Gfh planning admin this weekend

Eireleeds1 said:

Haigh and his harm reportedly visited Deloitte in London to discuss a pre pack admin. I haven't a clue what that is but some are saying gfh could maintain control and clear all debt. Surely fl wouldn't allow this. If it happens, there is only one remedy, starve the ****ers out. Do not attend matches or buy season tickets until we have been cleared of this latest disease that is gfh

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I will stake £5 this is bollocks. A flat pack admin has been a storyline on emmerdale this week and one of the twatterati has started a rumour on the back of it.

If this is true it means that Haigh and his cronies which are possibly Flowers and Farnham etc, will buy the club for peanuts in a re-pack deal on the cheap. It will mean that Cellino loses out on his money and its a scandal


But then the FL allowed these ****ing bandits into the club

Eireleeds1 said:

Probably where Haigh got the idea. Just the kind of rubbish they'd be likely to watch and believe

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Now you say it!

A pre-pack would mean that GFH would make you insolvent and flog all the assets to a 3rd party (Haigh). He would then have to transfer them to a newly formed company (newco) and bye bye all those years of history - wouldn't wish that on any club

When Can a Company Use Pre-Packaged Administration?

The business must be insolvent and have no viable prospect of recovery. In short, a business is considered to be legally insolvent when the amount it owes in current and contingent debts and liabilities exceeds the combined value of its assets, and/or when the business has defaulted on a debt of more than £750 and has failed to comply with a statutory payment demand.

The insolvency practitioner and company directors must be able to show that no other solutions would have been more beneficial to creditors. Company directors and insolvency practitioners are required by law to act in the best interest of the insolvent company's creditors. Therefore, a pre-pack administration cannot be used unless it results in the best outcome for creditors.

The purchaser must be able to pay fair market value for the assets out of their own personal funds. This is what makes a pre-pack ethical - the proceeds from the sale of assets are distributed amongst creditors, so it is essentially the same is if an unrelated third-party purchased the assets during liquidation, except the third-party can be one or more directors of the insolvent company.

4am ramblings.

This is worse than Portsmouth or Luton. Admin plus no CVA when leaving it again while possible other buyers are excluded from purchasing, no golden share, starting life either in League 2 or being kicked out altogether, having no rights to play at ER or train at TA.

Haigh would not be able to be involved in the club after the prepack - someone would kill him

Essentially GFH are walking away with nothing and have hung all the investors and creditors out to dry. Can't see that they will be able to do business with anyone after this. If it's true.

Wonder if they wish they had accepted the £7m now from Pearson, or gone with Together Leeds.

Can people now please get off the back of the manager and the players?

glory hunter 2013/14 said:

Now you say it!

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See what you mean Norman.

If this is true, then GFH will be in deep trouble, no credibility left, and as an investment bank who followed their own advice and "self-invested" in a project to turnaround a quick profit, well, who in their right minds will do business with them after such a public failure? They can't afford to put Leeds into admin, even if they keep the club a la Bates ... difference is when Bates did it nobody came forward to bid, so Bates was only buyer ... this time GFH will have a rival bid, even if its Haigh on his own, and they will lose the club ... glory is probably right, yet another twitter rumour


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