Castleford being 15 mins from going out of business

Wakefield haven't gone bust, they entered a CVA, precisely to avoid that.

Through satisfaying the CVA, they paid back all creditors in full.

Not sure they received a loan from the RFL either - I think that was one of the club's gripes - they didn't get the help other clubs had received, but prepared for someone in the know to correct me on that (I don't mean some rabble-rousing numpty on here).

Entering administration is going bust to me but fair do if thats not correct.

Suppose Mr Carter is the only one who can answer the loan question as it was at the time he took over the club iirc

No, that's not the same as going bust.

Going bust (insolvent), would mean the end of the existing organisation, which, if you are lucky, can be replaced with a new entity and the TUPE'ing (transferring), of some/all the previous staff.

I'm not an expert in that though as it did not happen at Wakefield...maybe some Bulls fans could explain the difference better. They are well versed in that process.

Lol, just read that back and it looks like a dig at Bulls - not meant like that - some switched on fans of theirs do have a good understanding of the process.

Surely that's not on the cards for Leigh???

Haha i'll leave the bulls bit alone.

As for Leigh,MEH,been here before,nothing new,i'll just sit back and let it run its course

The point of entering a CVA is so that you don't have to pay your creditors off in full but they all get a (equal) % of what you owed them. I'm sure Wakefield's CVA was no different to the norm.

They went into the CVA agreement in 2000 (it ended in 2004) so outside the 'licencing' period. They did go into administration in 2011 and came out of it in 2013, slap in the middle of 'licencing'

If Leigh would have one more point, then we wouldn't be in this situation. It's not like Beaumont messed up BIG STYLE, but he is quitting again, because he can, and whatever situation the club find themselves in now, is tough **** ! Thanks for 5 great years Derek, but don't bother 'coming back' and becoming our owner once again (like you hinted at in your farewell novel yesterday). Stick to what you know best and that is Sundecks, NOT Rugby League.

It allows you to put schedules in place and you're right, it may only be a % of the debt that's paid back.

Mr Carter has said on many occasions e.g. at fan's forums, but also in the open media, that all debts were repaid in full - it was a matter of principle for him. Again, happy for someone better placed to correct me on that.

Of course, this doesn't fit with some people's narrative (for example, Trinity NEVER said they would redevelop BV and play all TV games at Oakwell, while that happened - it's another well-repeated urban myth...and well before Carter's time anyway).

Came out of administration in 2011 not long after entering it when Andrew Glover bought us. Turned out he was also useless and we were on the brink again in 2013 but thankfully Michael Carter is much more capable and managed to make us debt free whilst avoiding admin.

They went into admin at start of 2011 and came out of it on 17/2/2011.

Wakefield never went into admin in 2013. They sold all their players, and every single last penny owed by that club was repaid in full.

We got a loan to satisfy an imminent winding up petition. I had to sign over the deeds to my family home( unlike others who have received loans in the last 18 months) and it was repaid in full, with interest, in 6 months.

1. Yes.... If it was at a rate of interest I knew was putting everything I own at risk
2. Read the whole thing..... He blames everyone....its like Mark Anthony's speech in Julius Caesar...... "I come to Bury Caesar, not to praise him" ...... Before spending 15.minutes praising him.......

On form educating the masses tonight Mr Chairman (including me)!

Thanks for the clarity and openness - it's refreshing and reassuring. Many others in leadership of the sport could take note of your principled methods and communication.