Quote ="WormInHand"Hello Man-in-the-sand, and welcome.
Thanks for answering my question - it's impossible to the council to legally take over the SMC and immediately liquidate knowing the financial situation.
I guess its a similar situation as to when Allam expected to be gifted the stadium and objected to the council's refusal - there are personal as well as moral and legal implications for the councillors.
I know the last SMC accounts to 2014 showed the RBS debt as still outstanding. Allam has gone on record as saying this debt has been repaid - is that since the last account submission or is he once again waxing lyrical for the media?
I understand the current SMC debt remains (approx) £2M to the bank and £4M to Allam himself. Am I correct?
And (sorry to bombard), but do you think there are sufficient grounds to terminate the SMC lease. this is the woolly point I can't believe Allam would leave himself exposed to. I'm of the belief he knows his lawyers are good enough to prove compliance.
. Just my hunch, from observation of his previous...'"
It's not a case of taking over the SMC that is a company set up by Adam that was awarded the contract for the FM of the facilities, The council do not need to take over the SMC, the key to this is the FM contract, The council, if they were to win in court then would just cancel the contract and re award it, the debt to the company is an irrelevance, the value is the contract which cannot have debt attached, one senario is that should the SMC lose the contract, then it would be quite legal say for instance for Adam to set up a new FM company to manage the re submitted contract
. and the Allams would still have absolute control of the SMC with no contract or assets just debt and unable to do anything about the facilities.
. Just my hunch, from observation of his previous...'"
. and the Allams would still have absolute control of the SMC with no contract or assets just debt and unable to do anything about the facilities.
