Guest Posted August 28, 2009 Share Posted August 28, 2009 No I haven't made it up,that's not my style,where I read it? I'll have to retrace my path,when I read it yesterday I wrongly assumed that everyone would know until I looked on this thread today. I think you will find that they are very much in administration, and that no CVA is in place. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted August 28, 2009 Share Posted August 28, 2009 (edited) I think you will find that they are very much in administration, and that no CVA is in place. Well why would I know there appeal is on Monday? That was defo part of the same piece. It didn't mention cva,I rightly or wrongly assumed that would have to be settled to come out of admin. Edited August 28, 2009 by ayrmad 0 Quote Link to comment Share on other sites More sharing options...
AND180Y Posted August 28, 2009 Share Posted August 28, 2009 Well why would I know there appeal is on Monday?That was defo part of the same piece. It didn't mention cva,I rightly or wrongly assumed that would have to be settled to come out of admin. Is Monday not a holiday? 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted August 28, 2009 Share Posted August 28, 2009 Livi went into administration,they are no longer in administration,obviously a cva has been agreed.Appeal to be heard on Monday. Well why would I know there appeal is on Monday?That was defo part of the same piece. It didn't mention cva,I rightly or wrongly assumed that would have to be settled to come out of admin. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted August 28, 2009 Share Posted August 28, 2009 Is Monday not a holiday? My life is a holiday,I don't know about Monday being a holiday. The only place I can think of reading it was ITV teletext Footbal Section but that keeps updating what it regards as news,Eduardos diving would chuck SFL news off the radar. I have no idea how you can look on teletext historically. 0 Quote Link to comment Share on other sites More sharing options...
Skyline Drifter Posted August 28, 2009 Share Posted August 28, 2009 Here is an extract which would tend to confirm it:Date: 25 August 2009 Issue Number: 26674 Page number: 4034 Publication Date: Tuesday, 25 August 2009 Notice Code: 2410 Appointment of Administrators Company Name: LIVINGSTON FOOTBALL CLUB LIMITED Company Number: SC142420 Nature of Business: Operate sports arenas & stadiums. Trade Classification: Division 8—46 Other Services. Administrator appointed on: 18 August 2009. By order of: the Court of Session in Edinburgh Administrator’s Name and Address: Duncan Donald McGruther (IP No. 006444), Mazars LLP, 90 St Vincent Street, Glasgow G2 5UB If this is true (and the source is excellent), then the annoucement that the consortium had "assumed full control of the club" was good for a whole 2 days. The appointment of an administrator now means that they are in control of absolutely nothing. What's the Nature of Business all about?Can someone explain wtf is going on? As much as I'd love to be witty and urbane at this juncture I am all kinds of confused. Duncan's "source" is the Edinburgh Gazette, where all corporate notices are required to be published by law. The link is Here Nature of Business is simply a Companies House code for the company's business activity area. All companies have to pick one from a select list. "Football Club" isn't an available option. I believe ours is also "Operate Sports Arenas and Stadiums" When McGruther was first appointed it was as Interim Administrator with full administration to follow in mid-August. I'd imagine this is just the ongoing process with the club now having formally entered administration (I think they should really have acknowledged that on their website although it still says "Interim" on there. I don't think in practical terms it actually makes much difference to anything. McGruther was running the club before, he's running it now. Nothing's changed except the company's formal status. You have entered into full administration. This means that your new owners are not in charge of the business. McGruther (he with not the best rep in the business) is now the administrator, nothing "interim" about it. You have new owners who two days after taking over the club, have now put it into administration, and in every legal sense, have relinquished any and all control of LFC. To be fair that last sentence is completely misleading and wrong. Yes, they are in full administration. Yes the new owners are not in charge (but they never have been despite their public statements allowing inference that they were). However, they have NOT put the club into administration. This is a formal process begun under Massone and not yet reached a stage where it needs stopped. McGruther is running the club and always has (well since Massone anyway). The new consortium have purchased the shares and own the club but legally they don't run it. The Courts have appointed an administrator to run it and he'll continue to do so until a CVA is agreed and the company can be left to run itself thereafter. That isn't likely to be anytime especially soon. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted August 28, 2009 Share Posted August 28, 2009 My first post assumed a cva had to be agreed to come out of admin,my second stated I don't know for a fact that is the case. 0 Quote Link to comment Share on other sites More sharing options...
Yoss Posted August 28, 2009 Share Posted August 28, 2009 As SD says, the move into full administration was a predetermined formality following McGruther's initial appointment, rather than news as such, and it was always clear that Rankine and McDougall were never volunteering to pay off the full debt so that would still happen. So I don't read anything into the fact it wasn't announced specifically, I just took it to be the case anyway. A CVA can't have been agreed yet, that's not a quick process and as stated above requires the publication of reports on total debt and creditors' meetings and all that malarkey. So McGruther is in control, but it's not incompatible with his duties to operate in conjunction with the owners. He does however have legal responsibilities, to cut costs to something affordable - and we still await evidence that he's doing anything about the playing budget - and to prevent debt from continuing to build. I can't see how it's possible for them to be maintaining the current squad based on the income they're getting at the moment and I'd thus like to know where the money is coming from to keep the club going in the meantime, and on what terms. 0 Quote Link to comment Share on other sites More sharing options...
AND180Y Posted August 28, 2009 Share Posted August 28, 2009 As SD says, the move into full administration was a predetermined formality following McGruther's initial appointment, rather than news as such, and it was always clear that Rankine and McDougall were never volunteering to pay off the full debt so that would still happen. So I don't read anything into the fact it wasn't announced specifically, I just took it to be the case anyway. A CVA can't have been agreed yet, that's not a quick process and as stated above requires the publication of reports on total debt and creditors' meetings and all that malarkey.So McGruther is in control, but it's not incompatible with his duties to operate in conjunction with the owners. He does however have legal responsibilities, to cut costs to something affordable - and we still await evidence that he's doing anything about the playing budget - and to prevent debt from continuing to build. I can't see how it's possible for them to be maintaining the current squad based on the income they're getting at the moment and I'd thus like to know where the money is coming from to keep the club going in the meantime, and on what terms. Interim admin was supposed to avoid full blown admin according to the new board. 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted August 28, 2009 Share Posted August 28, 2009 (edited) Interim admin was supposed to avoid full blown admin according to the new board. I think that was under the 1st division business plan and b4 the debt was intimated at £1.7m. Edited August 28, 2009 by ayrmad 0 Quote Link to comment Share on other sites More sharing options...
Guest Posted August 28, 2009 Share Posted August 28, 2009 If I have gotten the essence of this wrong, then apologies all round. AsI understood it, the inference from MacDougall and Rankine was not to enter administration in full. Again,LLD had stated there was half a million set aside for creditors (based on SFL1) which I presumed to mean that half a million from revenues gleaned in SFL1 would be set aside for creditors. I'd like to have seen how that was expected to pan out other than the council completely foregoing rent on the stadium in its entirety (or dropping it to silly amount whereby the tax payers would effectively subsidize the stadium in full). Of course, ambiguous statements are made for very specific reasons.............to infer something, but being able to apply an action which appears at odds with that inference until the "actual meaning" is re-interpreted. The statement on the official site clearly states that the consortium have "full control". That clearly is not the truth, and if McGruther has been "da man", all along, then it clearly has never been the truth.............unless the consortium consider McGruther to be "one of them", or doing what they tell him to do. 0 Quote Link to comment Share on other sites More sharing options...
The Arch Posted August 28, 2009 Share Posted August 28, 2009 You're doing well to drag this one out, Duncan, considering nearly everyone else has lost interest. You have my respect for sheer persistance alone. 0 Quote Link to comment Share on other sites More sharing options...
phantoms-livi-lass Posted August 28, 2009 Share Posted August 28, 2009 You're doing well to drag this one out, Duncan, considering nearly everyone else has lost interest.You have my respect for sheer persistance alone. Duncan is just waiting for a Livi fan to come on & take the whipping, I would offer myself for this but we have more pressing concerns at the moment - There is a teddy with no name yet! This is a criminal offence in Livingston & needs to be dealt with pronto! 0 Quote Link to comment Share on other sites More sharing options...
Aberdeen Cowden Posted August 28, 2009 Share Posted August 28, 2009 You're doing well to drag this one out, Duncan, considering nearly everyone else has lost interest.You have my respect for sheer persistance alone. Yes Duncan - this saga seems to have taken over your life. What exactly is your interest? 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted August 28, 2009 Share Posted August 28, 2009 (edited) TBF you'd think by now Livi fans would have taken their heads out of the sand, got the relevant answers and came to their conclusions one way or another. They're coming to their conclusions now based on fantasies peddled by this murky cabal. Edited August 28, 2009 by vikingTON 0 Quote Link to comment Share on other sites More sharing options...
djn Posted August 28, 2009 Share Posted August 28, 2009 You're doing well to drag this one out, Duncan, considering nearly everyone else has lost interest.You have my respect for sheer persistance alone. He's a long way to go until he reaches Swampy standards, mind 0 Quote Link to comment Share on other sites More sharing options...
Skyline Drifter Posted August 28, 2009 Share Posted August 28, 2009 (edited) The statement on the official site clearly states that the consortium have "full control". That clearly is not the truth, and if McGruther has been "da man", all along, then it clearly has never been the truth.............unless the consortium consider McGruther to be "one of them", or doing what they tell him to do. I said at the time somewhere on this thread that plainly wasn't true. They were not ever, nor are now, in "full control". Full ownership but that's not the same thing. The Court has appointed an Administrator (be it Interim or otherwise). He is therefore, ipso facto, in legal control and remains so until an application is lodged to come out of administration. The website still says, and has always said before during and since that statement, on the front page that Duncan Donald McGruther of Mazars LLP is in charge. However, it does still refer to him as an 'Interim Manager'. If they have now entered full administration as it seems they have then that ought to be amended. Edited August 28, 2009 by Skyline Drifter 0 Quote Link to comment Share on other sites More sharing options...
Yoss Posted August 28, 2009 Share Posted August 28, 2009 Meanwhile Keane has been acquitted of fraud: http://news.bbc.co.uk/1/hi/scotland/edinbu...ast/8224705.stm 0 Quote Link to comment Share on other sites More sharing options...
phantoms-livi-lass Posted August 28, 2009 Share Posted August 28, 2009 Yes Duncan - this saga seems to have taken over your life. What exactly is your interest? Duncan, sadly, does have a very valid reason to be interested in these events. However, VikingTON does not, but sadly that does not stop him! 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted August 28, 2009 Share Posted August 28, 2009 Here was me thinking this was a Scottish football forum, or are we to be excluded from input on the basis of 'telling you things you'd rather not know about'? 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.