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Twitter rumour re administration

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louth_in_the_south
April 8, 2021, 8:03pm

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I’d actually like this scenario


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KingstonMariner
April 8, 2021, 8:10pm
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On the basis that we’re not guaranteed to go straight back up anyway, I suppose a 12 point deduction won’t be disastrous. But Fenty is unlikely to pull the plug because he’s the one who will lose out.


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immariner
April 8, 2021, 8:47pm
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Quoted from MarinerDevil

Cowling's business (the creditor) is in financial trouble and may be obligated to call in assets, such as the loan in the club.  As per the rumour, of course.



Is that true of companies whose debtors are part of the same group of companies? That's like me being made bankrupt and my savings account calling in the £40 I took out of it last month and put in my current account (poor analogy I know haha).
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Azimuth
April 8, 2021, 8:55pm
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Quoted from Northbank Mariner


Be interesting to see what Youngs do with their sponsorship of GTFC after this year's debacle with May....


Pretty sure I read somewhere Youngs themselves are being taken over.
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KingstonMariner
April 8, 2021, 9:02pm
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Quoted from immariner


Is that true of companies whose debtors are part of the same group of companies? That's like me being made bankrupt and my savings account calling in the £40 I took out of it last month and put in my current account (poor analogy I know haha).


ColU might have the same owner as the other companies but might not be part of the same group, strange as it might sound. Aside from that, companies have a ‘legal existence’ of their own, and the directors or administrators have an obligation to look after the interests of the company that they are appointed to run, including doing whatever they can to pay off creditors. Legally it’s different from individuals having multiple different bank accounts because those accounts don’t have separate legal existences.


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promotion plaice
April 8, 2021, 9:07pm

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I might be making this up but when I was on the forum yesterday (?) I thought Mr Noche started a thread saying that several of Oldham’s sponsors had pulled their support.

The thread disappeared so I don’t know if Mr Noche had self-censored!

Yeah I also saw it, pretty sure Noche deleted it himself.





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immariner
April 8, 2021, 9:40pm
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Quoted from KingstonMariner


ColU might have the same owner as the other companies but might not be part of the same group, strange as it might sound. Aside from that, companies have a ‘legal existence’ of their own, and the directors or administrators have an obligation to look after the interests of the company that they are appointed to run, including doing whatever they can to pay off creditors. Legally it’s different from individuals having multiple different bank accounts because those accounts don’t have separate legal existences.


I read somewhere they are part of the same group of companies that include Aspire and Jobserve (not sure if there's any more). They'd just find a way of transferring the debt to another company within the group (hence the excrement analogy), so that CU owe another company and not the one going in to admin.

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Fillipe Noche
April 8, 2021, 9:54pm
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I posted this yesterday but then quickly deleted it.

It’s Oldham Athletic who are in big trouble. Trouble that has caused sponsors to withdraw support and insist their name is removed from their kit
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Fillipe Noche
April 8, 2021, 9:58pm
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Quoted from promotion plaice

Yeah I also saw it, pretty sure Noche deleted it himself.





You are absolutely correct.

I deleted it as I didn’t realise at the time that there was sensitive situation still to be resolved.

Yes it’s Oldham matey
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louth_in_the_south
April 8, 2021, 10:06pm

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Still hope then . This would leave them on 36 with Southend , us a game in hand but with our GD basically 3 points ahead .


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