Should this be a concern for Knight's fans?

[badav]

What does 'wind up' in this context mean?

Wind up in this context means ceasing operations and selling assets to pay debts.

Should be interesting to see how this one pans out

 

[Joker's Wild]

Faaarrrkkkkkkin 'el

 

[Slackboy72]

What does 'wind up' in this context mean?

It means liquidation. Expiration. Dead. No longer in existence. Ceasing to being.

(anyone got a link to the dead parrot sketch for CH?)

The question remains if the club can possibly be wrestled back off fatty and if that $20m guarantee can be used to pay this debt. If it can then they should use the remaining $18.5m to build a solid gold statue of Robert Tew.

 

[Chicken_Hunter]

Surely hsg is now in breach of any agreement with the knights therefore we should now be able to buy the club back for $1 and get the 20 mil and pay off this debt. Surely? How could tinkler not paying taxes not be in breach? Please tell me it's in breach of the agreement. Panic stations.

 

[Joker's Wild]

At worst the NRL/ARLC will grant the tax money to keep the Knights a float until a resolution on ownership is met. They wont let the club be "wound up" nor will they let players and staff go unpaid, the negative press would be astounding if they did.

Prepare to be trolled fellas

 

[Chicken_Hunter]

And yet gidley and co kept denying the knights were in any trouble. Surely, the CEO of the knights must have known about this huge tax debt.

Sucks being lied to. It took the ato to release a statement to inform the fans rather than the knights. Shame.

 

[Ausguy]

Nah no trolling from me fellas.

As a sharks fan i know how tough it can be supporting a club that has its struggles.

The only one i will give it to is your special supporter that most of you seperate yourselves from.

You wont be wound up it will sort itself out. Good luck.

 

[Sydney Knight]

Saw that article. Just pay your tax Tinky.

 

[cram]

Why is it that this club, our club always seems to have to do things the hard way....lol

 

[Chicken_Hunter]

Saw that article. Just pay your tax Tinky.

Hey hasn't got the money too. Unless he sells 437,500 whc shares

 

[Chicken_Hunter]

Why is it that this club, our club always seems to have to do things the hard way....lol

Yep and I thought the days of being run like a chook raffle were over.

 

[Slackboy72]

And yet gidley and co kept denying the knights were in any trouble. Surely, the CEO of the knights must have known about this huge tax debt.

Sucks being lied to. It took the ato to release a statement to inform the fans rather than the knights. Shame.

So all that press about unpaid debts and court action by creditors didn't clue you in as to how Tinkles runs his business affairs?

http://en.wikipedia.org/wiki/Cognitive_dissonance

 

[Silent Knight]

We probably can't even afford the chook raffle.

 

[Apey]

[youtube]5l3oUUUzOxE[/youtube]

 

[badav]

And yet gidley and co kept denying the knights were in any trouble. Surely, the CEO of the knights must have known about this huge tax debt.

Sucks being lied to. It took the ato to release a statement to inform the fans rather than the knights. Shame.

And Matt Gidley is just a PR figurehead who had existing links to the club. I mean he's an ex footy player just a few years retired.

I don't think he runs the day to day operations the way a traditional managing director/CEO would. I thought that had been acknowledged when HSG 'installed' him into that position.

 

[Chicken_Hunter]

So all that press about unpaid debts and court action by creditors didn't clue you in as to how Tinkles runs his business affairs?

http://en.wikipedia.org/wiki/Cognitive_dissonance

That's not my point. Of course I knew there were problems with tinkler. My issue is that the club has denied any financial troubles and that tinklers issues were not a concern. It has taken the ato to release a statement in regards to the knights that now confirms we do have issues. I just think the club could have let its members and fans know so we didn't have to find out from another source. A first world problem I know, but I kind of want a bit of integrity from my club.

 

[perverse]

Prepare to be trolled fellas

This.

Don't worry about the club until we're not fielding a team in Round 1. The safeguards are all in place, the NRL is cashed up, and we're an important club for a number of reasons. The sledging from uneducated gimps is going to flow like the river Ganges, though... hard, fast and full of shit.

 

[Chicken_Hunter]

Apparently Tinkler will pay the ATO in full next week as he wasn't advised of this debt. It probably has more to do with the fact he owes a lot of people a lot of money and has forgotten who he needs to pay.

 

[Caesar]

Surely hsg is now in breach of any agreement with the knights therefore we should now be able to buy the club back for $1 and get the 20 mil and pay off this debt. Surely? How could tinkler not paying taxes not be in breach? Please tell me it's in breach of the agreement. Panic stations.

It's in breach but it's entirely possible the members will not get a cent of the bank guarantee. The ATO has been chasing HSG since September for the unpaid taxes. That's less than six months after the bank guarantee was signed (31/03/2012).

According to insolvency law, any contracts (including bank guarantees) entered into within six months prior to a company becoming insolvent may be declared null and void, if deemed to be providing an unfair preference:

http://www.propertyoz.com.au/wa/Article/NewsDetail.aspx?p=16&id=6772

So if the liquidators determine that the company was insolvent prior to the end of September (which seems entirely probable, since technically insolvent companies often struggle on for a bit before defaulting on debts) then the members' contract with HSG may not end up being worth the paper it's written on.

In that case we will be left to take whatever is left of the club after the tax liability and any other creditors have been paid.

 

[Chicken_Hunter]

Well that's just great.