| 2003 Ipswich Adminstration debt… 22:02 - Nov 4 with 2227 views | brazil1981 |
Aware local businesses and St John’s Ambulance were left with just 5p per pound when we had our troubles that year.
Remember this caused a lot of bitterness over the years…think in recent times we could perhaps pay some of these guys back as a good-will gesture! Accept that current owners had no involvement then and are under no obligation, but think for the relatively small amounts involved (for St John’s think it was only around £9k) it would be the right thing to do now we’re awash with money!
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| 2003 Ipswich Adminstration debt… on 22:45 - Nov 4 | J2BLUE |
Don't quote me on this but I think Phil said one of the directors paid St John's. |  | | |
| 2003 Ipswich Adminstration debt… on 23:08 - Nov 4 | brazil1981 |
| 2003 Ipswich Adminstration debt… on 22:45 - Nov 4 by J2BLUE |
Don't quote me on this but I think Phil said one of the directors paid St John's. |
Good to hear if that’s the case! | | | |
| 2003 Ipswich Adminstration debt… on 06:39 - Nov 5 | trncbluearmy |
There has been a load of nonsense spouted on here over the years picked up by the budgie scum who have used it against us
The facts
Ipswich wanted to pay back all monies but were not allowed to, a condition of administration enforced by IR
As previously mentioned monies have been repayed personally over time
Put the scum right and indeed remind them that they went bust as well owing money [Post edited 5 Nov 6:40]
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| 2003 Ipswich Adminstration debt… on 08:04 - Nov 5 | redrickstuhaart |
| 2003 Ipswich Adminstration debt… on 06:39 - Nov 5 by trncbluearmy |
There has been a load of nonsense spouted on here over the years picked up by the budgie scum who have used it against us
The facts
Ipswich wanted to pay back all monies but were not allowed to, a condition of administration enforced by IR
As previously mentioned monies have been repayed personally over time
Put the scum right and indeed remind them that they went bust as well owing money [Post edited 5 Nov 6:40]
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Not quite. Administration comes with obligations. Going into administration led directly to the non payments. To suggest the nasty IR decided it is odd. | |
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| 2003 Ipswich Adminstration debt… on 08:45 - Nov 5 | trncbluearmy |
| 2003 Ipswich Adminstration debt… on 08:04 - Nov 5 by redrickstuhaart |
Not quite. Administration comes with obligations. Going into administration led directly to the non payments. To suggest the nasty IR decided it is odd. |
Had it on good authority that the board made a request to pay local debts first,revenue said no | | | |
| 2003 Ipswich Adminstration debt… on 08:55 - Nov 5 | homer_123 |
| 2003 Ipswich Adminstration debt… on 08:45 - Nov 5 by trncbluearmy |
Had it on good authority that the board made a request to pay local debts first,revenue said no |
The way Admin works is that you follow a strict statutory order of priority. Although there was a change in 2020 regarding secondary creditors - which is worth noting.
1. Costs of the insolvency process.
2. Fixed charge creditors.
3. Preferential creditors.
4. Secondary preferential creditors (including HMRC/ IR etc.
5. Floating charge holders.
6. Unsecured creditors.
7. Shareholders / Members. |  |
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| 2003 Ipswich Adminstration debt… on 09:37 - Nov 5 | redrickstuhaart |
| 2003 Ipswich Adminstration debt… on 08:45 - Nov 5 by trncbluearmy |
Had it on good authority that the board made a request to pay local debts first,revenue said no |
That's because it would be illegal. As per the post above. Strict list. An individual could agree to be de prioritized but not a public body with statutory duties to recover money. [Post edited 5 Nov 9:38]
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| 2003 Ipswich Adminstration debt… on 10:44 - Nov 5 | PhilTWTD |
| 2003 Ipswich Adminstration debt… on 22:45 - Nov 4 by J2BLUE |
Don't quote me on this but I think Phil said one of the directors paid St John's. |
I don't recall that. I know a number of companies who were affected were given business by the club going forward. |  | | |
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| 2003 Ipswich Adminstration debt… on 11:26 - Nov 5 | J2BLUE |
| 2003 Ipswich Adminstration debt… on 10:44 - Nov 5 by PhilTWTD |
I don't recall that. I know a number of companies who were affected were given business by the club going forward. |
Ah, maybe it was a less reliable source then. Apologies. 99% sure someone posted it on here a few years ago. | | | |
| 2003 Ipswich Adminstration debt… on 11:51 - Nov 5 | ITFC_Essex |
| 2003 Ipswich Adminstration debt… on 06:39 - Nov 5 by trncbluearmy |
There has been a load of nonsense spouted on here over the years picked up by the budgie scum who have used it against us
The facts
Ipswich wanted to pay back all monies but were not allowed to, a condition of administration enforced by IR
As previously mentioned monies have been repayed personally over time
Put the scum right and indeed remind them that they went bust as well owing money [Post edited 5 Nov 6:40]
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100% correct. We didn't leave "thowsinds of lowcal bizniss ot of poket" as they claim. We did owe Norwich Union money, but thats the nature of lenders, they take a risk and sometimes they lose, thats why interest rates exist.
The other myth was Marcus Evans saved us from bankruptcy and administration (2003), even though he didn't buy the club and its paltry amount of debt until 2007. I believe that we actually had a profit before Evans bought us, and one of the reasons we were attractive to buy at that point. We then didn't profit again until after we sold us. |  |
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