| tomorrow can't come quick enough 14:17 - Oct 16 with 2310592 views | batman |
Not for us, but for Bury.
i was credit checking a potential customer and decided to nosey onto
BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged
only Wednesday this week.
looks like they are in need of a bumper crowd tomorrow to settle some bills |  | | |  |
| tomorrow can't come quick enough on 21:19 - Sep 6 with 6874 views | RAFCBLUE |
In the spirit of balance, it is worth noting that another League 1 club who would like to build a new ground are facing difficulty.
http://www.scunthorpetelegraph.co.uk/sport/football/football-news/scunthorpe-uni
Scunthorpe let in Summer 2015 an £18m build contract to the construction group Buckingham to build a new 12,000 seater ground.
The ground was supposed to be ready for the start of this season but will be delayed. As of June this year they are yet to start building and there is no expected date for the ground to be built.
Now for the part that our bucket shaking chums will like:
"First estimates from the club (Scunthorpe) suggested the plan would cost £17/£18million but it had risen to £25m when the planning application was granted. Peter Swann confirmed last month that the club had invested £4.9million into the project which is yet to get off the ground."
If it were my club, I would want to know:
1) What's the expected build cost (vs approximately £25m for a 12,000 seater ground based on this example)?
2) What's the financing plan? You can't just borrow £25m against something that isn't built or worth a loan to be secured on it.
3) How much has been sunk into the project so far (vs Scunthorpe's £4.9m)
4) How does it feel to know that whilst your current ground has been mortgaged to fund this speculative venture, the chances of which it is actually going to be built are zero?
If anything it goes to show how lucky we are to have our ground back under secured ownership and not be wanting to spend anywhere near those sums of money on it.
Uncle Stewie must be laughing his proverbials off at the gullible fools. |  |
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| tomorrow can't come quick enough on 21:41 - Sep 6 with 6813 views | scarrow |
Southend and Scunthorpe at least have said we want to move. We're trying to move but it might not happen in the timeframe. Stuey though, championship football in a new stadium for August 2018. |  |
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| tomorrow can't come quick enough on 20:18 - Sep 21 with 6437 views | 442Dale |
What EXACTLY are Forever Bury doing right now?
At least when that Joy was involved you'd hear updates. |  |
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| tomorrow can't come quick enough on 20:32 - Sep 21 with 6400 views | TVOS1907 |
Ho, ho, ho. |  |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| tomorrow can't come quick enough on 20:40 - Sep 21 with 6380 views | nordenblue |
| tomorrow can't come quick enough on 20:32 - Sep 21 by TVOS1907 |
Ho, ho, ho. |
They seem to think you're a multi millionaire too?  | | | |
| tomorrow can't come quick enough on 20:46 - Sep 21 with 6364 views | TVOS1907 |
| tomorrow can't come quick enough on 20:40 - Sep 21 by nordenblue |
They seem to think you're a multi millionaire too? |
Actually... | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| tomorrow can't come quick enough on 21:06 - Sep 21 with 6309 views | nordenblue |
| tomorrow can't come quick enough on 20:46 - Sep 21 by TVOS1907 |
Actually... |
They've probably caught wind of your salubrious surroundings thats all.... | | | |
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| tomorrow can't come quick enough on 21:11 - Sep 21 with 6295 views | TVOS1907 |
| tomorrow can't come quick enough on 21:06 - Sep 21 by nordenblue |
They've probably caught wind of your salubrious surroundings thats all.... |
Well, I am To The Manor Born, according to Bobbyjoe... | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| tomorrow can't come quick enough on 21:27 - Sep 21 with 6257 views | judd |
| tomorrow can't come quick enough on 21:11 - Sep 21 by TVOS1907 |
Well, I am To The Manor Born, according to Bobbyjoe... |
...as opposed to Bazinga to the banner yawn |  |
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| tomorrow can't come quick enough on 21:31 - Sep 21 with 6252 views | RAFCBLUE |
This is everything coming to a head.
Mederco is the Day funding vehicle for all things buryfc (and other interests).
The issue is no 2016 accounts and annual return/confirmation statement.
The December 2015 accounts were filed in January 2017 - 4 months late.
The December 2016 confirmation statement isn't listed and the account for that year are due. This will be Companies House giving Day a prod to make sure he files.
The outcome is going to be interesting.
Mederco had at December 2015 net assets of £382k which is basically the vehicle that owns bury foootball club. We know from the bury accounts that debts have been guaranteed by this entity and Day personally (as a director) as bury were seen as not a going concern. Debts at bury fc are around a couple of million at this time.
Any creditors of the company can object to this. If nobody objects, and the company is subsequently struck off, any assets owned by the company (including cash in the company bank account) will then become under the ownership of the crown under a term known as 'bona vacantia' (meaning no owner).
The company's creditors will go without, should the company be successfully struck off. They (any creditors or interested parties) should therefore raise an objection if they wish to recover their monies.
The creditors know they are secured on the assets of Mederco and the ground of bury fc. They will object.
That will mean that the striking off doesn't happen - but the December 2016 accounts of Mederco will be in the public domain as will the confirmation statement/annual return which willl show WHO owns the club.
And those 2016 documents will reveal what a mess Mederco is in - which will threaten the security of repayment, which in turn will threaten the very existence of bury fc.
It's like a big bouncer type is about to knock on your door, ask for all the money back now (with interest) and threaten all manner of nastiness if you don't pay; including eviction.
On the bright side they have Lee Clark. | |
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| tomorrow can't come quick enough on 09:29 - Sep 22 with 5923 views | Thacks_Rabbits |
Interesting well written post RAFC. Clearly you know much more than me on the rules regarding this. Made me wonder if Day really has just taken a huge punt on promotion or if something else is going on.
I am assuming that the company in question is a ltd company, so would day be personally responsible for any debt, assuming he is sole director? I seem to remember that being a ltd company means that any personal assets of a director cannot be taken into account, although I may be wrong.
Could it be possible that day has bounced the secured debt to another of his company's, or a company of a partner, making them sole secured creditors, allowing them to basically put existing company into receivership?
I have no idea of what tangled web Day is weaving, and was just considering that he may be trying to lose some secured debt to buy time? |  |
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| tomorrow can't come quick enough on 10:06 - Sep 22 with 5868 views | dingdangblue |
On that 'Moneything' forum there is a recent post from Sept 4th -
Update available on MT,
"The borrower is in the process of refinancing this loan with another lender..."
Don't know it's relevance to what's happening with Merderco though? |  |
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| tomorrow can't come quick enough on 12:14 - Sep 22 with 5727 views | Yorkshire_Dale |
I thought I recognised him from B11's picture. | | | |
| tomorrow can't come quick enough on 12:24 - Sep 22 with 5701 views | TVOS1907 |
| tomorrow can't come quick enough on 12:14 - Sep 22 by Yorkshire_Dale |
I thought I recognised him from B11's picture. |
I'm clean shaven now. | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| tomorrow can't come quick enough on 12:40 - Sep 22 with 5669 views | Yorkshire_Dale |
| tomorrow can't come quick enough on 12:24 - Sep 22 by TVOS1907 |
I'm clean shaven now. |
.......no, it's the teeth.....real give away. | | | |
| tomorrow can't come quick enough on 12:43 - Sep 22 with 5660 views | TVOS1907 |
| tomorrow can't come quick enough on 12:40 - Sep 22 by Yorkshire_Dale |
.......no, it's the teeth.....real give away. |
Touche. | |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| tomorrow can't come quick enough on 15:54 - Sep 22 with 5473 views | judd |
| tomorrow can't come quick enough on 21:31 - Sep 21 by RAFCBLUE |
This is everything coming to a head.
Mederco is the Day funding vehicle for all things buryfc (and other interests).
The issue is no 2016 accounts and annual return/confirmation statement.
The December 2015 accounts were filed in January 2017 - 4 months late.
The December 2016 confirmation statement isn't listed and the account for that year are due. This will be Companies House giving Day a prod to make sure he files.
The outcome is going to be interesting.
Mederco had at December 2015 net assets of £382k which is basically the vehicle that owns bury foootball club. We know from the bury accounts that debts have been guaranteed by this entity and Day personally (as a director) as bury were seen as not a going concern. Debts at bury fc are around a couple of million at this time.
Any creditors of the company can object to this. If nobody objects, and the company is subsequently struck off, any assets owned by the company (including cash in the company bank account) will then become under the ownership of the crown under a term known as 'bona vacantia' (meaning no owner).
The company's creditors will go without, should the company be successfully struck off. They (any creditors or interested parties) should therefore raise an objection if they wish to recover their monies.
The creditors know they are secured on the assets of Mederco and the ground of bury fc. They will object.
That will mean that the striking off doesn't happen - but the December 2016 accounts of Mederco will be in the public domain as will the confirmation statement/annual return which willl show WHO owns the club.
And those 2016 documents will reveal what a mess Mederco is in - which will threaten the security of repayment, which in turn will threaten the very existence of bury fc.
It's like a big bouncer type is about to knock on your door, ask for all the money back now (with interest) and threaten all manner of nastiness if you don't pay; including eviction.
On the bright side they have Lee Clark. |
Not meaning to appear picky but isn't Mederco (BFC) Ltd ( Company number 07778532) the vehicle that deals with the bucket rats, and is a separate entity to Mederco Ltd (Company number 07694794 )?
The former is not in arrears in filing accounts. | |
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| tomorrow can't come quick enough on 16:01 - Sep 22 with 5455 views | BlueMessiah |
I think the correct spelling is Merde-co.
Its a French outfit. |  |
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| tomorrow can't come quick enough on 16:13 - Sep 22 with 5433 views | judd |
| tomorrow can't come quick enough on 16:01 - Sep 22 by BlueMessiah |
I think the correct spelling is Merde-co.
Its a French outfit. |
It sounds shit, tbf. | |
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| tomorrow can't come quick enough on 17:55 - Sep 22 with 5324 views | RAFCBLUE |
| tomorrow can't come quick enough on 15:54 - Sep 22 by judd |
Not meaning to appear picky but isn't Mederco (BFC) Ltd ( Company number 07778532) the vehicle that deals with the bucket rats, and is a separate entity to Mederco Ltd (Company number 07694794 )?
The former is not in arrears in filing accounts. |
Mederco (BFC) Limited is also behind with filing accounts.
https://beta.companieshouse.gov.uk/company/07778532/filing-history
The December 2016 accounts are overdue too here I believe.
The relationship between the two companies is unclear but they have Mr Day as a common influence.
There are documents on both relating to guarantees made for borrowing in relation to debt secured on property.
A general expectation of a lender is that a company files on time so as not to breach its banking covenant that would mean immediate repayment. | |
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| tomorrow can't come quick enough on 18:35 - Sep 22 with 5270 views | judd |
| tomorrow can't come quick enough on 17:55 - Sep 22 by RAFCBLUE |
Mederco (BFC) Limited is also behind with filing accounts.
https://beta.companieshouse.gov.uk/company/07778532/filing-history
The December 2016 accounts are overdue too here I believe.
The relationship between the two companies is unclear but they have Mr Day as a common influence.
There are documents on both relating to guarantees made for borrowing in relation to debt secured on property.
A general expectation of a lender is that a company files on time so as not to breach its banking covenant that would mean immediate repayment. |
Ah, I thought their accounts were not due until next month? It appears Day is sole director of both companies.
Mederco (BFC) is the company referred to in David Conns last Guardian article c. October 2016 as being the vehicle.
Other Medercos appear with other town names where property appears to have been developed. | |
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| tomorrow can't come quick enough on 20:02 - Sep 22 with 5157 views | RAFCBLUE |
| tomorrow can't come quick enough on 18:35 - Sep 22 by judd |
Ah, I thought their accounts were not due until next month? It appears Day is sole director of both companies.
Mederco (BFC) is the company referred to in David Conns last Guardian article c. October 2016 as being the vehicle.
Other Medercos appear with other town names where property appears to have been developed. |
Slight semantic difference I think in reading your post Judd re Merdeco (BFC) Limited
The December 2016 accounts need to be filed by 30 September 2017. They have a week.
They late filed the 2014 and 2015 accounts in March 2017 so 18 months and 6 months late respectively.
I suspect there will be cross reliance across companies in the Merdeco stable which means one that leans on another via things called negative pledge or cross guarantee.
Either way, pick whichever one you like - BFC has around £10m of accumulated losses plus or minus activity from the last set of accounts (May 2016). I don't see Merdeco with that many assets or access to finance to sustain a long term liability that big. | |
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| tomorrow can't come quick enough on 20:49 - Sep 22 with 5076 views | judd |
| tomorrow can't come quick enough on 20:02 - Sep 22 by RAFCBLUE |
Slight semantic difference I think in reading your post Judd re Merdeco (BFC) Limited
The December 2016 accounts need to be filed by 30 September 2017. They have a week.
They late filed the 2014 and 2015 accounts in March 2017 so 18 months and 6 months late respectively.
I suspect there will be cross reliance across companies in the Merdeco stable which means one that leans on another via things called negative pledge or cross guarantee.
Either way, pick whichever one you like - BFC has around £10m of accumulated losses plus or minus activity from the last set of accounts (May 2016). I don't see Merdeco with that many assets or access to finance to sustain a long term liability that big. |
True. The voluntary striking off of businesses in property development I have read is common practice after a project is done.
It's still astounding how that debt is serviced all the same. | |
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| tomorrow can't come quick enough on 21:22 - Sep 22 with 5035 views | RAFCBLUE |
| tomorrow can't come quick enough on 20:49 - Sep 22 by judd |
True. The voluntary striking off of businesses in property development I have read is common practice after a project is done.
It's still astounding how that debt is serviced all the same. |
Yes - voluntary strike off is common.
However, this isn't a voluntarily strike off. Instead Companies House are starting proceedings to kill the company due to non filing of documents.
To voluntarily strike off you would:
1) Complete activity
2) Pay all creditors, including all due tax. This removes any outstanding charges
3) Pay shareholders the profit - usually as a dividend.
4) Apply to Companies House.
Unless I'm missing something bury football club doesn't cease to exist (yet) so the filing of legally compliant accounts late raises the usual questions.
Obviously, they'll be filed next week and the issue will go away right? | |
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