WH SPORTS LTD

I would think unless you repaid your dues the Dti would investigate you and in probable strike you off as a Director of any existing and future Directorships.

and if the time was now TNT? when would the DTI strike you off as a director ?

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

Interesting, what statements are these? I hadn't noticed much in the press about it, interesting times ahead anyway!

If, as alledged, Ridsdale has sold shares owned by WH Sports Ltd to himself at an undervalue, am i right in saying that

(1) the liquidators of WH Sports Ltd may apply to the court for an order to set aside the transaction, if at the time of the transaction WH Sports Limited was then (or as a result of the transaction became) unable to pay its debts as they fell due. (Section 238 Insolvency Act 1986)

(2) Also as a creditor of WH Sports Ltd and the victim of the alledged transaction at an undervalue, HMRC may apply to the court for an order to set aside any transactions made at an undervalue or an order (Section 423 Insolvency Act 1986)

(3) The liquidator or any creditor or (with the consent of the court) any shareholder can apply to the court for an examination of his conduct as a director who may have alledgedly misapplied money or property of a company or been guilty of misfeasance or breach of duty in relation to the company. The court may compel Ridsdale to repay, restore or account for the money or property or to pay compensation.
Now were cooking on gas
(4) Ridsdale could face disqualification as a director The Company Directors Disqualification Act sets out the following criteria for the court to consider in determining whether a person is unfit to be a director:

(a) misfeasance or breach of any fiduciary or other duty;
(b) misapplication or retention of assets;
(c) involvement in transactions of defrauding creditors;
(d) failure to comply with the statutory requirements relating to books, records, returns and accounts;
(e) the causes of the insolvency;
(f) the company’s failure to supply any goods or services which have been partly or fully paid for;
(g) any transaction at an undervalue or preference that can be set aside; and
(h) failure to comply with the statutory obligations in insolvency (calling a meeting of creditors, statement of affairs, delivery of property and co-operation with officeholder etc).

The alledged transacton appears to fall into criteria (C) and (g)at the very least. I guess the liquidator will make any recomendations for prosecution in his report.

All of this is based on alledged information of course

If, as alledged, Ridsdale has sold shares owned by WH Sports Ltd to himself at an undervalue, am i right in saying that

(1) the liquidators of WH Sports Ltd may apply to the court for an order to set aside the transaction, if at the time of the transaction WH Sports Limited was then (or as a result of the transaction became) unable to pay its debts as they fell due. (Section 238 Insolvency Act 1986)

(2) Also as a creditor of WH Sports Ltd and the victim of the alledged transaction at an undervalue, HMRC may apply to the court for an order to set aside any transactions made at an undervalue or an order (Section 423 Insolvency Act 1986)

(3) The liquidator or any creditor or (with the consent of the court) any shareholder can apply to the court for an examination of his conduct as a director who may have alledgedly misapplied money or property of a company or been guilty of misfeasance or breach of duty in relation to the company. The court may compel Ridsdale to repay, restore or account for the money or property or to pay compensation.
wooooops
(4) Ridsdale could face disqualification as a director The Company Directors Disqualification Act sets out the following criteria for the court to consider in determining whether a person is unfit to be a director:

(a) misfeasance or breach of any fiduciary or other duty;
(b) misapplication or retention of assets;
(c) involvement in transactions of defrauding creditors;
(d) failure to comply with the statutory requirements relating to books, records, returns and accounts;
(e) the causes of the insolvency;
(f) the company’s failure to supply any goods or services which have been partly or fully paid for;
(g) any transaction at an undervalue or preference that can be set aside; and
(h) failure to comply with the statutory obligations in insolvency (calling a meeting of creditors, statement of affairs, delivery of property and co-operation with officeholder etc).

The alledged transacton appears to fall into criteria (C) and (g)at the very least. I guess the liquidator will make any recomendations for prosecution in his report.

All of this is based on alledged information of course

peter

the accounts to 30/04/2007 show the shares quoted as an asset worth 500k
it shows creditors at an amazing 380k up some 225k from the previous year
at the end of that accounting period it shows reserves and shareholders funds of 147k.
so if you take those 500k shares out of the company and sell them to yourself for bladders you can see why the shit has hit the fan with his creditors and the hmrc.

I would think unless you repaid your dues the Dti would investigate you and in probable strike you off as a Director of any existing and future Directorships.

Would they?

I think too that I would investigate that the said Consultant only dealt with the one Company and to which should have been an employee on that basis and the tax/ paye should have been extracted at the proper rate which would have avoided the current debt to the revenue. I think too as this was the second DTI Investigation in just a few years of said Director if I were to be the DTI, I would be investigating fully. How many times I would ask myself can Humpty Dumpty fall off the wall.

I dunno but all the kings horses and all the kings men couldn't put humpty together again

Natman blue - Bullseye!! you just won first prize!!!!

The law is the law and regulation is in place.

Aliens, simplistic fraud you could call someone/Company who takes a " consultancy fee" into a Ltd Company with no outgoings of greatness, sells 500k worth of shares to an individual of the same name as the said Company Director for 20k prior to liquidation of said Company and leaving huge debts to the Revenue, whilst may I add the normal worker pays for the likes of this person in higher taxes because of his/her avoidence.

Natman blue - Bullseye!! you just won first prize!!!!

Took me long enough!!! I've just come into a post where the previous incumbent helped themself to a hefty amount of the businesses' finances. Have no time for that at all

The law is the law and regulation is in place.

Aliens, simplistic fraud you could call someone/Company who takes a " consultancy fee" into a Ltd Company with no outgoings of greatness, sells 500k worth of shares to an individual of the same name as the said Company Director for 20k prior to liquidation of said Company and leaving huge debts to the Revenue, whilst may I add the normal worker pays for the likes of this person in higher taxes because of his/her avoidence.

Surely they should be onto this and it catch up with him if it be the case?

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.[/quote]

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?[/quote]

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?[/quote]

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.[/quote]

If you have til April to pay a bill, why would you pay it by December? I would imagine 95% of businesses would rather pay it in April than 4 months earlier

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?[/quote]

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.[/quote]

Which then surely is why there is a demand also that if new investment comes in, he retain his place. again to take what he can while he can, and then of course doing who knows what to the new faces should he get the opportunities

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

The by how much is he deep in the piggies??? 40k a week, needing the shares at a handsome price and by what it would seem trying to attain new investment that would keep him on his 40k a week.

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.[/quote]

If you have til April to pay a bill, why would you pay it by December? I would imagine 95% of businesses would rather pay it in April than 4 months earlier[/quote]

Not if you have no intention of paying unless you sell your shares Owain! April, bust your Club, PR walks away with another 160k and says sorry it wasnt his fault. Hes now currently living on the dream of investment and selling out hi shares, hes nowhere near, Malay, Americans and others, no chance.

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

If you have til April to pay a bill, why would you pay it by December? I would imagine 95% of businesses would rather pay it in April than 4 months earlier[/quote]

Not if you have no intention of paying unless you sell your shares Owain! April, bust your Club, PR walks away with another 160k and says sorry it wasnt his fault. Hes now currently living on the dream of investment and selling out hi shares, hes nowhere near, Malay, Americans and others, no chance.[/quote]
isnt ths what was said when he left Leeds?

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

If you have til April to pay a bill, why would you pay it by December? I would imagine 95% of businesses would rather pay it in April than 4 months earlier[/quote]

Not if you have no intention of paying unless you sell your shares Owain! April, bust your Club, PR walks away with another 160k and says sorry it wasnt his fault. Hes now currently living on the dream of investment and selling out hi shares, hes nowhere near, Malay, Americans and others, no chance.[/quote]

So basically other potential investors have seen him for what he is and won't either:

a) touch him with a ten foot barge pole

or

b) touch us while he has anything to do with the running of our club

Leave it with you.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?[/quote]

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.[/quote]

If you have til April to pay a bill, why would you pay it by December? I would imagine 95% of businesses would rather pay it in April than 4 months earlier[/

Not if you have no intention of paying unless you sell your shares Owain! April, bust your Club, PR walks away with another 160k and says sorry it wasnt his fault. Hes now currently living on the dream of investment and selling out hi shares, hes nowhere near, Malay, Americans and others, no chance.[/quote]

So basically other potential investors have seen him for what he is and won't either:

a) touch him with a ten foot barge pole

or

b) touch us while he has anything to do with the running of our club[/quote]



The answer is B
the investors will not come into this club while the chairman is here because they are well aware of the problems coming regarding the dti and revenue and dont want any mud sticking to them which is understandable.
All us supporters need to get together now and rid the football club of this man who is dragging us towards oblivion whatever it takes.

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

Have you ever stopped to think how the HMRC debt was incurred? In 2007 PR was paid a 'bonus' of £500,000 as part of his contract for bring the stadium project to unconditional status.

This was converted in 'shares' paid to WH Sports and was liable to tax charges. As shares are not a 'liquid' asset it is obvious payment couldn't be made until the shares are sold.

It is no secert that Ridsdale hoped the club would be sold by the years end, which would explain why he thought settlement could be made by the year's end. As it turned out the Malaysian deal was delayed, but that is no proof whatsoever of fraud.

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

Have you ever stopped to think how the HMRC debt was incurred? In 2007 PR was paid a 'bonus' of £500,000 as part of his contract for bring the stadium project to unconditional status.

This was converted in 'shares' paid to WH Sports and was liable to tax charges. As shares are not a 'liquid' asset it is obvious payment couldn't be made until the shares are sold.

It is no secert that Ridsdale hoped the club would be sold by the years end, which would explain why he thought settlement could be made by the year's end. As it turned out the Malaysian deal was delayed, but that is no proof whatsoever of fraud.

Surely for the 500k (cash) bonus to be converted into shares, that share value at the time would be 500k.

Whilst share prices can go up or down, for WH Sports to then sell said shares for 20k to Ridsdale is a massive, massive depreciation no HMRC investigator would merely put down to market forces.

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.

Have you ever stopped to think how the HMRC debt was incurred? In 2007 PR was paid a 'bonus' of £500,000 as part of his contract for bring the stadium project to unconditional status.

This was converted in 'shares' paid to WH Sports and was liable to tax charges. As shares are not a 'liquid' asset it is obvious payment couldn't be made until the shares are sold.

It is no secert that Ridsdale hoped the club would be sold by the years end, which would explain why he thought settlement could be made by the year's end. As it turned out the Malaysian deal was delayed, but that is no proof whatsoever of fraud.

Especially when confronted by creditors who are then told shares are "worthless"
good business if you can buy 500k worth of shares for 20k and are now trying to sell them for a value of 2 million.

Surely for the 500k (cash) bonus to be converted into shares, that share value at the time would be 500k.

Whilst share prices can go up or down, for WH Sports to then sell said shares for 20k to Ridsdale is a massive, massive depreciation no HMRC investigator would merely put down to market forces.

Peter in public statements claimed he would repay all by Christmas 2009, that has not been the case. Reports state he has until 2010 before Humpty Dumpty has a great fall. Of course that leaves 4 months of income from your club which equates to £160,000 prior , hence why he clings to the wall, before the fall.

So in effect are you saying he is milking the club while he can before he is in the very near future in all likelyhood disqualified from future directorships and that this current situation is his attempt at prolonging this?[/quote]

Whilst all creditors await their repayments, Peter still takes his 40k per month. He has a deadline of April to repay his dues. Albeit he told everybody in the public domain it would be completed by Dec 25th ( it was not of course) I will leave the equation with yourself, but clearly hes desperate for a share purchase prior to relieve him of his current forth coming issues.[/quote]

Where does this April payment deadline come from?

The payment is already long overdue.

Are people getting confused with a deadline that would be in place with a solvent liquidation (MVL) where debts have to be paid off within 12 months of liquidation?

WH Sports is definitely not a solvent liquidation - it had debts more than £400k greater than its assets and is a CVL - there is no 12 month deadline to pay in such cases.


Keith

Tony,

If it was not the case the director of the Company would not be obliged to repay the Revenue personally.

Keith,

Thank you for that clarity, The April deadline was one I could not understand. No doubt its been picked up from something Peter has stated?