Member Info for Toffers

Del I said months ago you all need to be forming an action group, try and get a member on the Board at the AGM so you get to hear first hand what the Board are saying, but as usual, I just get shot down. Now you're all too late, there's a WUP, and that's as bad as it gets! Having come this far, Gowlings will want that paid in full for sure, but with Queeld and Mispare on the horizon next week, I suspect the company aren't bothered, as if they lose that, well imagine...........my views

Summit, it was my line of work for 28 years, I know what the procedure rules are for client invoices etc, and the steps to take in relation to a costs dispute. A WUP is the very last action you take against your OWN CLIENT!

They clearly have not disputed it Summit, not up to the WUP being issued! but I do also think that Gowlings know that there is no money in any event to pay the bill. The gang of 6 better be at the ready to ride to the rescue!

I doubt they have any VAT to pay Harris!

Read Summit, that's if you can actually read!

https://www.jpclaw.co.uk/latest/challenging-your-solicitors-costs-be-mindful-of-the-1-5-rule

Harris, they will get whatever there is anyway from the OR as they are first in line for recovery via the WUP. The company can't dispose of anything, so if there is any cash, they will get it first.

You mean just like they strung out Queeld and Mispare over negotiations for 3 years and did nothing until they finally issued proceedings as they had no other option? History speaks for itself.

Friendsps you talk rubbish, Gowlings issued a WUP, that's as dire as it can be. I'm sorry you're heavily loaded, but you're going to lose it, look at the history and the red flags over the last 3 years, open your eyes, it rose from nothing on nothing, it was engineered to raise funds which have been secreted offshore, and the company doesn't give a toss about UK shareholders that is plain to see in all of their actions to date! my views of course, but you really need to take the rose tinted specs off. Gowlings will only accept the full amount for sure including the now extra costs otherwise that WUP is made an order within a week or two, and they will be the first in line to recover whatever there is in any event! i'd be after that money from the exercise of those options but the question is, should they even have been exercised given the WUP?! as I say, my views entirely, but what an absolute shambles.

Too late that should read!

There is some real rubbish being spouted on here. There has to be a procedure set out on the back of every solicitors invoice stipulating how a bill can be disputed. It is clear that eurasia have not followed that and therefore the bill was undisputed and that is why the WUP was issued as Gowlings will also be acutely aware that the company has no funds with which to pay the bill now. It's clear the company have done absolutely nothing to challenge it to date, and now it's more than likely too as even if CS offers monies from the exercise of options/shares, if I were Gowlings, I'd tell him where to stick it and press ahead with the WUP!

https://www.jpclaw.co.uk/latest/challenging-your-solicitors-costs-be-mindful-of-the-1-5-rule

No seamus, I can't understand for the life of me how you all don't seem to grasp the seriousness of the situation, it's the worst scenario possible from the UK end, and a huge risk for investors now, HUGE! Who caused the situation? Your beloved Board of Directors! because they wouldn't pay the lawyers bill, the same lawyers who negotiated a settlement for them to get them off the hook with the Logik litigation. Anyhow DYOR I'm fed up of how so many don't seem to understand the legalities of a situation like this. Anyhow, got flu so off to bed.

No bobby - "Once a WUP is served, a business has seven days to act before its financial situation is made public. "

helix-law

if it was served on the 25 Oct, that day would count, and so it would go in the Gazette 7 days, which are 7 business days later so you don't county Saturday and Sunday. It says seven days above but I'm pretty sure it's 7 business days.

I'd say it is spikey, the options have been exercised in return for money and shares to be sold on to the open market so those shares will effectively be created and then transferred to another(s) by way of sale and they can't sell any assets which includes cash and no doubt shares!

Call me a conspiracy theorist or whatever anyone likes, but I'm of the view that they want this winding up to happen as they've already been advised I suspect by their lawyers that their chances are slim with the Queeld case.

Bfl please note -

"any disposal of company property (such as a cheque paid, or an asset sold or transferred) and

any transfer of company shares

will be of no effect, unless the court orders otherwise."

Now I wonder what the date was that those share options were exercised?

Let me repeat simply so you understand bobbybingo - a WUP can be served at the registered office simply by posting it through the letterbox if no one answers although its better to hand it to someone in person. The likelihood is that it probably wasn't given to CS personally, and he only received it himself from someone else on the 27th, it doesn't mean it was served effectively on the 27th!

Bobbybingo, no one knows yet when it was served until the certificate of service appears on the court file. As I said earlier, service on someone is the effective date, even if it wasn't CS, but when CS opened it or looked at it, is another! I'm inclined to think it was served on the day it was issued by the Court, as if it were me, I would serve it straight away, so it's effective straight away.

Bfl -

"Section 127 of The Insolvency Act 1986 provides a hard hitting rule which impacts on many transactions that take place between:

the date on which a winding up petition is issued (ie date stamped) by the court and

the later date on which the court "hears" the petition and makes the winding up order.

In that period:

any disposal of company property (such as a cheque paid, or an asset sold or transferred) and

any transfer of company shares

will be of no effect, unless the court orders otherwise.

A "disposal of company property" includes cheques paid out by your business!

For instance, if you paid a supplier £7,000 during the Section 127 period, that sum would probably be recoverable by the liquidator."

source: purnells.co.uk

Never said it was to stop funds coming in, it's that they can't dispose of assets which includes cash. However, I'm sure the banks will scrutinize where any cash is coming in from bearing in mind what is going on and who is involved and where the supposed assets are!

The purpose of the Gazette ad is to allow any other creditors who see it, time to ask to be joined in to the WUP!

They have 7 business days from the date of service, so if served on 25 Oct say, the ad will probably appear on Thursday. The Court will have already set a date for a hearing as soon as possible for the Order to be made after that 7 business days.