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+ www.altyfans.co.uk » General Category » Altrincham FC First Team
 Halifax Debts - Full List
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Author Topic: Halifax Debts - Full List  (Read 47749 times)

bigcol

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Re: Halifax Debts - Full List
« Reply #15 on: April 30, 2008, 02:23:53 PM »

Does it only take one company to refuse for the deal to colapse?

Only if they have more than 25% share of the debt.

Another nice face I found out is that that average settlement is 40p in the pound.  So a little bit more than 2.5p then? :o
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Longman

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Re: Halifax Debts - Full List
« Reply #16 on: April 30, 2008, 02:39:23 PM »

BMW Financial Services (GB) Ltd, Europa House, Bartley Way, Hook, Hampshire, £12,125.69
Company car?

Coach Options, 768, Manchester Road, Castleton, Rochdale, £5,690
Another coach company left out of pocket.

St John Ambulance, South and West Yorkshire, Healey Road, Ossett, Wakefield, £1,316.
Always nice to shaft a charity.

Ha ha sorry shouldn't laugh but that last one cracked me up!   :D




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Longman

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Re: Halifax Debts - Full List
« Reply #17 on: April 30, 2008, 02:44:47 PM »

Hebden Bridge firm Fat Cat Trading Company, which provides promotional banners and ground boards, is owed £169 and owner Craig Mitchell said he had been stung twice over the years by Halifax Town. 'I wouldn't touch the club with a barge pole now', he said. 'It is not worth the hassle... With the best will in the world it does not seem to matter who is running the club. People probably give 100 per cent but it seems to happen every few years. It is a shame. 2.5p is not worth a light. I have learned my lesson and I bet there are a lot of people like me'

This bit interested me as he's basically saying whats the point of 2.5p in the pound and he doesn't want others to be ripped off like he has, now the only way he can make his point is to not accept it.

So you're thinking that if everyone chose to do this then Halifax could just settle their debts without paying any of it off?  >:(
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gazwarrington

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Re: Halifax Debts - Full List
« Reply #18 on: April 30, 2008, 02:59:55 PM »

I think the bloke has found the 2.5p insulting and will not be accepting it... What has he to lose ? As he said its practically nothing anyway
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Longman

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Re: Halifax Debts - Full List
« Reply #19 on: April 30, 2008, 03:11:46 PM »

I think the bloke has found the 2.5p insulting and will not be accepting it... What has he to lose ? As he said its practically nothing anyway

Yeah true, however the companies that are owed thousands surely won't think like that!?
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mikeford2005

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Re: Halifax Debts - Full List
« Reply #20 on: April 30, 2008, 03:15:32 PM »

I think the bloke has found the 2.5p insulting and will not be accepting it... What has he to lose ? As he said its practically nothing anyway

Yeah true, however the companies that are owed thousands surely won't think like that!?
I think they will, as a company owed £4000 would only get £100. I think they would refuse on principle. Does anyone know if halifax have any assets if they were liquidated?
 
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mortlakebob

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Re: Halifax Debts - Full List
« Reply #21 on: April 30, 2008, 03:27:39 PM »

assets situation not clever
hence the derisory 2.5 pence in the pound proposal.

if ive read this correctly, the tax man is owed 470,000 pounds.
So if the Inland Revenue agree to the proposal, they would receive 11,750 pounds.
that's ridiculous.
But does anyone know previous examples of small percentage CVA's
does the Rvenue agree that £11,000 is better than nothing or does it take a stand and refuse to accept the CVA.?

does anyone else begin to feel less sorry for Halifax when you read this?
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Unemployed Coalminer

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Re: Halifax Debts - Full List
« Reply #22 on: April 30, 2008, 03:30:26 PM »

but does anyone know if crown debt can be included in the CVA? HMG would surely take the first and biggest slice of any funds available.
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gazwarrington

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Re: Halifax Debts - Full List
« Reply #23 on: April 30, 2008, 03:40:23 PM »

2.5p is just unacceptable and I'm sure most companies, including the tax man would just find it insulting.... If they were allowed to get away with 2.5p in the £1 then it just means you can spend what you want and never have to pay it back.... I can't believe the Conference would even allow them to get away with paying back so little, its hardly setting a good example to others ?

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Longman

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Re: Halifax Debts - Full List
« Reply #24 on: April 30, 2008, 03:52:41 PM »

So what would happen if the tax man (who if i'm right in believing has 24% of the debt) refused the 2.5p offer?

Would companies that are owed more trivial amounts just accept the 2.5p in the pound because if they don't then Halifax would be liquidated?  They may think, oh well 'I'm not going to accept the 2.5p at all and Halifax will go bust' or they might think 'I might as well accept the 2.5p, as that way I'll still get a few quid and Halifax won't go bust.'

Surely the only reason as to why creditors won't accept the 2.5p is out of principle and because they want to see Halifax wound up?

What happens to the Creditors who refuse the 2.5p?  Do they never recieve their monies owed??
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DarrenH

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Re: Halifax Debts - Full List
« Reply #25 on: April 30, 2008, 03:59:11 PM »

I am not 100% sure but i think it works that if a certain percentage refuse the CVA the club will be declared bankrupt and any assets will be sold to cover their losses. This could end up being a lot less that 2.5p in the £ or even nothing at all as I think the revenue will have first call on anything.
The other factor is the VAT on any of these invoices. I think the companies have to apply to the receivers so that they can reclaim any VAT they have already paid on the invoices.

One of the interesting creditors for me was the local police force. I assume this is for policing at home games. Surely the local force could now refuse to provide man power for the matches which meant that they could not fulfil their home fixtures.
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Longman

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Re: Halifax Debts - Full List
« Reply #26 on: April 30, 2008, 04:00:37 PM »

Does it only take one company to refuse for the deal to colapse?

Only if they have more than 25% share of the debt.

Another nice face I found out is that that average settlement is 40p in the pound.  So a little bit more than 2.5p then? :o

So if the Inland Revenue refused, who are owed around 24% of the debt, it would only take a couple more companies to refuse for Halifax to go bust?
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altrincham

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Re: Halifax Debts - Full List
« Reply #27 on: April 30, 2008, 04:02:11 PM »

If everyone accepts how long do they have to pay and is there anyone with the patience to work out from the list how much that would be?
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Longman

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Re: Halifax Debts - Full List
« Reply #28 on: April 30, 2008, 04:03:28 PM »

If everyone accepts how long do they have to pay and is there anyone with the patience to work out from the list how much that would be?

Well the debt is 2M so they would end up paying £50,000, which is farcical.
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Narcissist

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Re: Halifax Debts - Full List
« Reply #29 on: April 30, 2008, 04:10:00 PM »

Most companies are likely to refuse if they are owed upwards of 10,000 pounds.

A lot of companies will feel that by accepting 2.5 pence it means somebody has got away with ripping them off and just walked away. Someone gets to buy Halifax for a fraction of what they should be taking on. By refusing the CVA it gives companies an opportunity to say that they wont give their services up for free again. It will also stop a repeat situation.

From a Halifax point of view they would be better just folding up and starting an AFC club than continue with this vicious circle. A clean slate in a lower division could be a better future.
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+ www.altyfans.co.uk » General Category » Altrincham FC First Team
 Halifax Debts - Full List