Aceslider

Just a heads up for anyone interested that the Liquidators Final Statement of Affairs has just been filed at Companies House. All available funds realised (circa <£5K) gobbled up by liquidation fees and nowt for creditors. Some things don't change. Apparently HMRC did not file a claim so the alleged VAT arrears have presumably gone to the spirit in the sky!

https://find-and-update.company-information.service.gov.uk/company/12324842 Filing history tab - Statement of Affairs PDF

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.

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

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

Just as a matter of interest and perhaps posting as one of the "expert accountants out their (?).....", not that I profess to be an expert by any means, I do wish to make several observations of my own to add some degree of balance to the dialogue particularly as I make no apology for questioning some of the claims and accusations which were being levelled at George English in previous threads and posts on this forum. Firstly, and just to remind myself if nothing else, it should be noted that the Liquidators final account for Newspeed 2003 Limited was made up to 1 July 2021 and that company was actually struck off from the company register on 7 December 2021. There is no mention whatsoever in the final account of any monies being received from a GoFundMe source even though this apparently started producing donations in June 2021 according to Steve Park. One presumes that these funds were received by Newcastle Diamonds Limited, although that is entirely conjecture on my part. Secondly, the Liquidator made the following remarks in his final report - "INVESTIGATION INTO THE AFFAIRS OF THE COMPANY I undertook an initial investigation into the Company's affairs to establish whether there were any potential asset recoveries or conduct matters that justified further investigation, taking account of the public interest, potential recoveries, the funds likely to be available to fund an investigation, and the costs involved. Within three months of my appointment as Liquidator, I am required to submit a confidential report to the Secretary of State to include any matters which have come to my attention during the course of my work which may indicate that the conduct of any past or present Director would make them unfit to be concerned with the management of the Company. I would confirm that my report has been submitted." In other words, the Liquidators report was filed on or before 1 July 2021 and the company was dissolved 6 months later without any objection it would seem from any creditors including HMRC for a massive £158K plus VAT debt. So here we are in 2022 and there is still no definitive evidence in the public domain which would support any allegations of wrongdoing against former directors of Newspeed 2003 Limited. There is a list of corporate and personal tax defaulters published by HMGov which is regularly updated. This list includes details up to and including offences committed in 2021 for amounts considerably less than £158K. Nowhere can I see any reference whatsoever to either the company or individuals who were directors of that company. So what am I missing? I hardly think HMRC are sufficiently compassionate to let off an individual who has deliberately and fraudulently underdeclared VAT revenue to the tune of £158K, so what can be the explanation that no one is apparently being held accountable for such a massive loss to the Treasury? All in all it's a really sad state of affairs and I doubt we are ever going to hear the full story from official sources for reasons I know not why.

Hey guys, I know there's a bit of pee taking going on here, but give Steve a break, he keeps us grass roots supporters up to date in the absence of official statements from Rob's PR department ().

Well it seems there is a precedent. I wonder if anything was learned from that which would make it work at a subsequent attempt to replicate the idea? As you say, wishful thinking but Edinburgh to Newcastle is literally straight down the road. Intrigued with your reference to the “poo” incident and don’t ever remember reading about that in speedway folk lore.

speedy19902006 I think your post is tremendous and very comprehensive. Full of good ideas and relevant comments. I had forgotten the history of the air fence and think you are absolutely right and it does raise a very legitimate question over who owns what. Did Rob's company maintain an asset register? I doubt it very much. Anyone spending money on acquiring assets from him is making themselves exposed to a risk of those assets being reclaimed by the administrator/liquidator. Interesting comments about trust arrangements and I believe as you say that THJ is well versed in this regard. Wouldn't it be bizarre if the Monarchs who have had this model running successfully for a while I believe, were to temporarily relocate to Brough until such time as they locate a new track. Its only a couple of hours down the coast route and they could easily organise coach parties. I am sure there would be many Diamonds supporters turn out to watch Sam Masters and co race albeit with Monarchs race jackets. They could certainly give us some guidance on how to run this model and who to go to for professional support. At the end of the day however it needs a "doer" to lead on this sort of thing and Rob certainly fitted into that category but sadly for whatever reason made some bad choices. Let's just hope that someone will come forward to take a lead on this in the not too distant future.

I stand to be corrected but it was always my understanding that a liquidator/administrator could set aside transactions carried out within 12 months of the "event" (i.e. appointment of liquidator/administrator) if they were not for the benefit of the company or gave undue preference. I hope Rob has taken advice although it may not be his strong point by all accounts.

Glyn Taylor?

Well nobody can accuse you of “mincing” your words THJ. Sounds like they’ve been written in the heat of the moment but understandable. If the reported facts are indeed true then it’s not too difficult to comprehend where you are coming from. Apart from the supporters and riders who I feel sorry for, I wonder what the position is with the other investors who have put their money in to this sorry venture. Bringing over 2 Kiwis, repurchasing equipment from the liquidator and numerous other costs I should imagine begs the question over how much input they had into this apparent murky demise. Gutted that this whole venture has ended on such an apparent sordid note. In some ways it’s akin to the demise of a total community however small and just prey that something good can rise from the ashes and bring speedway back to Brough in the very near future!

Just for the record your quote posted 10 hours ago as I write this includes your own comments which are not distinguished from those made in my original post. Would be obliged if you would edit as I do not wish your remarks to be attributed to me. TIA

In fairness to Rob Grant, he had to deal with more critical problems in his short stewardship than most businessmen do in a lifetime. If it wasn't for the VAT bombshell which emerged fairly early doors followed shortly by the devastation and massive uncertainty which COVID caused it might have been a completely different story. Call me naive but he came in with a good heart, lots of ideas and the first team he put together looked full of promise but sadly never got the opportunity to ride. Now we've got no speedway at Brough and only beneficiaries will be Berwick and Redcar (and maybe Workington in the not too distant future) for the diehards who need their weekly speedway fix.

Newcastle is a track where Summers could fill his boots every home fixture as he has shown in the past wearing Redcar or Glasgow colours, or indeed guesting for us. Wonder why he should choose Oxford assuming Newcastle did try to sign him? They did didn't they?

Updates site has just been edited to confirm R/R so he's obviously still out of action!

https://speedwayupdates.proboards.com/thread/20957/ipswich-kings-lynn-premiership-2022 It has been known to be wrong!

See Paul Starke is fit to ride for Ipswich against Kings Lynn tonight at number 2. Good news that he's recovered so quickly!

Indeed, that teamsheet was posted Saturday morning on Speedway GB website so assessment about being unfit to ride must have been made pretty quickly after the crash. Hope he's okay!

Extract from Thursday's match report at Ipswich - "......unsettling Starke who goes down heavily but is up and ok." Okay, updater may not have been in position to know Paul's injuries, but I just don't know quite what to believe these days about "no shows"

"Phil Jeffrey doing a Martin Dixon on Martin Dixon" Love that comment. Great to be reminded of Mark Thorpe. We shouldn't forget in the context of George Congreve, that it took Mark a long time to discover the quickest way round Brough and we all know how good he was after that "light bulb" moment.

Where does it say "heavy"? Forecast at 9.10a.m. today is "light"

That must have been the "hire" van which Thorpie allegedly sold when he left the Diamonds

One race winner all night ! This can't go on for much longer can it? See Vissing was in the points tonight for the Brummies. What a shame we never got to see him in a Diamonds race jacket.

Totally agree. Only hope he hets fully acquainted with the tight track that is Brough Park before he goes flat out round the boards. We have had our fair share of injuries sustained on Press and practice day in the past. If he got injured early days, that would be a calamity.