifax
If you say Hull KR and London defo in then it would be a fight to even make the 4 without points deductions. That is why I'd say go part time, get finances back on track and build for future with the good kids you have coming through.
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| Quote ="rugbyreddog"Are you sure we would win Div 1? Don't forget we now have Toronto doing a Leigh in that division.'"
Almost could be Leigh, as 7 of their squad of so far 20 named players are Ex 2016 Leigh players.
Toronto have recruited to top 4 Championship level.
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| Quote ="el red"Look at Championship teams competing for top 4
Full Time - Hull KR, London, Toulouse
Part Time - Fev, Batley, Sheffield, Halifax
If you say Hull KR and London defo in then it would be a poop fight to even make the 4 without points deductions. That is why I'd say go part time, get finances back on track and build for future with the good kids you have coming through.'"
London have learned the ropes of the Championship,KR have yet to learn,along with Toulouse..
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| Quote ="atomic"London have learned the ropes of the Championship,KR have yet to learn,along with Toulouse..'"
I think this may apply for teams coming up from League 1 or those coming down who intend/know they will stay here. I mean when we came down we hadn't learnt the ropes of the Championship yet blitzed every team (except Leigh) and beat an SL team in the Middle 8's. We just didn't have quite the right game plan to beat Wakey.
I believe Hull KR will do the same. Blitz the league and them and London will fight it out for Automatic promotion/MPG spot.
Toulouse will do well, but I feel like top 4 may be a little out of reach unless they make a few decent signings. But if they manage top 4 then they won't get promoted, be bottom 2 of Middle 8's.
The only enigma I feel is us. Providing we actually start the season, are still in this league and keep all our players we are in with a real chance of Top 2-4.
Even then though we are discrediting the likes of Batley, Featherstone, Sheffield and Halifax who all have decent sides!
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| Some of these posts are starting to grate a little now. If it's not bad enough that our team are on the brink of extinction we get people coming on here telling us that it's all our fault and you get what you deserve. Well all I do is pay my money each week so where exactly am I going wrong? Just a few comments:
1. The "advice" from fans on how to run the club is nice but really isn't required. This is a fans forum and as such, we have no say in how the club has been run or will be in the future. If you can find an owners forum then your "advice" may have more of a target audience. We know that the club has been mismanaged and many fans have voiced their concerns throughout the season. The large squad size which included some absolutely ludicrous signings was always an issue with us on here but that didn't make a blind bit of difference.
2. Telling us to "cut our cloth" accordingly? I've just switched energy supplier. Is that what you mean? Again, the fans have no say in this.
3. We should go part time? Doesn't this depend who takes over the club? (if anybody). If the new owner has limited funds then that may well be an option for them. If the owner has funds that they want to use then that is entirely up to them. All us fans do is support the club.
4. Back in SL where we belong? This statement seems to be used by the media, past players and coaches. I'd be very surprised if you hear Bulls fans using this term. SL was our home for many years and we had a desire to return there as quickly as possible. Now we just want a team to watch.
5. The RFL's punishment. Again, this is out of our control. It appears that if a new owner was to pay the creditors then we might get a 6 point deduction. If the new owner doesn't pay the creditors then we may get a 12 point deduction or possibly relegation to league 1. If that is the penalty then so be it. Thems the rules.
I'm as cheesed off with all this as anybody but i'm assured in the knowing that none of the decisions on how to run the club were mine.
Whatever happens in the future, I'll be there to support them, as ever.
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