steveherbe Posted 4 February 2014 Posted 4 February 2014 Leeds have been issued with a winding up order by their shirt sponsor! Oh my, what a shambles of a club.
Donut Posted 4 February 2014 Posted 4 February 2014 I expected this thread to be a wind up, but the issue of a winding up order is so severe i can barely laugh. In fact im gobsmacked how their club is degenerating
Stuliasz Posted 4 February 2014 Posted 4 February 2014 If they are on the verge of a takeover, I'm guessing this will either: a) Put off potential buyers b) All be resolved very quickly once a new buyer has taken over the club. Winding up orders always seem to take a long long time to lead to anything meaningful in football. Still another thing which just adds to the mess they are in though.
Donut Posted 4 February 2014 Posted 4 February 2014 So the shirt sponsor is obviously owed a substantial amount of money then?
Donut Posted 4 February 2014 Posted 4 February 2014 If theyre a sponsor, they are investing INTO Leeds, so why are they issuing the winding up order?
steveherbe Posted 4 February 2014 Author Posted 4 February 2014 £1.7M loan by enterprise insurance to the club. Now they want their money back. Guffaw!
Mark_w Posted 4 February 2014 Posted 4 February 2014 If theyre a sponsor, they are investing INTO Leeds, so why are they issuing the winding up order? Think they've also loaned them some money for whatever reason, but it is very strange.
AndWhat? Posted 4 February 2014 Posted 4 February 2014 Can a creditor issue a winding up order? Surely the club will need to go into administration before that happens?
Steven Posted 4 February 2014 Posted 4 February 2014 Leeds have been issued with a winding up order by their shirt sponsor! Oh my, what a shambles of a club. http://www.foxestalk.co.uk/forums/topic/92618-next-for-leeds/#entry2867514
steveherbe Posted 4 February 2014 Author Posted 4 February 2014 http://www.foxestalk.co.uk/forums/topic/92618-next-for-leeds/#entry2867514 Well, pardon me for wasting your time. Bloody Watford fan
Bert Posted 4 February 2014 Posted 4 February 2014 It won't happen. Coventry have been in this situation for years that they only got x amount of time before they're liquidated etc yet they're still going.
Corky Posted 4 February 2014 Posted 4 February 2014 When they were in the Premier League they had a deadline every Friday it seemed before entering administration, it never happened. I doubt the club sponsor will pull the plug on the club totally.
SOCCERROO FOX Posted 4 February 2014 Posted 4 February 2014 Can a creditor issue a winding up order? Surely the club will need to go into administration before that happens? Of course they can! Or what's stopping a business just running up as much debt as they like an never putting themselves in to voluntary administration.
Steven Posted 4 February 2014 Posted 4 February 2014 Well, pardon me for wasting your time. Bloody Watford fan :mad: :mad:
AndWhat? Posted 5 February 2014 Posted 5 February 2014 Of course they can! Or what's stopping a business just running up as much debt as they like an never putting themselves in to voluntary administration. Aren't voluntary administration and actual administration 2 different things? I thought you could only get liquidated if creditors do not agree to the administration terms. Doubt that's the only company that Leeds owe money too, so I'm guessing administration is on the cards.
Alexikokopops Posted 5 February 2014 Posted 5 February 2014 Wasn't the managing director of their shirt sponsor (who put in the winding up order) part of the consortium that put in a bid before the Italian guy last week? He issued the winding up order a day after that failed but I think that consortium is putting in another bid so I'd imagine he'd withdraw the winding up order if that's successful.
surrifox Posted 5 February 2014 Posted 5 February 2014 Given the timing it sounds as if the loan was possibly repayable on demand and unsecured as surely receivers would be appointed if the borrowing was structured in the way you would imagine both parties would customarily treat such a sum of indebtedness. Sounds a bit odd to me
MrSpaM Posted 5 February 2014 Posted 5 February 2014 No wonder they were letting some insane crook take over the club
hairy Posted 5 February 2014 Posted 5 February 2014 Aren't voluntary administration and actual administration 2 different things? I thought you could only get liquidated if creditors do not agree to the administration terms. Doubt that's the only company that Leeds owe money too, so I'm guessing administration is on the cards. With a winding up order any creditor can now join it before the hearing in March. It will be interesting to see if any others step forward. If its not withdrawn by all those who registered to it then they will probably enter administration voluntary the day before. If they do that then they will be open to bids at, what you would assume would be, a knock down price. With the MD of the shirt sponsor being in the failed consortium he has used the law to the full to turn the tables on the club's owners and forced them more directly to consider the consortium's most recent bid. Good takeover tactics but abusing the law in my opinion as the debt wasn't due until 2015 according to this :-http://www.bbc.co.uk/sport/0/football/26038937
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