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Newcastle now closed !!!


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7 hours ago, Aceslider said:

Various documents filed today (24 August) for Newcastle Diamonds Limited at Companies House including:-

  • Statement of Affairs
  • Extraordinary Resolution to Wind Up
  • Appointment of Voluntary Liquidator

Documents will be visible in 10 days time for anyone interested

I’m sure everything will be above board and the donations made to the club will be listed.

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Has anybody had any proof that it was said the Grant claimed the wages of the catering from Newcastle Speedway, but put the catering income through his catering account. If true, is that not illegal especially when the speedway account goes bust, and the takings not taken into account to pay creditors. 

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7 hours ago, Justgotmecpc said:

A massive well done to former diamonds Lewis Kerr & Danny king in the CLRC tonight at Poole. What a cracker of a meeting 

 

What about Ludvigs mate Smiler.Yep not a bad meeting.See Robbos testimonial is Saturday 1st October Redcar tapes up 5pm for 3rd time lucky.

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Liquidation documents now visible on Companies House website.

Total deficiency re creditors - £74,578 which includes:-

  • Directors - £33K
  • Arena Racing Company - £10.5K
  • BSPA - £14K
  • Grants Butchers - £3.5K
  • VAT - £2.4K
  • Nick Brown MP - £600

Total Assets - £6.4K

Surprised no mention of BSPA Bond which I would have thought would be in the region of £50K. Wonder if Grant has been using this source to pay O/S sums due to riders? THJ probably knows how this works but interesting that BSPA are listed as being owed £14K

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42 minutes ago, Aceslider said:

Liquidation documents now visible on Companies House website.

Total deficiency re creditors - £74,578 which includes:-

  • Directors - £33K
  • Arena Racing Company - £10.5K
  • BSPA - £14K
  • Grants Butchers - £3.5K
  • VAT - £2.4K
  • Nick Brown MP - £600

Total Assets - £6.4K

Surprised no mention of BSPA Bond which I would have thought would be in the region of £50K. Wonder if Grant has been using this source to pay O/S sums due to riders? THJ probably knows how this works but interesting that BSPA are listed as being owed £14K

And just what were Newcastle speedway paying Nick Brown for?

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16 minutes ago, arnieg said:

And just what were Newcastle speedway paying Nick Brown for?

Paying  up to attend meetings to make him look important..

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21 minutes ago, proud panther said:

Surely there should be a payment owed to season ticket holders ?

Yep but I doubt it and told us we would be refunded.Has anyone got any idea how much roughly that is owed on the season ticket?

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1 hour ago, King Jamie said:

Within the Statement of Affairs, on the Summary of Liabilities page, there is an amount of £8,872 owing to 'consumer creditors'. I would guess season ticket holders are included in that figure?

I think you are absolutely right and probably the whole  amount attributable to season ticket holders.

If that is the case, my understanding is that they will rank as unsecured creditors meaning that after liquidators fees etc, won't get a penny back.

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5 hours ago, arnieg said:

And just what were Newcastle speedway paying Nick Brown for?

I would suggest that he paid that as a sponsor for free attendance and advert in the programme.

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10 hours ago, soupy said:

Yep but I doubt it and told us we would be refunded.Has anyone got any idea how much roughly that is owed on the season ticket?

Anyone know how to fill the form in from the liquidator? For a start not even sure how much I'm entitled to. Not holding out much hope but going to try and fill it in anyway.

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29 minutes ago, Winditon said:

Anyone know how to fill the form in from the liquidator? For a start not even sure how much I'm entitled to. Not holding out much hope but going to try and fill it in anyway.

Divide the cost of the ticket by the expected number of home meetings that were covered by the ticket and then multiply this number by the amount of meetings you didn't get to see and this will be roughly what you are owed

180 ticket say ÷ 12 meetings =15 quid per meeting... and if there were 6 home meetings left you are due 90 quid back as a refund... I don't know the exact figures / cost / meetings but it will give you an idea...

Beware though because if there isn't enough money in the pot to pay the debtors in full the liquidators / administrator  may only have enough funds to pay out say 50 pence in the pound so you will only get half of what you will be actually owed... or in the case we had where we got 0.02 pence in the pound... in that scenario you would only get £1.80 back against the 90 quid (ish) you lost...

Regards 

THJ

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7 hours ago, TotallyHonestJohn said:

Divide the cost of the ticket by the expected number of home meetings that were covered by the ticket and then multiply this number by the amount of meetings you didn't get to see and this will be roughly what you are owed

180 ticket say ÷ 12 meetings =15 quid per meeting... and if there were 6 home meetings left you are due 90 quid back as a refund... I don't know the exact figures / cost / meetings but it will give you an idea...

Beware though because if there isn't enough money in the pot to pay the debtors in full the liquidators / administrator  may only have enough funds to pay out say 50 pence in the pound so you will only get half of what you will be actually owed... or in the case we had where we got 0.02 pence in the pound... in that scenario you would only get £1.80 back against the 90 quid (ish) you lost...

Regards 

THJ

Thanks John

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18 hours ago, Aceslider said:

I think you are absolutely right and probably the whole  amount attributable to season ticket holders.

If that is the case, my understanding is that they will rank as unsecured creditors meaning that after liquidators fees etc, won't get a penny back.

Which is exactly what happened when the Phillips promotion at Birmingham went bust in 2014. So don't hold your breath for repayment ... :angry:

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