Who are the major creditors? | Vital Football

Who are the major creditors?

Stan_disher

Stan_disher

Vital Squad Member
This is something that has been bugging me for a while so thought I would post here to see if anyone has the factual answer.

The admins say that any buyer must cover the costs of paying the major creditors or take a 15 point penalty. I think they have mentioned £2.5M. At 25p in the pound that equates to the club owing creditors £10M. Now I know there will be some people that are owed a few thousand here or there for services they provided prior to 1/7/20 but £10M is a very big number.

We have been told that the club was well run and not in debt to anyone but football creditors (confirmed by admins as now paid) and the owners (ie Au Yeung) who has since waived any debt to him. So who did we owe £10M to?

If anyone knows for sure then please let me know.

Sorry if this has been discussed and resolved before but unfortunately I have missed it.
 
Stan_disher said:
This is something that has been bugging me for a while so thought I would post here to see if anyone has the factual answer.

The admins say that any buyer must cover the costs of paying the major creditors or take a 15 point penalty. I think they have mentioned £2.5M. At 25p in the pound that equates to the club owing creditors £10M. Now I know there will be some people that are owed a few thousand here or there for services they provided prior to 1/7/20 but £10M is a very big number.

We have been told that the club was well run and not in debt to anyone but football creditors (confirmed by admins as now paid) and the owners (ie Au Yeung) who has since waived any debt to him. So who did we owe £10M to?

If anyone knows for sure then please let me know.

Sorry if this has been discussed and resolved before but unfortunately I have missed it.
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It's a very good question.
When the firesale was going on there were a number of requests made to the admins, the WEP, Nandy, SC and others to produce a reducing debt balance. Surprisingly this was never actioned.
Just before Christmas Stanley made a ridiculous claim that despite having no players left earning top wages other than Evan's and Massey running costs were £500k per month. He then declined to break that down.
Now somewhere, someone knows the truth it's a matter of disclosure. Since that time we have had incoming receipts from last season fm EFL solidarity fund which is ironic in itself, and our L1 drip down fm the PL, not sure on staged inbound transfer fees as well? and are liquid through to the end if the season - now if Stanleys £500k per month stacks up that's £2.5m in total - a breakdown of this would also be interesting!
Maybe the local paper, SC or MP could take this up seems a valid ask to me
Or will NDA rear it's head as the default for informing the fan base jack as usual 🤔
 
These are the issues we should be pursuing and putting our time and effort in to instead of blagging people for money for stupid bloody banners that wont make a scrap of difference.
 
Stan_disher said:
This is something that has been bugging me for a while so thought I would post here to see if anyone has the factual answer.

The admins say that any buyer must cover the costs of paying the major creditors or take a 15 point penalty. I think they have mentioned £2.5M. At 25p in the pound that equates to the club owing creditors £10M. Now I know there will be some people that are owed a few thousand here or there for services they provided prior to 1/7/20 but £10M is a very big number.

We have been told that the club was well run and not in debt to anyone but football creditors (confirmed by admins as now paid) and the owners (ie Au Yeung) who has since waived any debt to him. So who did we owe £10M to?

If anyone knows for sure then please let me know.

Sorry if this has been discussed and resolved before but unfortunately I have missed it.
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Just like I’m sure we all do with mortgages, loans, overdrafts, credit cards and the like we’ll all have a certain amount of debt that to many isn’t an issue coz we can meet the repayment terms
If we lost our jobs and had no insurance, benefits, savings or whatever we’d start to struggle to meet those commitments almost straight away.
That’s the same situation Latics found themselves in when Au Yeung pulled the plug
So Latics did have debt but it was all agreed and serviceable up to that point and the club (with continued funding) would have paid its tax bill, NI, interest on loans, overdrafts and suppliers etc who would pretty much all have provided services on credit terms of varying lengths. It’s all those that have to be repaid at an agreed level before we can exit administration.
I do seem to remember Begbies providing some sort of breakdown of the debt coz all the Barnsley fans were waving it around as some kind of proof of how beyond our means we were living coz they were too thick and inbred to actually understand it
 
The major creditor is Yueng, he and his legal team are still exercising their voting rights (or so the admin say) in regards to their fees and that means the debt hasn't been wrote off. There may be an agreement to right it off, but it hasn't happened yet.
 
Wlatic said:
The major creditor is Yueng, he and his legal team are still exercising their voting rights (or so the admin say) in regards to their fees and that means the debt hasn't been wrote off. There may be an agreement to right it off, but it hasn't happened yet.
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When it was reported they had walked and written off a shitload of money i thought , nah...don't think so.

They have not done with killing us yet. They are working cheek by jewel with their bastard admin friends.
 
Wlatic said:
The major creditor is Yueng, he and his legal team are still exercising their voting rights (or so the admin say) in regards to their fees and that means the debt hasn't been wrote off. There may be an agreement to right it off, but it hasn't happened yet.
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I accept that they are listed Wlatic, but given the report is from last August, and that the Admins have openly stated that Yeung/NLF has forgone any repayment obligation, (and obviously ignoring the Holding Co "debt"), it left HMRC as the main creditor.

I'm sure I've seen an updated version of the creditors list somewhere, but can't remember where .......so to offer Stan_disher an answer to his question, I thought this is better than nowt.
 
As I understand it,the club,which includes the stadium and training ground is for sale at 3m.This covers 1.3m owed to non football creditors (25p to avoid a 15 point deduction),tax and legal fees.Whoever pays that will get the club debt free,with no further points deductions.The administrators already have their ridiculous,extortionate fees guaranteed from the sales of Euxton and the Chippy,which were sold for over 2m between them.
 
moonay said:
I accept that they are listed Wlatic, but given the report is from last August, and that the Admins have openly stated that Yeung/NLF has forgone any repayment obligation, (and obviously ignoring the Holding Co "debt"), it left HMRC as the main creditor.

I'm sure I've seen an updated version of the creditors list somewhere, but can't remember where .......so to offer Stan_disher an answer to his question, I thought this is better than nowt.
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This comes from the request for a creditor meeting last month. We were told that the fees would be pushed through anyway because Au Yeung still is the majority creditor and "they knew" that his representative would vote to allow the fees, so all the meeting would have done is delay any bids as the admin were going to stop working on anything until the meeting was out of the way (the info didn't come directly from the admin, but was relayed [see below]).

Based on what we know from the admin words and facts have some separation.

From a legal point of view I really think the admin is lacking, had a conversation today in which I'm asking under what legal justification they were allowed to release my Personal info (PII) and financial information (creditor of the club) to the supporters club (a 3rd party) and they seem to be missing the point that they breached GDPR / data protection laws and should have reported the breach / that isn't legally allowed in the UK!
 
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