Are the same people that did Ted's IVA handling the company administration too - maybe they got a discount rate for repeat business?

Rumour was it was down to two from the original four and now a deal is almost done. Newmarket is a huge draw mate and I think you are correct, the interest would not be as great if any but you can't knock anyone for that!

It is O'Hara's... the same company who did Crusaders pre-pack!

Confirmation of the identity of the first of what is thought to be two bidders.

[urlhttp://www.westyorkshirewindows.co.uk/latestnews/takeover-offer-for-wakefield-trinity-wildcats-rugby-league-team/2011/02/[/url

The other is still thought to be the guy above, but not confirmed... yet!

I hope the creditors don't include any of the non-playing staff - excluding any close relatives of the current board.
It's always the little guys (& gals) who lose out in such situations & of course the rest of us who pay our taxes on time.
But as long as the Wildcats have a new & very wealthy owner that's ok.

Sounds promising, and the best bit reads [i"However, the current directors have confirmed to us during our discussions that, if our bid is successful, they will all be resigning and will not look to be involved in the management of the Club going forward."[/i

Don't they have to settle them under TUPE... I think they do?

Anyone who puts money into WTWC has rocks in their heads and isn't much of a business brain! lol

You can tell one of them personally if you like... one of them is posting on the Wakey board as apg100.

Suspect he might disagree with you though... just a thought!

If its a Ltd Co and there are no assets left to pay redundancy and period of notice claims then these are settled by the National Insurance Fund although the Insolvency office who deal with those claims are f'kin useless and don't know how to use a calculator.

So actually, no employees should suffer, the only bit they may lose out on is if they are re-employed by the new company in which case they lose their period of notice claim but in truth they haven't really lost anything actually.

Any company who is owed money by the Ltd Co will lose out but thats part of the game of commerce.

So that's the taxpayer (ie you & me) again paying for the bad management of others. But at least the employees won't be totally out of pocket.
I know it's the "game" of commerce & think that you have suffered from this more than most but when it's often the same perpetrators whose own assets are protected in the wife's name or some other legal get-out it leaves a nasty taste.

Its partly what the Nat Ins fund is for really and its thanks to EU law that employees redundancy rights are protected by the NIS fund.

I have had plenty of businesses go bust owing me money and its never pleasant, but what I always found unpalatable were the ones who disappeared overnight having stocked up on assets on credit and good will and there are certain sections of the community where that behaviour was more prevalent than others (in my personal experience of course)

Don't fall into the trap that some bitter fans are falling into about this. This isn't even a pre-pack deal, it it will be a new owner and there is nothing to say that HMRC won't get some money from the sale proceeds. The current owners who as McF said, own the current Ltd company, are gone and new owners look likely to buy the business from the administrator. His job is to get the best price possible for the business and secure future employment for the current employees and he will only get what someone is willing to pay... and that won't be much! Also, when it comes to HMRC then the majority of the forthcoming debt is back-tax that HMRC are pursing from all SL clubs, so in reality the actual debt for tax not paid is probably quite small in the scheme of things. Given that the club we support has allegedly by the far the biggest bill looming, you need to be careful about glass-houses and all that!

Business is business and is all about risk and reward, a new successful business continuing to pay tax is better than a liquidated business and even HMRC know that one. You and I don't lose long-term, that is how the system works and that is why NI exists. Despite Ted being unable to keep the business afloat and also many Wakey fans baying for his blood, it does not appear he has really conned anything out of anybody... and he personally will be the biggest loser in on this.

Now if you want get upset about something then Crusaders and the RFL pre-pack has lost HMRC and me and you some money.... don't turn on Wakey when our own governing body 'sanctioned' a pre-pack and secured is own debt ahead of the tax payer!

I thought the idea about NI was that it paid for the NHS? At least in part....

To be honest, if Wakefield didnt start the season I dont think I'd even notice.

Ted is the biggest loser - are you for real?

What a nice human being you are. Your mother must be so proud!

Always taught me to be honest so yes, yes she would be.

How do you know Danny so well

or was it just one of the moments when everything suddenly becomes crystal clear

Why?

You're a franchise filler, that's all. You've never been a serious contender in Super League and never will be.

Wakefield = '...also ran'

Having you in the SL is irrelevant - you could quite easily be Halifax, Keighley or *insert name of irrelevant team here*.

I'd be sorry if they didn't start the season. Crappy ground aside, it's one of my favourite away days.

What is it with all these Trinity fans getting all touchy because some of us dont even note their pathetic existence?

From a financial perspective yes, he loses the ground back to the bank, so £1.7m is quite a bit of money. That is all I meant, that is why he was so desperate towards the end to retain control... it will hit him in his already empty pockets.

You'll excuse me - given his chronic mismanagement along with the rest of the Wakefield board - if I don't weep quietly into my pillow thinking about his plight.

I'm more likely to be concerned with the small businesses who could face having to lay off staff or close because they're going to get shafted along with other creditors, yet who magically see the business back up and running again with new investments and free of debt a few days later.

I'm sure they'll have a collection between them just to make sure Ted doesn't fall on hard times.