arnieg 3,649 Posted November 29, 2021 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. Share this post Link to post Share on other sites
lbw 869 Posted November 29, 2021 (edited) 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 November 29, 2021 by PirateShip Share this post Link to post Share on other sites
Jaizer 2,864 Posted November 29, 2021 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 1 Share this post Link to post Share on other sites
gazzac 1,015 Posted November 29, 2021 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. 4 Share this post Link to post Share on other sites
PotteringAround 633 Posted November 29, 2021 (edited) 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 November 29, 2021 by PotteringAround 2 Share this post Link to post Share on other sites
M.D 463 Posted November 29, 2021 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 2 Share this post Link to post Share on other sites
Jaizer 2,864 Posted November 29, 2021 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 1 Share this post Link to post Share on other sites
M.D 463 Posted November 29, 2021 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, 1 Share this post Link to post Share on other sites
Lord Skid 425 Posted November 29, 2021 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. Share this post Link to post Share on other sites
Jimsboy 58 Posted November 29, 2021 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. Share this post Link to post Share on other sites
Tsunami 10,219 Posted November 29, 2021 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. 6 Share this post Link to post Share on other sites
M.D 463 Posted November 29, 2021 (edited) 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 November 29, 2021 by M.D 2 Share this post Link to post Share on other sites
Ghosty 500 Posted November 29, 2021 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? Share this post Link to post Share on other sites
Racin Jason 72 1,283 Posted November 29, 2021 The riders are powerless to protest. If they refuse to ride they are given a 28 day ban. Share this post Link to post Share on other sites
Fromafar 10,375 Posted November 29, 2021 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. 1 Share this post Link to post Share on other sites