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Bury

That will probably signal an exodus of players too. I suspect some have been hanging on in the hope Lowe would stay.
 
Scotimp said:
I'm not sure what they do about that. Are they simply unsecured creditors? Can they add themselves to the winding-up petition? Any accountants out there?
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They used to be preferred creditors but I have a feeling that was changed a few years ago.
 
Scotimp said:
I'm not sure what they do about that. Are they simply unsecured creditors? Can they add themselves to the winding-up petition? Any accountants out there?
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Employees are classed as preferential creditors in a liquidation but only for wage arrears up to £800 and holiday pay.
 
The Government also will make statutory redundancy and notice payments when a company goes bust.These are quite a bit less than what a Company would normally pay.
 
57harry said:
Employees are classed as preferential creditors in a liquidation but only for wage arrears up to £800 and holiday pay.
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So do they become unsecured creditors for the rest? With alleged debts of £12m, that is probably a technicality in any case.

In an article in The Times last week, Nicky Adams mentioned a meeting involving the players, Steve Dale and the PFA; at that meeting Dale rejected the assertion that he, as chairman, should be under any obligation to put his own money into the club. That speaks volumes about his approach to ownership and raises plenty of uncomfortable questions.
 
Scotimp said:
So do they become unsecured creditors for the rest? With alleged debts of £12m, that is probably a technicality in any case.

In an article in The Times last week, Nicky Adams mentioned a meeting involving the players, Steve Dale and the PFA; at that meeting Dale rejected the assertion that he, as chairman, should be under any obligation to put his own money into the club. That speaks volumes about his approach to ownership and raises plenty of uncomfortable questions.
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Yes that would be the case.
 
Scotimp said:
So do they become unsecured creditors for the rest? With alleged debts of £12m, that is probably a technicality in any case.

In an article in The Times last week, Nicky Adams mentioned a meeting involving the players, Steve Dale and the PFA; at that meeting Dale rejected the assertion that he, as chairman, should be under any obligation to put his own money into the club. That speaks volumes about his approach to ownership and raises plenty of uncomfortable questions.
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The players may be legally equal with other creditors.
But wouldn't the EFL and/or the FA also have their own rules on football creditors?
I think that if Bury want to continue they would need to settle all football creditors in full.
 
Imps2018 said:
Nicky Adams is the first to walk away.
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I can't say I blame him and he has been the out spoken one to get the players point of view out there. I wouldn't be surprised if his bessie aka Ryan Lowe has told him how great the climate is in Plymouth rather than Bury and that The Pilgrims have actually got some cash. I may be off the mark but I wonder how many Bury players will be happy to walk away and re-locate to Devon over the coming weeks.
 
hulloutpost said:
I can't say I blame him and he has been the out spoken one to get the players point of view out there. I wouldn't be surprised if his bessie aka Ryan Lowe has told him how great the climate is in Plymouth rather than Bury and that The Pilgrims have actually got some cash. I may be off the mark but I wonder how many Bury players will be happy to walk away and re-locate to Devon over the coming weeks.
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Signed a new contract in March which was apparently rejected by the league and the club only informed him and Lowe a week after season ended. He's leaving because it would seem he literally has no contract (rather than one the club has defaulted on) and obviously Bury have no way of giving him one. I guess that means he's technically he's also not owed any missing salary from March onwards? What a shambles...
 
Sincilbanks said:
Signed a new contract in March which was apparently rejected by the league and the club only informed him and Lowe a week after season ended. He's leaving because it would seem he literally has no contract (rather than one the club has defaulted on) and obviously Bury have no way of giving him one. I guess that means he's technically he's also not owed any missing salary from March onwards? What a shambles...
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The contract issue is a complicated one by the look of it. One of the (many) rumours circulating is that Ryan Lowe has been paid everything owed to him in order to qualify for compensation when he joins a new club. I am not so sure that applies - the contract was broken when they failed to pay him for 14 days, which by their own admission was the case.

As for Nicky Adams, he would be entitled to some wages on a quantum meruit basis outwith a formal contract, but that is subject to agreement and probably more legal posturing (remember Gary Charles). And I suspect he has almost no chance of succeeding with that. 'What a shambles' is correct.
 
adams saying he was told the extension was rejected by the EFL [presumably he was told this by bury fc]

bbc saying:
"The EFL would not comment, but BBC Sport has been told a contract extension does not need to be ratified by the league."

any bets on which one is telling the porkies?

https://www.bbc.co.uk/sport/football/48511547
 
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