If you look at Adeybull's post on the first page of this thread, it's likely that the sale through Administrators will need to be done without arranging a meeting of creditors beforehand so it will be down to the Administrator to decide who is making the "best" offer. While the creditors may not see this as being ideal, it's probably going to be the best deal they'll get.

If the LE article was correct in stating that the club were to be allowed to stay at BV rent-free until the end of 2010 then we don't owe them anything significant yet. IIRC the LE article goes on to say that an agreement had been reached with the LPA Receiver acting for Bank of Ireland about the level of rent payable for 2011. There is no reason why this should change as a result of the club going into Administration.

That's true, although the circumstances now are different to 2001 when Pearman had both promised to provide investment (which never came through) and committed the club to expenditure that he didn't have the authority to do.

read it, and understood it thank you mr patronising.
still something niggling away though, somewhere there must be a big hole, much bigger than 350k owed to tax man, so how big is it? and who is it owed to?

He probably is, but you and I were talking about a "Last Resort / Nightmare" scenario that no one would wish on the fans.

The next few days will be interesting.

BTW Lots of Pre-Pack deals tend to end with the former directors being involved with the new company.

not quite grand canyon size but bigger than a bunker. irish bank, taxman, rodders

If the Richardsons remain then, after over 25 years, i'm done with club. I want no association with the current regime, they have brought my club to its knees. If they block this one chance of progress just to feather their own nests then its just proves them to be the lowlife we know they are.

Ted & Co. if you do read this forum, GET OUT OF OUR CLUB NOW AND DON'T COME BACK.

Sorry if you felt I was patronising - certainly wasn't intended.

The £350k was roughly what had accrued to HMRC during the period between the last winding up petition being lodged in July & SRW paying it off in November. This was the amount covered by the agreement that HMRC ripped up a couple of weeks later.

The £150k difference will mainly be the further amount that has accrued since November. Yes, some of the £500k will be for other creditors and/or provide a bit of working capital, but the majority of what is owed by the club is owed to HMRC.

I know they do, but that usually requires the directors to have money to put into the new company - which Ted doesn't!!!

I know Ted doesn't but others have.

It may be for you mate, but spare a thought for the suppliers who are going to end up with jack s**t!!! and are told they won't get any money

There might be, if the agreement contained clauses that rendered it void or voidable should the club enter into any form of insolvency - not uncommon - I write such clauses into every contract I draw up. That said, I would doubt it would be in the chargeholder's interest to want to change anything for 2011?

[url=http://www.redpassion.co.uk/forums/crusaders-rugby/63676-w-crusaders-ltd.htmlThe pre-pack at Wrexham/Crusaders meant the previous ones remained[/url

Your right it's bad news, but let's be 100% honest if it was cas you wouldn't give a flying , would you?
Taking the moral high ground is ok if your pontificating!!!
And by the way the doesn't mean taking a dump in ponte, you muppet!!

What goes around mate,

Booked to go to Cardiff and will go cos of the money we have spent. I have a season ticket but if the current regime remain in charge in any way after administration then I don't think I could face going knowing full well the club will never move forward. I find it hard to believe that in one breath somebody can ask Joe Bloggs for half a million and then set up again in another guise and think that the supporters would support it. I really do think people will vote with their feet. Never been as fed up as a Wakey supporter.

Good point. Don't think it'll come to that, but I completely agree with the sentiment.

i think we must be the only shareholders (and fans) who are hoping that a company goes into administration!!!

bring it on and lets move on.

fingers crossed is parkin. and if so ferris. he is just what we need at this moment in time.

Reading your last post and this I would hope that all Wakey fans pray for the wind to change before Monday!

Bear in mind that any pre-administration discussions can only take place with the prospective Administrator. But also bear in mind that it is common for an insolvent company to have been working with an insolvency practitioner (or firm) prior to the formal act of insolvency. Also, pre-pack deals invariably reflect the business assets etc being sold on to a new entity, but the company itself remains in administration - at least until the administrator secures a discharge and a liquidator is appointed.

Otherwise, you are not far wrong with your (albeit simplistic) summary. Pre-packs are all set up before the event, ready to rock as soon as the Administrator is appointed.

My personal opinion is that they are used far too often as a means for the existing management to free the business of debt and screw the creditors, and for that reason I hate the bloody things. But there are counter arguments, and a couple of years ago I attended a seminar given by one of the pre-pack pedallers that put forward some fairly persuasive such arguments.

This is a real worry; Ted has appointed the administrator (O'Hara's) and potentially, got a sympathetic investor on board. In theory he could go into admin with a pre-pack all ready to go, work with the sympathetic investor to buy the club out of administration and hey presto - WTW is reborn, as dysfunctional and hopeless as before, with Richardson tendrils all over it.

Want to change at the club in the board room and if administration is the best way then so be it but I do feel sorry for the local businesses, some small ones I'm sure, that will lose money when they need it.
Can't think WTW has a good name to work with anyway but def not now.

But we've been told we have 4 potential suitors for the blushing bride-to-be, which seems to rule out the idea of a pre-pack.

We don't really know who's owed what, but I agree with you, if there are any small local businesses on the list, this will be bitter, and could potentially see them end up in the same place. Not something that fans or anyone associated with the club should feel happy about.

if we are talking about sponsorship I can't see why they can't be honoured by a new owner

would heal the wounds left by the present regime

O'haras will do what's best for the creditors, but with the long term benefit of the club. I can well imagine who out of the four, the sympathetic investor may be, but I think the searious investors, Parkin or France will be the eventual winners.