| Would ME benefit if he liquidated the club 08:48 - Feb 12 with 2936 views | daisyisabaddog |
Is there anyone out there with genuine financial knowledge who can tell us whether or not ME would get tax relief on writing off his loan if the club was liquidated? It concerns me that it may be the most cost effective way for him to get out of this mess. |  | | |  |
| Would ME benefit if he liquidated the club on 08:54 - Feb 12 with 2555 views | hochiblue |
Who are not companies in the same group........ | | | |
| Would ME benefit if he liquidated the club on 08:58 - Feb 12 with 2532 views | daisyisabaddog |
| Would ME benefit if he liquidated the club on 08:54 - Feb 12 by hochiblue |
Who are not companies in the same group........ |
Is ITFC part of the same tax group as other companies controlled by ME? | | | |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 with 2528 views | Oxford_Blue |
Don’t think he can because the companies act 2006 protects minor shareholders’ interests. Evans owns 87.5% of the club. The remaining shares are owned by the PLC - whose shareholders are Ipswich stalwarts who won’t agree to the club being killed off. | | | |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 with 2526 views | Pecker |
Short term he would, as he could lump more tax losses into the bag, but long term he would have a football club he could only sell for £1. |  | | |
| Would ME benefit if he liquidated the club on 09:01 - Feb 12 with 2508 views | NotSure |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 by Oxford_Blue |
Don’t think he can because the companies act 2006 protects minor shareholders’ interests. Evans owns 87.5% of the club. The remaining shares are owned by the PLC - whose shareholders are Ipswich stalwarts who won’t agree to the club being killed off. |
I don't know. After last night I'm currently 50/50. |  | | |
| Would ME benefit if he liquidated the club on 09:02 - Feb 12 with 2497 views | ElephantintheRoom |
Perhaps the government will step in..after all they helped out a few incompetent billionaires with Flybe | |
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| Would ME benefit if he liquidated the club on 09:02 - Feb 12 with 2497 views | Radlett_blue |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 by Pecker |
Short term he would, as he could lump more tax losses into the bag, but long term he would have a football club he could only sell for £1. |
Exactly. If Evans wants out of Town, he writes off the debt owed to him, keeps hold of assets like the training ground & recoups whatever he can get (£15m) by selling a debt free Town to the highest bidder. Liquidation will not happen. |  |
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| Would ME benefit if he liquidated the club on 09:03 - Feb 12 with 2482 views | Churchman |
| Would ME benefit if he liquidated the club on 09:01 - Feb 12 by NotSure |
I don't know. After last night I'm currently 50/50. |
I really don’t understand the implications, but my heart and head tell me he is a disease that needs to be cut out if the club is not to completely die. |  | | |
| Would ME benefit if he liquidated the club on 09:04 - Feb 12 with 2479 views | daisyisabaddog |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 by Oxford_Blue |
Don’t think he can because the companies act 2006 protects minor shareholders’ interests. Evans owns 87.5% of the club. The remaining shares are owned by the PLC - whose shareholders are Ipswich stalwarts who won’t agree to the club being killed off. |
But presumably 87.5% can outvote the 12.5%? | | | |
| Would ME benefit if he liquidated the club on 09:07 - Feb 12 with 2462 views | RegencyBlue |
| Would ME benefit if he liquidated the club on 09:02 - Feb 12 by Radlett_blue |
Exactly. If Evans wants out of Town, he writes off the debt owed to him, keeps hold of assets like the training ground & recoups whatever he can get (£15m) by selling a debt free Town to the highest bidder. Liquidation will not happen. |
I believe the training ground was transferred to one of his offshore companies years ago.
Thank goodness he didn't get his hands on the actual ground from IBC or else we would probably be in a ground share with Felixstowe and Walton by now! |  | | |
| Would ME benefit if he liquidated the club on 09:08 - Feb 12 with 2451 views | Radlett_blue |
| Would ME benefit if he liquidated the club on 09:04 - Feb 12 by daisyisabaddog |
But presumably 87.5% can outvote the 12.5%? |
Minorities are usually legally protected in these situations. | |
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| Would ME benefit if he liquidated the club on 09:51 - Feb 12 with 2381 views | GeoffSentence |
| Would ME benefit if he liquidated the club on 09:02 - Feb 12 by ElephantintheRoom |
Perhaps the government will step in..after all they helped out a few incompetent billionaires with Flybe |
There would be a potential conflict of interests as they are already helping out West Ham. |  |
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| Would ME benefit if he liquidated the club on 09:59 - Feb 12 with 2357 views | north_stand77 |
| Would ME benefit if he liquidated the club on 09:07 - Feb 12 by RegencyBlue |
I believe the training ground was transferred to one of his offshore companies years ago.
Thank goodness he didn't get his hands on the actual ground from IBC or else we would probably be in a ground share with Felixstowe and Walton by now! |
.....Who kmows, coul be our local derby opponents furtherdown the line! |  | | |
| Would ME benefit if he liquidated the club on 10:12 - Feb 12 with 2331 views | Swansea_Blue |
| Would ME benefit if he liquidated the club on 08:59 - Feb 12 by Pecker |
Short term he would, as he could lump more tax losses into the bag, but long term he would have a football club he could only sell for £1. |
He's heading that way anyway. |  |
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| Would ME benefit if he liquidated the club on 10:19 - Feb 12 with 2303 views | Oxford_Blue |
| Would ME benefit if he liquidated the club on 09:04 - Feb 12 by daisyisabaddog |
But presumably 87.5% can outvote the 12.5%? |
Yes, but that depends on what the company’s articles and constitution say. I doubt that when Evans bought the club the previous shareholders would have allowed him to kill the club. Even if there is such a permission, the minority shareholders have unfair prejudice rights and can apply to set the liquidation aside. Given the profile of the club and its history, any attempt by Evans to liquidate it would be resisted, get messy, protracted, expensive and would be the last thing he wants.
Also, he doesn’t need to do this. He could write off the debt and sell the club debt free - which would have the same result but avoid the nightmare of public litigation. | | | |
| Would ME benefit if he liquidated the club on 10:27 - Feb 12 with 2287 views | NotSure |
| Would ME benefit if he liquidated the club on 09:07 - Feb 12 by RegencyBlue |
I believe the training ground was transferred to one of his offshore companies years ago.
Thank goodness he didn't get his hands on the actual ground from IBC or else we would probably be in a ground share with Felixstowe and Walton by now! |
It would be much easier for him to sell the club if he owned the land that Portman Road is on. | | | |
| Would ME benefit if he liquidated the club on 12:27 - Feb 12 with 2214 views | daisyisabaddog |
| Would ME benefit if he liquidated the club on 10:19 - Feb 12 by Oxford_Blue |
Yes, but that depends on what the company’s articles and constitution say. I doubt that when Evans bought the club the previous shareholders would have allowed him to kill the club. Even if there is such a permission, the minority shareholders have unfair prejudice rights and can apply to set the liquidation aside. Given the profile of the club and its history, any attempt by Evans to liquidate it would be resisted, get messy, protracted, expensive and would be the last thing he wants.
Also, he doesn’t need to do this. He could write off the debt and sell the club debt free - which would have the same result but avoid the nightmare of public litigation. |
The more I read the comments the more concerned I am. If ME writes off the debt voluntarily there is no obvious claim to tax relief. Relief may be available if the club is liquidated, although that is hopefully a big 'if'.
I'm a bit confused that someone who owns almost 90% of a company can't liquidate it because of the wishes of the other 10%. Surely all he has to do is stop putting in money and HMRC will eventually do it for him | | | |
| Would ME benefit if he liquidated the club on 13:52 - Feb 12 with 2119 views | No9 |
| Would ME benefit if he liquidated the club on 09:02 - Feb 12 by ElephantintheRoom |
Perhaps the government will step in..after all they helped out a few incompetent billionaires with Flybe |
& Johnson / Cameron gifted West Ham | | | |
| Would ME benefit if he liquidated the club on 14:04 - Feb 12 with 2078 views | No9 |
| Would ME benefit if he liquidated the club on 08:58 - Feb 12 by daisyisabaddog |
Is ITFC part of the same tax group as other companies controlled by ME? |
Mr E's shares in TFC were, at one time (I haven't checked for a while) held by his BV Co. (Dutch) | | | |
| Would ME benefit if he liquidated the club on 14:08 - Feb 12 with 2059 views | monty_radio |
| Would ME benefit if he liquidated the club on 09:07 - Feb 12 by RegencyBlue |
I believe the training ground was transferred to one of his offshore companies years ago.
Thank goodness he didn't get his hands on the actual ground from IBC or else we would probably be in a ground share with Felixstowe and Walton by now! |
Haven't been up there in a while, but I knew Playford Rd was outside the town boundary. Still, I'm shocked that global warming has already claimed it | |
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| Would ME benefit if he liquidated the club on 14:09 - Feb 12 with 2056 views | jonathanton |
He would never do that. It would set him and his family up for a lifetime of hatred and negative associations. | | | |
| Would ME benefit if he liquidated the club on 14:38 - Feb 12 with 2024 views | GeoffSentence |
He'd no longer have to subsidise our hobby to the tune of £6M a year, so it would benefit him in that respect. | |
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| Would ME benefit if he liquidated the club on 15:03 - Feb 12 with 1982 views | BloomBlue |
| Would ME benefit if he liquidated the club on 09:02 - Feb 12 by Radlett_blue |
Exactly. If Evans wants out of Town, he writes off the debt owed to him, keeps hold of assets like the training ground & recoups whatever he can get (£15m) by selling a debt free Town to the highest bidder. Liquidation will not happen. |
But if he liquidated the club he cannot sell it later can he, isnt the idea of liquidating a company ie it doesnt exist? Even if he could the club it will be out of the league so I doubt he'll sell a non league for much money.
However liquidating it would stop him having to pay out £6m a year to keep the club afloat. |  | | |
| Would ME benefit if he liquidated the club on 15:41 - Feb 12 with 1927 views | Oxford_Blue |
| Would ME benefit if he liquidated the club on 12:27 - Feb 12 by daisyisabaddog |
The more I read the comments the more concerned I am. If ME writes off the debt voluntarily there is no obvious claim to tax relief. Relief may be available if the club is liquidated, although that is hopefully a big 'if'.
I'm a bit confused that someone who owns almost 90% of a company can't liquidate it because of the wishes of the other 10%. Surely all he has to do is stop putting in money and HMRC will eventually do it for him |
Yes. But that isn’t Evans liquidating the company.
If he just turns off the funding, the club will go into administration first so that administrators can try to find a way to run the company and make good the £6m shortfall. That will mean selling players, assets and restructuring. It also means a points deduction. If we can’t exist administration we will be struck off the register at companies house. | | | |
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