crescent girl Posted March 25, 2016 Report Share Posted March 25, 2016 If there is to be any chance of saving Plymouth, it will require careful diplomatic governance by BSPA, bringing potential white knights to the table at the same time as knocking together the heads of the existing promotion for the good of the club, and the sport. In his years as Chairman, Alex Harkess proved very good at brokering such arrangements -- a few more times than public knowledge has acknowledged -- and we have to hope, even pray the current Management Committee can find the same diplomacy and drive in this instance, which may be their first major test as a driving force for the good of British speedway. Quote Link to comment Share on other sites More sharing options...
TheScotsman Posted March 25, 2016 Report Share Posted March 25, 2016 Certainly tough luck for brendon Johnson and separately for Mr Perks. Quote Link to comment Share on other sites More sharing options...
Mike Baxendale Posted March 25, 2016 Report Share Posted March 25, 2016 Edited for accuracy. sadly we all know £14000 is not enough to keep a speedway team alive for a season I chaired last nights meeting. The money raised so far by supporters in one evening is colossal. The messages of support are colossal. the emergency committee fans, businessman, speedway community in general, BSPA support is colossal. We are overwhelmed with your support. 1 Quote Link to comment Share on other sites More sharing options...
bigeddiechek Posted March 25, 2016 Report Share Posted March 25, 2016 To my mind SOME of the Directors of Peninsula Promotions don't appreciate the nuances of company law, they believe that going into Receivershipp wipes out all the debts and they are home free NOT SO Directors are what is called jointly and severally responsible for the debts That's not strictly correct... Quote Link to comment Share on other sites More sharing options...
Gazc Posted March 25, 2016 Report Share Posted March 25, 2016 (edited) To my mind SOME of the Directors of Peninsula Promotions don't appreciate the nuances of company law, they believe that going into Receivershipp wipes out all the debts and they are home free NOT SO Directors are what is called jointly and severally responsible for the debts IF they have assets on a personal basis the receiver will demand the whole debt from one director, if by selling everything that Director cannot cover the complete debt they them move to another director for the outstanding balance and so on. I understand it as impossible to discover who the debtors are last night well a couple of clues, one has the name of a well known former Plymouth car dealer who built Britains first circular self serve petrol station but now counts other peoples money. I was 69 on Wednesday but I didn't partake of the appropriately named scotch whisky, not even sure if you can still buy it, anyway drop the 69 from the brand name Directors cannot be held personally liable if it is a Ltd Company hence the Ltd bit meaning any liability against Directors personally is limited the only way debtors can go after them personally is if something untoward has taken place and submitted by the receiver in charge. However if any of the Directors have given any written Personal Guarantees then that is a different matter. Edited March 25, 2016 by Gazc 3 Quote Link to comment Share on other sites More sharing options...
bigeddiechek Posted March 25, 2016 Report Share Posted March 25, 2016 Directors cannot be held personally liable if it is a Ltd Company hence the Ltd bit meaning any liability against Directors personally is limited the only way debtors can go after them personally is if something untoward has taken place and submitted by the receiver in charge. However if any of the Directors have given any written Personal Guarantees then that is a different matter. Exactly. Quote Link to comment Share on other sites More sharing options...
arnieg Posted March 25, 2016 Report Share Posted March 25, 2016 The directors can be held personally liable if held to have been knowingly trading whilst insolvent ('wrongful trading' is the corporate jargon). Given the circumstances it is not inconceivable that such a charge could be laid, but highly unlikely. Quote Link to comment Share on other sites More sharing options...
barncooseboy Posted March 25, 2016 Report Share Posted March 25, 2016 well, when Trelawny closed the receiver came after me for 25k, even though I had resigned as a director 6 months before it ended because he said we were trading while bust in December and January of the months before Trelawny went into receivership even though we were inactive in those months and not actively trading Quote Link to comment Share on other sites More sharing options...
barncooseboy Posted March 25, 2016 Report Share Posted March 25, 2016 read the chapter in Ian Thomas book about Newcastle going under Quote Link to comment Share on other sites More sharing options...
Starman2006 Posted March 25, 2016 Report Share Posted March 25, 2016 (edited) "When we had Ben Barker in the Premier League he was taking home £1,200 for every meeting." I can see both sides to this, but only to a certain extent. I appreciate a promotion being of the viewpoint of speculate to accumulate and the attraction of Barker to Plymouth at the time is obvious, but……it would have been known before a wheal was turned that season that Barker would (supposedly) be taking that ammount home from every meeting so if it was that big an issue…..don’t sign him, don’t sign him and don’t inflate the average price of rider across the entire league if it isn’t sustainable. More importantly don’t sign a rider and then bleat about how expensive they were after the event. I thought it was 1300. Anyway whatever the figure its to much, and you certainly cannot put the clubs long term future in jepardy, that is financial suicide. Edited March 25, 2016 by Starman2006 Quote Link to comment Share on other sites More sharing options...
Hawk127 Posted March 25, 2016 Report Share Posted March 25, 2016 Directors cannot be held personally liable if it is a Ltd Company hence the Ltd bit meaning any liability against Directors personally is limited the only way debtors It is actually creditors not debtors. Debtors owe the company money whereas creditors are those owed money by the company. For example a rider is a creditor.Notwithstanding, good luck to all who are trying to save the team and hopefully it will not be long before the Devil's are racing again. 1 Quote Link to comment Share on other sites More sharing options...
SomersetBlue Posted March 25, 2016 Report Share Posted March 25, 2016 Just been announced at the track. Plymouth will be at Somerset next friday as a select side. No riders announced yet. 1 Quote Link to comment Share on other sites More sharing options...
bigeddiechek Posted March 25, 2016 Report Share Posted March 25, 2016 well, when Trelawny closed the receiver came after me for 25k, even though I had resigned as a director 6 months before it ended because he said we were trading while bust in December and January of the months before Trelawny went into receivership even though we were inactive in those months and not actively trading If Directors do not act responsibly, then they can be held liable, or if they give personal guarantees, etc. Limited Company status does provide protection, though. It also doesn't stop creditors from trying to get cash back either. Whether they are legally allowed to depends on the circumstances. In any case, I sincerely hope Plymouth can be kept open. 1 Quote Link to comment Share on other sites More sharing options...
alfiemorris Posted March 26, 2016 Report Share Posted March 26, 2016 I think we have to forget the past, however unsavioury that might be. Plymouth Devils need help and support now. Don't let them die please. 1 Quote Link to comment Share on other sites More sharing options...
Gazc Posted March 26, 2016 Report Share Posted March 26, 2016 (edited) It is actually creditors not debtors. Debtors owe the company money whereas creditors are those owed money by the company. For example a rider is a creditor. Notwithstanding, good luck to all who are trying to save the team and hopefully it will not be long before the Devil's are racing again., Off course it is my bad but here's hoping something can be done to keep the devils on track regardless off the boardroom stuff. Edited March 26, 2016 by Gazc 1 Quote Link to comment Share on other sites More sharing options...
lewy Posted March 26, 2016 Report Share Posted March 26, 2016 The supporters are showimg tremendous unity smd determination to rescue the club,people are really working hard to rescue this situation and we might just resurrect the devils over the easter hols how ironic that would be! Quote Link to comment Share on other sites More sharing options...
pitgate52 Posted March 26, 2016 Report Share Posted March 26, 2016 (edited) We, the supporters are doing our utmost to try and raise the monies needed, by pledges etc. I, personally just want our club to be on track again so that I can come home after a good nights racing, whether it's win or lose, or hoarse from cheering and shouting and say I helped, in my own small way, to get this back up running. Edited March 26, 2016 by pitgate52 2 Quote Link to comment Share on other sites More sharing options...
arnieg Posted March 26, 2016 Report Share Posted March 26, 2016 Here's hoping it does work out. If it does I imagine Plymouth will look to moving into the National League next year. That could make the NL larger than the PL, and the largest speedway league in the world! Quote Link to comment Share on other sites More sharing options...
lewy Posted March 26, 2016 Report Share Posted March 26, 2016 If the rescue works out it has been unanimously voted on at the emergency meeting that its for pl only,only 3 votes for nl,the new regime will work harder and smarter making pl viable in plymouth 3 Quote Link to comment Share on other sites More sharing options...
Cliffeboy Posted March 26, 2016 Report Share Posted March 26, 2016 Just been announced at the track. Plymouth will be at Somerset next friday as a select side. No riders announced yet. Excuse my ignorance, is this fixture purely for the Devils fans to see their team in action or is it a fund raiser with proceeds going to their survival? Quote Link to comment Share on other sites More sharing options...
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