The whole purpose of Insolvency legislation is to afford protection to the insolvent party and allow them to exit with a fresh start. If the halving of funding was to reclaim a loan that would be a preference.

If it was a condition to let them stay in Super League the logic still remains very questionable given the inevitable situation that hamstring has led to.

The Bulls themselves had a choice G1, they could have relinquished their SL licence and bust the business, starting again in Championship One.

They opted to take the reduction in central funding in order to stay in SL and avoid being relegated. Presumably they will have done so in the knowledge that it would lead to belts having to be tighten.

Clearly, they weren't tightened far enough for whatever reason. From the noises coming out, it seems the internal governance and management processes at the Bulls left a lot to be desired.

I don't doubt the Bulls have continued to be mis managed, However, I wonder what the rationale behind the decision was to let them back in with half funding. Was it punishment? Just seems petty. Can't see the logic.

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The purpose of insolvency legislation is to keep the parasites in "Business Recovery" in BMW's and fine dining. One group of people it doesn't help is the very people it should i.e. the creditors!!

I would be amazed if the Bulls had a tax bill - unless it was for PAYE or VAT?

More likely they would have tax losses they could sell?

It's no the purpose, it's a side effect, but not the purpose.