Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:09 pm  

The Bulls don't own the ground - the council still does. The long term lease has changed hands - allegedly for £1.2m on another thread.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:10 pm  

Adeybull wrote:

5th April is unlikely to have any relevance as a date to any tax payment deadline.

The only relevance this has to tax is if they have substantial amount of Pay As You Earn tax due to HM Revenue & Customs which should of been paid for tax and national insurance deducted from all employees throughout the tax year

But then on that note the end of year certificate does not have to be in to HMRC until the 19th May which will show how much would be due if underpaid throughout the year.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:13 pm  

frepneyboy wrote:

I just hope the directors havent made an asset vanish just before the poop hits the fan. That would be naughty, and would be reversed.

If it was a disposal other than at market value, then a subsequent administrator might be able to recover further value from the parties involved. The usual trick is a company sells its property to the main shareholder at below market value just before it falls over...

Normally, its only fraudulent preferences (paying one creditor ahead of another for no good commercial reason) that can be reversed.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:15 pm  

Adeybull wrote:

....
We know there is an image rights etc liability to pay. They'll tell you on here I have been going on about this ad nauseum for years. When I asked Hood at the last forum (written question) he clarified a statement he made at the previous forum, saying that the framework for settlements had been agreed between the RFL and HMRC, but that HMRC had not yet got to Bradford to determine and crystalise our liability.

That was January, so they may well have done so since.

Adey from what little Hood has said, do you get any impression that the sudden urgency may be because the bank have called in an overdraft, or is it just me?

Also, I'd speculate that there isn't usually such massive pressure to a particular date; one reason (for example) why a debtor may have a pressing date to work to is if a creditor had perhaps served a Statutory Demand, and those have 18 days on them. Something had already happened in order to generate the mailshot, and it is 11 days to 6th April . . .

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:19 pm  

Good Luck on your survival. I was in the crowd at the crusaders last game and as a fan of RL I hope that doesn't happen to another club. I feel you may need to form a decent supporters group together and agree the way forward as fans joined, that may be telling hood to do one but united you stand and the fans of every other club will be behind you.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:26 pm  

Ferocious Aardvark wrote:

Adey from what little Hood has said, do you get any impression that the sudden urgency may be because the bank have called in an overdraft, or is it just me?

Also, I'd speculate that there isn't usually such massive pressure to a particular date; one reason (for example) why a debtor may have a pressing date to work to is if a creditor had perhaps served a Statutory Demand, and those have 18 days on them. Something had already happened in order to generate the mailshot, and it is 11 days to 6th April . . .

Indeed. Hood sort of suggested that.

But banks don't normally call in an overdraft unless there has been a breach of the facility agreement, or the facility has expired and they decline to renew it. More information, in this as in many aspects of all this, badly needed.

5th April just happens to be the last working day before Easter. I suspect the timing of Easter has as much bearing on it as anything.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:29 pm  

Would the bank call in the overdraft due to us selling our biggest asset? the ground lease. Thus increasing our risk to them? Has solving one problem caused another?

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:33 pm  

Duckman wrote:

Would the bank call in the overdraft due to us selling our biggest asset? the ground lease. Thus increasing our risk to them? Has solving one problem caused another?

That was precisely what I had been wondering.

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:35 pm  

Is it not that wages are due on the 14th, they want a few days to get cash into the bank to pay out, they are letting us know the pledge total on the 9th so the deadline is the 6th?

Why £500k though. The salary cap is maxed at £150k per month. The T&A quoted a much larger staff payroll though - up to about £200k total. Why do they need the other £300k?

Would we start to pay the RFL lease quarterly from April?
Do we owe someone else money? We seem to have paid our long term dues to the RFL & other clubs.
Winter wasn't that cold so it can't be the gas & leccy bill.
I just don't know.
We shelled out for the 5yr deal 6months ago so we have already advanced (effectively) an extra £800.
I could give them another £200 but want answers first. not just another bl00dy pledge!

Re: Peter Hood says Bulls on brink of going bust. : Tue Mar 27, 2012 4:38 pm  

The game needs a strong Bradford club and every attempt should be made to ensure its survival. Another poster recalled the late great Trevor Foster who rallied the fans to save the club in 1963. I remember that occassion and suggest a new figure head should be now be found and fast. With the internet and rugby web sites it should be easier to communicate with fans than back in Trevor's day.

If sufficient loyal fans can sign up to some sort of commitment, subject to a solution being found, then this could be presented to the RFL. But IMO any financial commitment should not be to pay off old debts run up by incompetent management. It should be used to support a new venture as shareholders who could perhaps buy the assets from the administrator. If you can get the media behind the campaign it could gain sufficient momentum to persude the RFL to allow the new club to take over the SL franchise. But time is short and what is needed is a steering committee whose first objective is to negotiate and buy time. Good luck