Bury | Page 12 | Vital Football

Bury

nlondonimp said:
I wonder how many will not buy early season tickets. Knowing the money is going into a black hole. And there may be no matches to watch next season
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I know I wouldn't in their current circumstances. Not unless it was ring fenced into a separate account managed by an independent supporters group or similar with guaranteed return in the event of no football club.
 
here's another thing highlighted by the bury situation.

s day [through merderco] built up ownership of 8m shares in bury, and was the person of significant control. but was clearly shonky. obviously any initial efl due diligence failed to uncover this.

s day appears to have sold / gifted all 8m shares to s dale. who then immediately becomes person of significant control.

so even if the efl due diligence found s dale to be unsuitable, how can they stop the take over?

can the efl block a transfer of shares?
 
hulloutpost said:
I know I wouldn't in their current circumstances. Not unless it was ring fenced into a separate account managed by an independent supporters group or similar with guaranteed return in the event of no football club.
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can't really be ring fenced, as they need it to pay the immediate hmrc debt.
 
The size of the debt, the ongoing millstone of those high interest loans, no assets, nil cash flow and the strange situation over bank accounts (Nat West account frozen - why?) suggests the only way Bury can survive is by a huge injection of cash. If the debt really is between £9m and £12m, who would be crazy enough to do that? On average gates of 3800 (for the last five years), it would be nonsensical to keep that going.

Surely there is only one likely outcome here?
 
seems monies have been released to pay wages

"I am pleased to say the money frozen in our Nat West account will be released with a validation order allowing the residual wages to be paid and may I thank Staff and Players for standing by the Club whilst this is getting sorted"
 
cheshireimp said:
seems monies have been released to pay wages

"I am pleased to say the money frozen in our Nat West account will be released with a validation order allowing the residual wages to be paid and may I thank Staff and Players for standing by the Club whilst this is getting sorted"
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That might not strictly be true. I guess it's saying the owner is going to apply for one. Apparently he's meeting with the players tomorrow to discuss "things"

https://www.companyrescue.co.uk/guides-knowledge/guides/what-is-a-validation-order-3946/

"The Court may need to be satisfied by credible evidence that the company is solvent and able to pay its debts as they fall due or that the order sought will be beneficial to or will not prejudice the interests of all the unsecured creditors. In many cases the company will not be solvent but the court will take into account the second point that the order will be beneficial to the unsecured creditors AND that a CVA for example is being proposed."

"All in all obtaining a validation order is an expensive process requiring detailed preparation of a witness statement and then of course counsel (a barrister) needs to be briefed and he or she need to address the Court. The need for a Validation order and the extensive costs attached to the process, can be avoided if the company acts before the advertisement of the petition. A petitioner can sometimes be persuaded to not advertise the petition to give the company time to reorder its affairs."
 
Sincilbanks said:
That might not strictly be true. I guess it's saying the owner is going to apply for one. Apparently he's meeting with the players tomorrow to discuss "things"

https://www.companyrescue.co.uk/guides-knowledge/guides/what-is-a-validation-order-3946/

"The Court may need to be satisfied by credible evidence that the company is solvent and able to pay its debts as they fall due or that the order sought will be beneficial to or will not prejudice the interests of all the unsecured creditors. In many cases the company will not be solvent but the court will take into account the second point that the order will be beneficial to the unsecured creditors AND that a CVA for example is being proposed."

"All in all obtaining a validation order is an expensive process requiring detailed preparation of a witness statement and then of course counsel (a barrister) needs to be briefed and he or she need to address the Court. The need for a Validation order and the extensive costs attached to the process, can be avoided if the company acts before the advertisement of the petition. A petitioner can sometimes be persuaded to not advertise the petition to give the company time to reorder its affairs."
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wow , I bow to your extreme knowledge . But I think id would rather take his statement , if that all right with you . I mean you do use the words "might" and " i guess" . So you don't really know ?? . but you might be right lol

So glad though that every one in the thread takes an interest in the financial world of Bury Football club . If they did a "seat sale " as per LCFC , id buy a couple
 
Very detailed statement from the EFL:

"The Board is extremely concerned about the developing situation at Bury and has asked the Executive to provide whatever practical assistance it can to the Club."
 
cheshireimp said:
wow , I bow to your extreme knowledge . But I think id would rather take his statement , if that all right with you . I mean you do use the words "might" and " i guess" . So you don't really know ?? . but you might be right lol

So glad though that every one in the thread takes an interest in the financial world of Bury Football club . If they did a "seat sale " as per LCFC , id buy a couple
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They've done it before mate, similar time to when we did it.
Remember seeing names on the seats.
 
Davidimp said:
They've done it before mate, similar time to when we did it.
Remember seeing names on the seats.
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Yes I know , used work in Bury and have friends there . I remember a few of them bought LCFC seats . Works both ways , well it should do . lol ]
 
cheshireimp said:
wow , I bow to your extreme knowledge . But I think id would rather take his statement , if that all right with you . I mean you do use the words "might" and " i guess" . So you don't really know ?? . but you might be right lol

So glad though that every one in the thread takes an interest in the financial world of Bury Football club . If they did a "seat sale " as per LCFC , id buy a couple
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I used "might" and "I guess" because they can't unfreeze the account without a validation order and that's by no means certain. Even if they can obtain one it's going to cost money and time and Bury have precious little of both...

All his statement says is they are going to apply for a validation order to unfreeze the account. That statement has already been changed since release since it originally referred to "transferring money from the frozen account into a new one". I hope it all works out, I hope everyone gets the cash they are owed but I don't think it's certain that is actually going to happen right now....
 
Does anyone know why that Nat West account has been frozen in the first place? Mr Dale also said they had new bankers, but who in their right mind would take that on as a new business account? City couldn't find new bankers owing £380,000, let alone £12m.

Sincilbanks is right about the original statement being changed. There are some very strange statements being made, only to be contradicted later. Nothing makes any sense.
 
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