Good news for Albion fans ....

http://www.plymouthherald.co.uk/Plymouth-Albion-new-ownership-week-according/story-28987412-detail/story.html

Chancellor wrote:

New owners next week with no old debt and big plans.

My understanding is that Peter Vosper has written off his loan and that around 20 shareholders will have their £10k guarantees called in, then its start anew.

Shame for the creditors, but hopefully a future geared to more than L1 / Championship yo-yo.

First speedway and now rugby. Whose next?

green_genie wrote:

Chancellor wrote:

New owners next week with no old debt and big plans.

My understanding is that Peter Vosper has written off his loan and that around 20 shareholders will have their £10k guarantees called in, then its start anew.

Shame for the creditors, but hopefully a future geared to more than L1 / Championship yo-yo.

it is a pisstake really it has to be said to not pay them back.

brent must be kicking himself that he didnt think of that tactic first

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

AstiSpumante wrote:

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

Not really if the creditors have agreed to waive their debt. This move is merely a signal to the RFU and indeed is only an intention to appoint an administrator, administration may not happen at all

Chancellor wrote:

AstiSpumante wrote:

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

Not really if the creditors have agreed to waive their debt. This move is merely a signal to the RFU and indeed is only an intention to appoint an administrator, administration may not happen at all

OK, but what if they haven't agreed to waive their debt ?

AstiSpumante wrote:

Chancellor wrote:

AstiSpumante wrote:

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

Not really if the creditors have agreed to waive their debt. This move is merely a signal to the RFU and indeed is only an intention to appoint an administrator, administration may not happen at all

OK, but what if they haven't agreed to waive their debt ?

I agree that administration is a law that allows people to duck their responsibilities in many cases, but it is also designed to help companies move on from past failings and is often done with the approval of the creditors. It is certainly flawed in many ways but without it its probable we would be worse off from a economic point of view. Many/most businesses who are owed money in such cases have insurance to fall back on and the insurers end up footing the bill, or much of it, but I agree that for smaller businesses (as in Argyles case) who suffer as a result, it is a pretty difficult pill to take.

I should add that being both an Argyle and Albion fan who only hopes for the best for my teams, I know who I more fancy moving onwards and upwards now.

As much as I dislike it, administration, and bankruptcy for individuals is far better than the old debtors' prison.
The real problem these days is leverage and how little equity is required to produce a limited liability balance sheet. It's the accounting philosophy that is bankrupt, and the ethics of some business people.

Where would Albion be without Dawe ?

Chancellor wrote:

AstiSpumante wrote:

Chancellor wrote:

AstiSpumante wrote:

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

Not really if the creditors have agreed to waive their debt. This move is merely a signal to the RFU and indeed is only an intention to appoint an administrator, administration may not happen at all

OK, but what if they haven't agreed to waive their debt ?

I agree that administration is a law that allows people to duck their responsibilities in many cases, but it is also designed to help companies move on from past failings and is often done with the approval of the creditors. It is certainly flawed in many ways but without it its probable we would be worse off from a economic point of view. Many/most businesses who are owed money in such cases have insurance to fall back on and the insurers end up footing the bill, or much of it, but I agree that for smaller businesses (as in Argyles case) who suffer as a result, it is a pretty difficult pill to take.

Insurers lol. I've lost a fair bit of money to bigger businesses going into admin. going bust, dissappearing and I've never been offered insurance to safeguard that and it would probably be too expensive to bother with if it even exists. Small businesses can be finished off quite easily by the likes of Argyle or Albion don't be so flippant, it's peoples lives quite literally.

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

Amsterdamage wrote:

Chancellor wrote:

AstiSpumante wrote:

Chancellor wrote:

AstiSpumante wrote:

I find it very poor that businesses / Companies / Clubs can go into administration, clear their debts at the expense of others and then make a fresh start the next week. It might be legal but it's morally bankrupt.

Not really if the creditors have agreed to waive their debt. This move is merely a signal to the RFU and indeed is only an intention to appoint an administrator, administration may not happen at all

OK, but what if they haven't agreed to waive their debt ?

I agree that administration is a law that allows people to duck their responsibilities in many cases, but it is also designed to help companies move on from past failings and is often done with the approval of the creditors. It is certainly flawed in many ways but without it its probable we would be worse off from a economic point of view. Many/most businesses who are owed money in such cases have insurance to fall back on and the insurers end up footing the bill, or much of it, but I agree that for smaller businesses (as in Argyles case) who suffer as a result, it is a pretty difficult pill to take.

Insurers lol. I've lost a fair bit of money to bigger businesses going into admin. going bust, dissappearing and I've never been offered insurance to safeguard that and it would probably be too expensive to bother with if it even exists. Small businesses can be finished off quite easily by the likes of Argyle or Albion don't be so flippant, it's peoples lives quite literally.

As I said smaller businesses rarely get debtors insurance but if you had invoice discounting or factoring for example its normally insisted upon by the finance company.

Amsterdamage wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

remember to Turn the gas on remember and inhale deeply.

As with everything, it's not all black and white. The company I work for got hit for £30k when a developer we worked with went bust over some lifts not being delivered. That incident convinced him to get out of the building trade. If we'd been offered £3k and an ongoing relationship, we would've taken it. Up to that point he'd paid his bills promptly, and did interesting projects.

i'll be interested to see who takes over. I hope for Albion's sake they are good businessmen, have resources and like rugby...

Angry wrote:

Amsterdamage wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

remember to Turn the gas on remember and inhale deeply.

FFS Angry, admit it to him that you have an electric oven!

MikeWN wrote:

As with everything, it's not all black and white. The company I work for got hit for £30k when a developer we worked with went bust over some lifts not being delivered. That incident convinced him to get out of the building trade. If we'd been offered £3k and an ongoing relationship, we would've taken it. Up to that point he'd paid his bills promptly, and did interesting projects.

Gangsters call it the long game, set up a business and get friendly with your suppliers, gradually order more and more stock with each order then set them up with a real big one. At the end of the month the supplier after not having his phone calls answered goes round to the premises and finds it all shut up and all persons and stock gone. The business is liquidated and Gary Gangsta sets up a nice little bar in Marbella off the proceeds. Or it's done by privately educated individuals with good lawyers and accountants otherwise known as businessmen, pillars of the community, salt of the earth who give ten percent to charidee to appease their consciences.

mouldyoldgoat wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

remember to Turn the gas on remember and inhale deeply.

FFS Angry, admit it to him that you have an electric oven!

He'd only get his knickers in a twist by claiming its a fan assist one

Angry wrote:

i'll be interested to see who takes over. I hope for Albion's sake they are good businessmen, have resources and like rugby...

All boxes ticked!

Angry wrote:

Amsterdamage wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

remember to Turn the gas on remember and inhale deeply.

That hasn't worked since we went to "high speed gas".

Bannister and Warboys. Remember it well.

Sir Francis Drake wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

Amsterdamage wrote:

Angry wrote:

change the header of this thread mods its not good news at all

the club is going into administration...again

The mods are all busy couldn't you do it mate?

only if you put your head in a gas oven first

Admission is the first step in dealing with a problem, thanks mate. Let's try and move on now.

remember to Turn the gas on remember and inhale deeply.

That hasn't worked since we went to "high speed gas".

thankyou oracle

Always glad to help.

Albion staff only paid half of their month wage.