Member Info for Toffers

They've had their time B1ll, all they can do now is apply to the Court to injunct the WUP, but time is of the essence, because that notice will appear in the Gazette very soon and the banks will then freeze the bank accounts and so they won't be able to get at any cash. Effectively, they now have to go to court and plead with a Judge if they want to buy time and if Gowlings can show they did all they could to give the company time to pay, and/or have proof the company is or might be insolvent, I doubt a Judge is going to be very sympathetic, plus it will add to debt of the legal costs! my views.

Realbusinessrescue.co.uk - they even offer a free consultation so perhaps CS should contact them!

Wrong!

"Once a winding up petition has been served on your company, you are not permitted to sell any of the company's assets from the date of the petition; any transactions would be regarded as post-petition dispositions and voidable under s127 of the Insolvency Act 1986." in other words after the date of the petition, which is 25 Oct here, they cannot sell anything as it would be seen as a deliberate attempt to dispose of assets and fly in the face of the WUP, and any such sale would be voidable ie it would likely be cancelled.

When will people understand that? the issue of the WUP has now stopped them from being able to sell anything, that is done so as to protect any assets if needs be for Gowlings who issued it, and anyone else who comes along as well now and piggy backs as another creditor. As soon as that ad goes in the Gazette, which could be any day from tomorrow, its curtains, the bank accounts will be frozen, not that there's anything in them by the sounds of it, as it sounds as though Gowlings have realised the company might well be insolvent. So even if they get any money in from anywhere before any bank account is frozen, they can't do anything with it, not without the courts permission. I don't understand you people, it's a very serious matter. I hope Gowlings ascertain how CS has been allowed to exercise options as it looks to me as though that was done in a mad panic and could have happened after the WUP was issued on 25 Oct, in which case, he cannot take the money and the shares should not be put on to the market. my views.

DR's now realised there will be no sale and they're selling out! Diddums!

Yes, and the WUP stops them from dealing with it. If Gowlings get their order, it will go towards their debt if there is any cash. As I said, if I were Gowlings, I would be looking at when the monies were released from the shares that were exercised a few days ago! If they were exercised after the 25th and service of the WUP, well I'll leave you to figure that one out! Time for a brew! my views.

Cash is a current asset you fool!

Summit, they can't from company money! company money is an asset! Funny how the shares will be admitted to trading on the same day that the Gazette notification might appear and the bank accounts could be frozen!

This is why they haven't suspended as yet I suspect!

"Application has been made for the Option Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on or around 8 November 2023. " - hope Gowlings are looking at when they were exercised!

CS needs to raid his personal piggy bank! Hand some of that directors salary back. Pay the debt off including further costs. But will he?

Jeez, this lot really do twist everything, DYOR people, it's out there.

"Once a winding up petition has been served on your company, you are not permitted to sell any of the company's assets from the date of the petition; any transactions would be regarded as post-petition dispositions and voidable under s127 of the Insolvency Act 1986."

try reading it Summit, once the WUP has been served - its been served, the insolvency becomes statutory once the Judge makes an Order later on.

They can't sell any assets now IKN because of the WUP dated 25 Oct!

3 November they rns'd about the options! Ouch, I can't see how CS can exercise those now, can you, the WUP was dated 25 October, the rns states on 3 November that they have received notice and had exercised them! Oh dear, not a good look, hope it was before the 25 Oct!

"The 6,000,000 Option Shares were exercised at 0.42 pence each and the total proceeds from the Exercise are £25,200."

And they can't cash them now! The WUP is in place!

How can they cash US bonds? there is a war!

read the blurb, they will have had a statutory demand way beforehand - a Judge will want to see that Gowlings have tried everything possible to settle, UNLESS, Gowlings have proof that the company is INSOLVENT!

How the hell they have not suspended this is beyond me, at least to protect shareholders with the sp as it is until there is better clarification. But personally, I don't think they care, I think they want to let it go to the wall so it gives them a legitimate reason to say goodbye British investors, sorry, but it was out of our hands, and off to Russia/Cyprus they go. That way the Queeld case will be stayed as there will be no point in it. So will Queeld's solicitors take a risk and advise their clients to jump on the back of the WUP? who knows! my views.

Gowlings own blurb refer to undisputed, as I said, if it had been disputed, they would not have issued for a WUP! The Judge would throw it out and tell them to get back around the negotiating table. Clearly that hasn't been happening and only on Friday CS states that they will look at seeking legal advice! How many weeks has he had for heavens sake to do that? more like no one will take them on unless they pay up front and now they can't sell anything to get some money in to the bank, and I doubt they will be able to get anything in from outside sources, the bank will become wary! I suspect the bank already knows whats going on! my views.

Thinking about it, got a sore throat and headache today as some idiot sneezed right over me in Tescos last Thursday!

Do note by the way, that they can't sell any assets as a result of the WUP!

"Creditors will usually attempt to recover a debt initially by issuing a formal claim for payment known as a statutory demand. If this doesn’t result in the debt being paid within 21 days, the creditor can petition the courts for the compulsory liquidation of the company by way of a Winding Up Petition. The creditor will send the court the petition, as well as serving a copy of the petition on the insolvent company.

Any creditor, including HMRC, can petition for the winding up of a company so long as they are owed at least £750. However, issuing a Winding Up Petition is a costly exercise, with court fees of £302, plus a court deposit of £2,600 needing to be paid by the creditor making the petition.

Once a winding up petition has been served on your company, you are not permitted to sell any of the company's assets from the date of the petition; any transactions would be regarded as post-petition dispositions and voidable under s127 of the Insolvency Act 1986."

source; as before businessrescue .....