It is a fixed (mortgage) and floating (debenture) charge on the company's assets, in favour of the Greens I think. Which includes the "leasehold property" (i.e. anything like the Coral Stand erected on a leased site or any value in the lease itself. In other words, the Greens have lent money to the company (no poop, Sherlock...) and have put in place a charge - i.e. taken security - to ensure they get first dibs in the event of insolvency or anyone trying to sell any club assets. There is reference to a "negative pledge" which usually means an undertaking that the Greens' charge will not rank ahead of anyone else's charge/security. However you really need to see the charging documents for more details.

The thing is, at present no-one else has lent anything to the Bulls secured on the assets (who in their right mind would, apart from maybe the RFL...?) and it is clear that Green must have lent money to the club - from his own statement, even if it was not otherwise obvious. So he is making sure he gets first bite (after main employee claims, regarding some of the assets) at getting his money back. This is understandable, but may well REALLY have vexed off HMRC and other unsecured creditors, and might have been a factor in triggering the winding-up petition? We'll never know. Although the Negative Pledge MIGHT be about ensuring he does not rank ahead of HMRC? Again, need to see the actual charging documents.

So your guess is as good as mine.

Could be yes, could be no. Depends what the actual documents say. However, we can all speculate.

I agree.

.

Mick has just stated quite clearly that he has asked for advice on this and says it now means Green and his wife are the first in line as the main creditors if the company folds. He gets his money! this was done just a few weeks ago when we were starting to face a financial black hole due to our league position.
It comes down to two views - he is trying to buy the lease which I just can't see as it would take over a £1m which I don't believe he has if he can't pay players on time. Or, he is setting himself up with a safety net for when it all goes wrong.
I have had a lot of time for Marc after he saved us and steadied the ship but he is a canny business man who will do whatever is needed to secure his own future when mounting evidence shows that he is under pressure from various business areas. What would we all do? Most would bail and not risk the family's future.
I have a very bad feeling about our situation - yet again. How many times can we escape the executioners sword by dodging it before a fatal blow is landed.

Been a long time lurker but recent developments have seen me sign up.
One thing that appears on this is that the date of the charge is 11th July 2016 and The date of the winding up petition is the 11th July 2016.
Is that a coincidence or is this winding up petition so serious in the way Mr Green sees fit to protect his investment.

I don't like the way some have reacted on this and seen the scaremongering snowball such are people posting things on twitter with questing directly to companies house and HMRC under the guise of journalism when they could have done this via phone or e-mail not as the attention seeking and scaremongering it's likely to been seen as.

The fact it's now been confirmed the players and staff haven't been paid suggests which direction is the correct one I think. Looks to me like someone is sinking the ship and jumping in the lifeboat all the valuables.

Glad you enjoyed and thanks for listening.

Tomorrow we have the HMRC on and Bradford Council on just exactly who owns what at Odsal.

When is the next auction?

Way below the belt.

To me it looks like Green has put money in, and taken out such security as he can.

But the point everyone seems to be somehow missing is IF the HMRC liquidate us then plainly they could set aside any such charge so it certainly wouldn't serve as any sort of self-preference which frankly I think is a poor inference to make.

I have been saying for a while now that it is plainly obvious to me Green must in one way or another be putting money in to keep us going. Maybe some more of us should remember that.

If this charge against the stadium went in at say the same date the winding up order was made it could look a bit "opportunist" and I'd venture HRMC might have something to say about that. Did they occur on the same day?

Green like the failed owners before him must have put money in. I suspect he won't get any out when we go into admin.

As for Odsal the place as it is now is a financial millstone. It could be an asset if the land were sold for landfill/redevlopment etc and used to build a smart new multi pupose stadium (like the one at Leigh or Warrington) on the site of Richard Dunn.

If any good could come of this it could be the RFL and Council getting their heads together to make it happen and give the south of the city something it's needed for years.

Whether there's a professional RL team still around by then who knows.

Just the right note of resigned pessimism from Bullseye