Quote: Adeybull "What I read on here earlier was that the ground was owned by this IOM company. They will be the legal owners.
Whowever owns that company, ultimately as individuals, does NOT own the ground - at least not directly - since the owner is a corporate body with its own separate legal identity.
But that company is apparently in receivership. That means that the receiver will have taken control of the asset, and will be charged with realising it on behalf of the chargeholder.
If one of the owners of that company happened to be in some form of insolvency, then it is likely that the insolvency practitioner administering the insolvency would have possession of the shares, and would be seeking to dispose of them for the best available price subject to any restrictions that may be placed on transfer of those shares. Almost certainly very messy. Especially since, with the company itself being in receivership, the shares will anyway be worthless.
Bank of Ireland appear to have a first charge on the ground, so they can probably repossess the ground and sell it regardless of the wishes of the receiver. Once their debt has beenn settled (if indeed it ever is) then any surplus is disbursed by the receiver according to a specified order of preference. Seems unlikely there will be any surplus if a bank has had to put a property company into receivership.'"
Cheers adey i was hoping for a yes or no!!!
Pretend im a six year old and say it again slowly:
The company that owns it (Ted) is insolvant? so the bank owns it?
the bank can do what it wants to get its money back?
will the administrators (what with this being an IoM company in his childrens names) draw a line from A-B baring in mind was clearly an asset of the rugby club once that was bought with money the company (Ted) never had, for personal gain?