GA and the Russians

[midfielder]

Yet from my experience there's a myriad of directors out there who go into voluntary administration with promises to the creditors of much better return only to pull some dodgy deals afterwards where the company assetts are sold off for a steal and the poor old creditors get virtually nothing and the directors never get a black mark. The prosecutors would be better off going after those scum rather than the likes of Belinda Niell over a debt that may yet be repaid.

I see your point ... BUT there is a legal duty of a director when they become aware a company cannot met its liabilities to act i.e. raise capital, go into some form of administration...

The ATO argument [from what we read in the above links] seems to be as the Directors did not put the Football club into administration and by continuing to trade they are responsible for the Mariners outstanding taxes...

What will be interesting is when Neal sues us to cover herself and will the court allow Neal to place us in Receivership to protect herself ...

This is a time for Frank to say guys here is 1.4 million ...

 

[Roy Law]

What will be interesting is when Neal sues us to cover herself and will the court allow Neal to place us in Receivership to protect herself ...

And then the Russians would really get a bargain...

 

[Bex]

Yeh MF I got that. Was simply commenting on what some directors get away with and that perhaps that should be the focus of prosecutors.

 

[Ancient Mariner]

And then the Russians would really get a bargain...

I think that is probably what they and/or J.S. have been waiting for.

We definitely live in interesting times. :-[

 

[true believer]

you gotta ask. what was the ATO thinking ? neils lawyers will have a field day with this.the acusation of a witch hunt with the machinations of a godwin grech bureaucrat fiddling funny papers

like i said ,this is a stunt that the ATO needs to answer. using neil as a stalking horse is playing a political game . the charge of bringing the department into disrepute should be filed by neils and certainly the mariners lawyers . the mariners should sue on this premises for loss of venue.

 

[pjennings]

I think that is probably what they and/or J.S. have been waiting for.

We definitely live in interesting times. :-[

I don't see Singo as wanting to own a football club (maybe a NRL club). That said - he does want people to use the stadium. Maybe Turnbull should be looking to Singo to replace the ATO as a creditor.

I'm not saying that it is a good deal for Singo - it's not. However - he does love the Coast and if he can see light at the end of the tunnel - either through the Russians or the new TV deal then he might be persuaded.

 

[Roy Law]

I have no idea why but there does not seem to be any meaningful relationship between Peter Turnbull and John Singleton; as I have said before if I was Turnbull I would have bought Singo a beer, or three, a long time ago.

 

[nikko]

Singo loves his beer

 

[midfielder]

like i said ,this is a stunt that the ATO needs to answer. using neil as a stalking horse is playing a political game . the charge of bringing the department into disrepute should be filed by neils and certainly the mariners lawyers . the mariners should sue on this premises for loss of venue.

I don't think so its an interesting ploy by the ATO... recently the high court handed down a judgement on James Hardie Directors... me thinks its testing how far that judgement can be applied...

If anything I think it is the ATO testing this and a number of other entries as well to see if they can directly sue a director before they sue the company...

My previous understanding was you needed to sue the organisation or person who had not paid... then if that failed you place the company into receivership ... then have a go at the directors... trouble with this is it takes time and allows directors to move their assets into trusts and other structures...

My guess as I posted earlier is our Directors [not only Neil] are being sued by the ATO... Because they are still running the company does ... does this mean that Directors personally liable for a companies debts as is implied by the ATO suing Directors before the company......

 

[yellowcake]

Also, (all) directors should have directors' insurance. Otherwise they are insane.
But that in itself makes them a target for creditors.

 

[midfielder]

One thing that is obvious is the ATO if reports are correct are suing some of our directors...

If true [and it has not been denied] no spin can change the ATO has started a process ... were it leads I have no idea ...

Wonders aloud if PB will be forced to make another Chairman's address ...

Sounds to me like plan B & C will be put to the test soon...

 

[nikko]

send in Paul Hogan and Glenn Wheatley!!!

 

[bikinigirl]

Also, (all) directors should have directors' insurance. Otherwise they are insane.
But that in itself makes them a target for creditors.

. it was my understanding that such insurance was paid by the company (for major corporates at least), so if this is the course of action the ato is going to take insurance rates will go up ... costs to the average punter will go up

. but hey i'm used to hearing about company directors getting away with 'stuff' with no real consequence and being sodomized by insurance companies

. i am now a creditor to the mariners as well and I hope the ato action does not effect what is owing to me (my season ticket)

 

[Ancient Mariner]

Mariners to play 2012/13 season out of Isle of Man.

 

[midfielder]

AM

We will play next year I have no doubt.. TBH I have faith in PB ... given the new media deal is upon us, recent issues in the A-League, FFA will not let us go under...

 

[Gratis]

AM

We will play next year I have no doubt.. TBH I have faith in PB ... given the new media deal is upon us, recent issues in the A-League, FFA will not let us go under...

Agreed, here to stay now. Some bumpiness on the road ahead yet but will stabilise.

Maybe this thread should be renamed 'the Russians' now the Arnie deal is done and dusted. I wonder if we'll hear any more about whether it'll be just the one year or another two. Methinks it's til the end of his 3 year contract with an option for another year, and will depend probably on the upcoming season and future offers for the gaffer's services

 

[Gratis]

Probably seen already - new bread
http://au.fourfourtwo.com/news/245089,new-cash-injection-set-for-mariners.aspx

 

[midfielder]

Probably seen already - new bread
http://au.fourfourtwo.com/news/245089,new-cash-injection-set-for-mariners.aspx

Thanks... I had not seen it...

 

[Forum Phoenix]

Any new $$ support would be great.

 

[priorpeter]

Well, I suppose it's fairly close to the 15th... :