You have to realise just how antiquated and unjust the English legal system is concerning debt, bankruptcy and insolvency.
In most countries, if you go bankrupt, you have that debt until you repay it. Bankruptcy does not absolve you of any debt or obligation. In the UK, you can go bankrupt every three to five years to clear your debt and start your next venture again by going into debt without a worry in the world.
This is an appallingly bad law that is taken advantage of time and time again and must be revised to stop the abuse. For instance, it is quite clear that SISU deliberately set things up to use this useless law to get rid of their obligation under the rental contract with SISU. They did this deliberately and quite openly, using the law to abuse the system. Everybody knows they did this, nobody is denying they did this, and yet a lot of people support them doing this because it means they can sit in their seat at 3pm on a Saturday afternoon.
This sort of thing happens multiple times daily in both the private and business sectors, and will continue until the law changes and people have to then be responsible for their debt. Given the state of morality in the UK, I think a change in the law may be a long time coming, and a change in the morality of those responsible for football in this world will be a long way behind even that!
OK, thanks for that really thorough explanation - I now understand the why! I have another question now please? During the period we are in Administration, who owns the club? That is, who is SISU now buying the club from?
I think the part of the club that was put into administration (CCFC Ltd) is controlled by the administrator Paul Appleton whilst we are in administration.OK, thanks for that really thorough explanation - I now understand the why! I have another question now please? During the period we are in Administration, who owns the club? That is, who is SISU now buying the club from?
I think the part of the club that was put into administration (CCFC Ltd) is controlled by the administrator Paul Appleton whilst we are in administration.
The part of the club that wasn't in administration (CCFC Holdings) was still controlled by SISU.
I think...
Correct, however because he was employed by sisu he was definitely their whipping boy.
That's very well laid out - thanks; completely understand now! Dodginess and corruption from top to bottom, eh?
It's quite simply a SISU stitch up, isn't it? Whatever you think of them you have to admit they played a blinder on this whole Administration fiasco. The Football League, The FA and any other football regulators need to have a good look at themselves....
..... Our only hope is the football league block this move. They won't though as they made the mistake of allowing sisu to register the wrong company name (ccfc holdings) for use of the golden share.
Thanks corniepaste - there must be something amiss at the FL (some administrative cock up on carbon headed notepaper that some flipping YTS filed under C for "THE Coventry City......" or some bollocks to that nature) for SISU to keep banging on about Holdings being in charge, while the FL keep their heads down and don't come out with some kind of ruling. It makes the FL a bigger joke that us at the moment.
I said on another thread that, as far as we know, the successful bidder, Otium, is owned by SISU and not by the original investors who now stand to lose everything. In effect, SISU are screwing those investors (as well as CCFC fans) and all perfectly legal.
Maybe one of them will have deep pockets and want to take legal action. We can hope at any rate.
I said on another thread that, as far as we know, the successful bidder, Otium, is owned by SISU and not by the original investors who now stand to lose everything. In effect, SISU are screwing those investors (as well as CCFC fans) and all perfectly legal.
Yeah, otium is timmy and ken deleau's little baby, set up to be another, again yet another holdings company. It has no actually property or staff other than a board of which I believe that timmy is the only remaining member. Meaning he can do with it what he wants with no challenge. This is all conjecture though, the main thing is sisu holds all these companies as subsidiaries in its portfolio and they must have countless holdings registered companies that they are using to do the same thing to others failing companies like ours. The difference is that we are a club that operates as a company. And the club (history/badge/fans) is the most important thing, but it isn't to timmy or sisu. Shame.
I think you are overestimating SISU - they don't have countless holdings companies, just a few involving CCFC. They are, in fact, a rather small, shabby outfit trying desperately to punch above their weight.
I think you are overestimating SISU - they don't have countless holdings companies, just a few involving CCFC. They are, in fact, a rather small, shabby outfit trying desperately to punch above their weight.
I don't live in the Cov area so my only form of information is this excellant forum, so what I don't understand is why do sisu still want the skyblues as they'l only be loosing more money next year and unless they invest which they clearly have no intention of doing , will never have aviable asset.
I think you are overestimating SISU - they don't have countless holdings companies, just a few involving CCFC. They are, in fact, a rather small, shabby outfit trying desperately to punch above their weight.
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