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FORUMS > The Virtual Terrace > Bulls into administration - confirmed
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10 Days to avoid liquidation according to reports.

Doesn't give them long to find the cash, hope they make it though.

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Quote: Inflatable_Armadillo "I think, unlike Wakey & Cru that it will probably be 6 points because they have gone into admin mid-season as opposed to the closed season.'"


Time of season is irrelevant. Wakey/Cru got 4 because they took on some of their previous debts to honour.

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Time for a singsong to raise the spirits..........



RDM
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Quote: Fully "Time of season is irrelevant. Wakey/Cru got 4 because they took on some of their previous debts to honour.'"


ISTBC but I seem to recall someone from the Bulls saying in an interview that the RFL had changed the rules on clubs going into Administration from the start of this year and that there were no defined limits as to the extent of any penalty.

This compares to the maximum 6-point deduction when Crusaders and then Wakefield went into Administration. Crusaders got a 4-point penalty because their main creditor was the RFL and Wakefield's penalty was the same as the total debts were less than Crusaders (although I'm sure all at Red Hall would have loved to twist the knife even further).

Overall, this is a very sad day for RL and although I do have some sympathy for the fans who dug deep into their pockets to try to help the team they love, it's also true that there were many others who warned that it was only delaying the inevitable.

The saddest thing of all is that the Bulls directors have (allegedly) been able to use the fans money to remove any Personal Guarantee obligations to the club's bank. If this is true, then I hope that they are investigated by the relevant bodies (may not be a crime and therefore not the police) and that they get the heaviest possible penalties against them as individuals.

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Wouldn't want this to happen to any club. Hope the sake of lifelong Bulls fans (more so than those who jumped on the bandwagon in the early 00's before jumping off again) that they get out of this.

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Quote: mikej "Firstly administration is an attempt to find a way for the club to continue. IF IF IF this fails New Co set-up. New Co acquires the assets of old co (after the big boys have had their "meal"icon_wink.gif. New Co end up with some players it owns, some players on loan to the end of the season and the name but most importantly none of the debts. New Co then agrees with the RFL (with the support of SKY ......oh and Im sure they will ask the other teams as well) to step into the void to fulfil a temporary vacancy within the superleague structure and fulfil the remaining fixtures of old co.

End of season applications made by all relevant parties to fulfill the vacancy based on normal SL application criteria......Prediction Halifax promoted in place of "Bradford 2012".

As for the rules allowing it, dont know the specific regulations but in previous season it has been stated that "provisions are available should a team find it impossible to fulfil its fixtures"'"
.

If administration fails and the company is liquidated then I would expect that there is not SL status to be marketed. Liquidation is a closing down sale - everything which can be sold, will be sold even if it is just for a penny. If SL status can be sold then Leigh (my team), Fev, FAX etc could buy it...

92 posts in 7 pages 
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Subscribe | Moderators: Admin, Durham Giant , TimperleySaint
92 posts in 7 pages 
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Subscribe | Moderators: Admin, Durham Giant , TimperleySaint



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