Plymouth Remain Open!

[bigeddiechek 1,094]

Directors cannot be held personally liable if it is a Ltd Company hence the Ltd bit meaning any liability against Directors personally is limited the only way debtors can go after them personally is if something untoward has taken place and submitted by the receiver in charge.

 

However if any of the Directors have given any written Personal Guarantees then that is a different matter.

 

Exactly.

[arnieg 3,662]

The directors can be held personally liable if held to have been knowingly trading whilst insolvent ('wrongful trading' is the corporate jargon). Given the circumstances it is not inconceivable that such a charge could be laid, but highly unlikely.

[barncooseboy 237]

well, when Trelawny closed the receiver came after me for 25k, even though I had resigned as a director 6 months before it ended because he said we were trading while bust in December and January of the months before Trelawny went into receivership even though we were inactive in those months and not actively trading

[barncooseboy 237]

read the chapter in Ian Thomas book about Newcastle going under

[Starman2006 2,356]

"When we had Ben Barker in the Premier League he was taking home £1,200 for every meeting."

 

I can see both sides to this, but only to a certain extent. I appreciate a promotion being of the viewpoint of speculate to accumulate and the attraction of Barker to Plymouth at the time is obvious, but……it would have been known before a wheal was turned that season that Barker would (supposedly) be taking that ammount home from every meeting so if it was that big an issue…..don’t sign him, don’t sign him and don’t inflate the average price of rider across the entire league if it isn’t sustainable. More importantly don’t sign a rider and then bleat about how expensive they were after the event.

I thought it was 1300. Anyway whatever the figure its to much, and you certainly cannot put the clubs long term future in jepardy, that is financial suicide.

Edited March 25, 2016 by Starman2006

[Hawk127 1,360]

Directors cannot be held personally liable if it is a Ltd Company hence the Ltd bit meaning any liability against Directors personally is limited the only way debtors

 

It is actually creditors not debtors. Debtors owe the company money whereas creditors are those owed money by the company. For example a rider is a creditor.

Notwithstanding, good luck to all who are trying to save the team and hopefully it will not be long before the Devil's are racing again.

[SomersetBlue 212]

Just been announced at the track. Plymouth will be at Somerset next friday as a select side. No riders announced yet.

[bigeddiechek 1,094]

well, when Trelawny closed the receiver came after me for 25k, even though I had resigned as a director 6 months before it ended because he said we were trading while bust in December and January of the months before Trelawny went into receivership even though we were inactive in those months and not actively trading

If Directors do not act responsibly, then they can be held liable, or if they give personal guarantees, etc.

Limited Company status does provide protection, though.

It also doesn't stop creditors from trying to get cash back either. Whether they are legally allowed to depends on the circumstances.

 

In any case, I sincerely hope Plymouth can be kept open.

[alfiemorris 26]

I think we have to forget the past, however unsavioury that might be. Plymouth Devils need help and support now. Don't let them die please.

[Gazc 7,140]

It is actually creditors not debtors. Debtors owe the company money whereas creditors are those owed money by the company. For example a rider is a creditor.

Notwithstanding, good luck to all who are trying to save the team and hopefully it will not be long before the Devil's are racing again.,

Off course it is my bad but here's hoping something can be done to keep the devils on track regardless off the boardroom stuff.

Edited March 26, 2016 by Gazc

[lewy 2,340]

The supporters are showimg tremendous unity smd determination to rescue the club,people are really working hard to rescue this situation and we might just resurrect the devils over the easter hols how ironic that would be!

[pitgate52 22]

We, the supporters are doing our utmost to try and raise the monies needed, by pledges etc. I, personally just want our club to be on track again so that I can come home after a good nights racing, whether it's win or lose, or hoarse from cheering and shouting and say I helped, in my own small way, to get this back up running.

Edited March 26, 2016 by pitgate52

[arnieg 3,662]

Here's hoping it does work out.

 

If it does I imagine Plymouth will look to moving into the National League next year. That could make the NL larger than the PL, and the largest speedway league in the world!

[lewy 2,340]

If the rescue works out it has been unanimously voted on at the emergency meeting that its for pl only,only 3 votes for nl,the new regime will work harder and smarter making pl viable in plymouth

[Cliffeboy 577]

Just been announced at the track. Plymouth will be at Somerset next friday as a select side. No riders announced yet.

Excuse my ignorance, is this fixture purely for the Devils fans to see their team in action or is it a fund raiser with proceeds going to their survival?