Member Info for Toffers

I think it unlikely Summit about a validation order, because they'll have to show the court their accounts, and that they have the ability to trade. In july they informed us they had just 400k in cash! Not great is it, yet they've still drawn their salaries no doubt!

"A validation order is where a company can apply to ‘unfreeze’ the company’s bank account. This is a court order that essentially “validates” transactions, such as rent and wages, going through the account and prevents a liquidator from holding the bank liable for money being withdrawn, whilst there is a winding up petition." - same source.

Can you see how they are already in a mess Summit, as effectively they won't be able to access funds once that WUP was served which I imagne would have been served on the same day it was issued, as I would have served it the same day for sure, as it serves as a form of injunction.

"When a winding up petition has been advertised, your bank will hear about it as it is published in the London Gazette. Following this they will freeze your bank account. This is because any transaction after a winding up petition has been served can be reversed by the court. Consequently, no more payments can be made from or into the account causing serious problems for the company. " - same source

And by the way Sbrace06, so it was okay for all of you lot to push positive spin for months to drive the sp from nothing to 43p, but it's not okay for posters to put negative spin on when the sp is back down at 2p or less? pot kettle black again.

I'm Toffers!

To help you Summit, relates to banks

https://www.companyrescue.co.uk/guides-knowledge/guides/what-are-the-consequences-of-a-winding-up-petition-4193/

Summit, I fail to see how they can't be by now, this forum of its own volition has probably given it away to them!

MrYFronts, it usually takes caseboard a few days to update matters, so I doubt the WUP matter appeared on the site on 25 Oct, but regardless, the TG group are clearly being fed info from somewhere. A member there stated a while back that DS was in the group. DS subsequently removed himself from the BOD but remains as a member of the management team, yet seems to play no further part in any statements or postings! Interesting eh, particularly when he was so active on twitter with metal prices and photos with Alexei Boucherer at Indaba etc!

DR it's still active on caseboard as I've just checked.

It was stated by one of the TG members early on ie a few years ago, that DS was in the TG group, and he is no longer a member of the board, just on the management team!

Summit, they might have done, and the accounts might have already been frozen on the back of it! so we'll probably not get an rns if they can't pay for it!

The difficulty is its abundantly clear that the TG are getting what I perceive to be 'inside information' regarding the court proceedings, so they know what is happening in advance of the rest of us, and when they get vocal, it's likely the news isn't great, so they don't help themselves, last Friday was a case in point with Dim! I mean were the company shorting its own shares?

LOL wolfie :)

But that's my whole point friendsps, currently nothing has happened, and so that ad in the Gazette is looming ever nearer, that's going to be the first major bump in the road, because once that appears, the abnks will see it and freeze any accounts for sure, and other creditors could come crawling out of the woodwork to boot. my views.

Anyone going to guess on 1), 2) or 3, because it's very serious?

Hi B1ll, I think I'd logged out and then on logging back in I got a banner across the screen asking me to stick to on topic debate and to tick box! Really rich considering what has been going on here, and I've not reported Dim although he might think I have, but I haven't.

Which of those three options do you think Gowlings are pleading? 1) a statutory demand had been served? 2) they are aware the company can't pay its debts as they fall due, or 3) the value of the assets is less than that of its liabilities? so which have been pleaded?

And from Gowlings own site;

"The court will generally accept that a company is unable to pay its debts where it is shown that:

A statutory demand has been served for an undisputed sum exceeding £750 and the company has failed to pay the sum due within three weeks; or

The company is unable to pay its debts as they fall due; or

The value of the company's assets is less than the amount of its liabilities."

At preset the WUP still remains in force as we have not been told otherwise by the company, mind you, the company is so bad at rns-ing anything, who knows, but at present, the WUP stands and time is running out in relation to the ad appearing in the Gazette, which could be tomorrow, if the company were served with it on the 25th.

Mr evans I am talking about the ad which will go in the Gazette not the winding up order, as I have no idea whether the company will be wound up or not, that hinges on Gowlings and what they do, but as things stand, it looks increasingly more likely the ad will appear in the Gazette very 'shortly'!

It really is the MOST PRESSING ISSUE HERE, but no one seems to be taking it with the seriousness it deserves. It could be less than 24 hours to curtains in the UK effectively! Is the company insolvent here? it's not looking good is it in all honesty. Please note LSE I am staying on topic with this, unlike alot of the other postings here over the past few days!