leeds united winding up order!

[AndWhat?]

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 If its not withdrawn by all those who registered to it then they will probably enter administration voluntary the day before.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

Oh ok, I get you.

So the MD of the shirt company will buy for a cut price, will they still be subject to the point deduction?

Or will he be able to stop them going into administration with him buying them?

Sounds a bit dodgy to me!

[hairy]

Oh ok, I get you.

So the MD of the shirt company will buy for a cut price, will they still be subject to the point deduction?

Or will he be able to stop them going into administration with him buying them?

Sounds a bit dodgy to me!

I would imagine the current owners wont give a toss about points deduction and more about how much they can get for their 'asset'. They would prefer to settle before the hearing date / administration date and sell to the highest bidder to see if they can get anything out of it but that bid might not be straightforward and require the clearing of debts for example. Their other choice would be to go into administration. let the administrator sell to the highest bidder and see if there is anything left once the creditors and administrators have been paid off (administrators fees are huge and often take all the money without the creditors getting anything but probably not in this case)

 

If a takeover happens without administration, as it did for us most recently, then of course there will be no point deduction

 

It is dodgy but they are within the law so its the law thats dodgy. The bloke is just playing the law to his advantage but it doesn't stop any other bids coming in from wheat barons for example so he may lose out in the end.