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Eastbourne Speedway

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23 minutes ago, PotteringAround said:

Recover the money from whom?

The company is bust.  The BSPA seize the riding assets and try to sell them (e.g. Tom Brennan to Glasgow), and an administrator will wind up any physical assets, but that's not much money to be realised, and a hell of a lot of creditors looking for a share of it.

 

And preferential/secured creditors will be in front of the queue. Notably HMRC.

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1 hour ago, old bob at herne bay said:

With all these riders allegedly owed money by the company running Speedway at Arlington in 2021, they surely have reason  to seek legal advice to attempt to recover the monies allegedly owed. 

Or is it the case that none of these riders have anything that will stand up in court to prove that they are owed money ? The Douglas/Cook promotion at Lakeside and recently the Jordan/ Cook/ Fineing promotion at Eastbourne must be held to account.

 

 

Probably cost them more to take out a legal case than wot they are owed.

We've had the odd shady character or 2 at Long Eaton but av also had the best in the business run the club.  The club was always well supported though with  crowds in excess of 1000 per meeting so thankfully I don't think anyone was owed money.

Surely the BSPL shud now do more to vet individuals/companies to make sure that they av a certain amount of assets (cash/property) which can be used to pay riders etc should circumstances dictate the need to do so.

Hope all works out at Eastbourne and someone comes in to run the club who as a conscience.

 

Edited by PirateShip

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43 minutes ago, arnieg said:

And preferential/secured creditors will be in front of the queue. Notably HMRC.

If company is dissolved all assets will be transferred to the crown automatically

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16 minutes ago, PirateShip said:

 

Hope all works out at Eastbourne and someone comes in to run the club who as a conscience.

 

That's what grates so much, we've always been a club with a conscience, and a speedway heritage, always known for prompt payment of riders etc. Going to need some good PR, but does look positive from the noises coming from the new set up. 

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30 minutes ago, Jaizer said:

If company is dissolved all assets will be transferred to the crown automatically

Erm, no.

Like we've already said, when the company goes into administration and  the administrator collects any money owed to the company, and sells off any company assets, on behalf of the creditors.  Any money raised gets distributed to secured/preferential creditors first, and then unsecured creditors.      The BSPL seize any speedway assets and try to sell them, with any money realised going to pay the speedway creditors.

 

Edited by PotteringAround
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24 minutes ago, Jaizer said:

If company is dissolved all assets will be transferred to the crown automatically

The previous company is still active but all assets and bonds have reverted back to the BSPL, we've been trying to find out the name of the administers with no luck of yet

18 minutes ago, gazzac said:

That's what grates so much, we've always been a club with a conscience, and a speedway heritage, always known for prompt payment of riders etc. Going to need some good PR, but does look positive from the noises coming from the new set up. 

Indeed it does, the good name of the club has been dragged through the mud but we are determined to get it back for 2023.

Regards

Mark Horsman

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Just now, M.D said:

The previous company is still active but all assets and bonds have reverted back to the BSPL, we've been trying to find out the name of the administers with no luck of yet

Indeed it does, the good name of the club has been dragged through the mud but we are determined to get it back for 2023.

Regards

Mark Horsman

Suspect why not been dissolved then, creditors may be blocking it. 

Really sad Eastbourne got this way, always came across as such professional well run club. Hopefully 2023 brings a new dawn

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1 minute ago, Jaizer said:

Suspect why not been dissolved then, creditors may be blocking it

Really sad Eastbourne got this way, always came across as such professional well run club. Hopefully 2023 brings a new dawn

I don't think its that no, 

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The Riders will get their basic money paid by the BSPL, the 'extras' won't get paid, it's happened so many times before,  bigger fool the Riders for letting it carry on so long.

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3 hours ago, PotteringAround said:

Recover the money from whom?

The company is bust.  The BSPA seize the riding assets and try to sell them (e.g. Tom Brennan to Glasgow), and an administrator will wind up any physical assets, but that's not much money to be realised, and a hell of a lot of creditors looking for a share of it.

 

Is the company bust though? No one other than Mr Jordan knows how much money their is/was and where it all is now.

Administrators know one has been given a name for an appointed administrator. So as it stands Mr Jordan is just left to vanish with loads outstanding bills etc. 

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2 hours ago, PirateShip said:

Probably cost them more to take out a legal case than wot they are owed.

We've had the odd shady character or 2 at Long Eaton but av also had the best in the business run the club.  The club was always well supported though with  crowds in excess of 1000 per meeting so thankfully I don't think anyone was owed money.

Surely the BSPL shud now do more to vet individuals/companies to make sure that they av a certain amount of assets (cash/property) which can be used to pay riders etc should circumstances dictate the need to do so.

Hope all works out at Eastbourne and someone comes in to run the club who as a conscience.

 

The Bond that all promoters have to lodge with BSPL is the way of covering all speedway debts. Riders can claim from that, but the standard rate for all riders would be a lot less that their actual own contract pay rate.  

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54 minutes ago, Tsunami said:

The Bond that all promoters have to lodge with BSPL is the way of covering all speedway debts. Riders can claim from that, but the standard rate for all riders would be a lot less that their actual own contract pay rate.  

And if the bond has been used up in fines?

Hypothetically of course

Edited by M.D
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5 hours ago, old bob at herne bay said:

With all these riders allegedly owed money by the company running Speedway at Arlington in 2021, they surely have reason  to seek legal advice to attempt to recover the monies allegedly owed. 

Or is it the case that none of these riders have anything that will stand up in court to prove that they are owed money ? The Douglas/Cook promotion at Lakeside and recently the Jordan/ Cook/ Fineing promotion at Eastbourne must be held to account.

 

 

They were all part of the Limited Company that ran the speedway -when things go bad they can just wash their hands of it & walk away. Just like Nigel Wagstaff did a few years ago @ Oxford Silver Machine pulled the plug on the speedway owing thousands while Mr & Mrs Wagstaff drove around in 2 brand new matching cars! Not nice but legal. 

 It's been said before but don't the team captains have to sign paperwork that all is in order with wages being paid up-to-date prior to the start of each meeting?

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13 minutes ago, Racin Jason 72 said:

The riders are powerless to protest.  If they refuse to ride they are given a 28 day ban. 

If they stuck to the rules about paid up to date,why should they be banned if they refused to to ride.Trouble is riders don’t want to rock to boat on what their wages are.I know a couple of riders who had to ride for the same Team the next season just to make sure they got their money they were owed from the previous season.They were really held to ransom.Their own making though,no sympathy for them.

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