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Post by stumpy on Dec 2, 2023 13:05:27 GMT
Scepticism is good. Let's hope Monday's meeting casts some light on what is currently a very murky situation. Our on-field problems are bad enough and off-field problems can only make things worse.
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Post by stumpy on Dec 2, 2023 15:10:42 GMT
Be nice to know John if the people invited onto the board from the previous administration were made aware at the time, that they would become liable for future debts incurred by the new regime. The timing of the moves would suggest not. But it's all speculation at the moment. Maybe without the new people, we would not have a club to support. They seem wealthy enough to cover any current expenditure and have plenty of plans, so maybe we should be counting our blessings!! Gerry, you've been misinformed. Folkestone Invicta is a private limited company. This means that the directors are not personally liable for the club's debts (the cynic in me wonders whether this is not part of the reason why the limited company was set up in the first place). The debt belongs to the limited company, not to anybody else. If you are a shareholder of the company, then you cannot be called upon to contribute more than the face value of your shares; if your shares are paid up, then that's it, you cannot be asked for any further money; if your shares are not paid up then you may (and probably will) be called on to fork out money to the value of those shares. Apart from that, nobody can be asked for money; it is the company that is liable, not the directors. If the company is unable to pay its debts and service its running costs then it is technically insolvent and may be placed under administration. |
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Post by kentjambo on Dec 2, 2023 17:08:09 GMT
Be nice to know John if the people invited onto the board from the previous administration were made aware at the time, that they would become liable for future debts incurred by the new regime. The timing of the moves would suggest not. But it's all speculation at the moment. Maybe without the new people, we would not have a club to support. They seem wealthy enough to cover any current expenditure and have plenty of plans, so maybe we should be counting our blessings!! Gerry, you've been misinformed. Folkestone Invicta is a private limited company. This means that the directors are not personally liable for the club's debts (the cynic in me wonders whether this is not part of the reason why the limited company was set up in the first place). The debt belongs to the limited company, not to anybody else. If you are a shareholder of the company, then you cannot be called upon to contribute more than the face value of your shares; if your shares are paid up, then that's it, you cannot be asked for any further money; if your shares are not paid up then you may (and probably will) be called on to fork out money to the value of those shares. Apart from that, nobody can be asked for money; it is the company that is liable, not the directors. If the company is unable to pay its debts and service its running costs then it is technically insolvent and may be placed under administration. 🥱 |
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Post by stumpy on Dec 2, 2023 18:47:17 GMT
Sorry if I've bored you (again), Jambo. There was me thinking it was kind of relevant to the thread...
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Post by finbarr_in_z on Dec 2, 2023 20:09:07 GMT
Be nice to know John if the people invited onto the board from the previous administration were made aware at the time, that they would become liable for future debts incurred by the new regime. The timing of the moves would suggest not. But it's all speculation at the moment. Maybe without the new people, we would not have a club to support. They seem wealthy enough to cover any current expenditure and have plenty of plans, so maybe we should be counting our blessings!! Gerry, you've been misinformed. Folkestone Invicta is a private limited company. This means that the directors are not personally liable for the club's debts (the cynic in me wonders whether this is not part of the reason why the limited company was set up in the first place). The debt belongs to the limited company, not to anybody else. If you are a shareholder of the company, then you cannot be called upon to contribute more than the face value of your shares; if your shares are paid up, then that's it, you cannot be asked for any further money; if your shares are not paid up then you may (and probably will) be called on to fork out money to the value of those shares. Apart from that, nobody can be asked for money; it is the company that is liable, not the directors. If the company is unable to pay its debts and service its running costs then it is technically insolvent and may be placed under administration. At last someone telling it straight. Potentially we could have no club by Monday if folks lose interest. Unlikely, but possible. It'll definitely be boring if we have no club. |
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Post by gerryhan on Dec 2, 2023 20:14:07 GMT
The problem with this season, it seems to me, is that we have lost so many of last year's established team that we are essentially in rebuild mode. Which is expensive.
That means also trying to build the kind of team spirit that they had. Takes time.
The new owners seem to be saying that to become self-sustaining, ideally, all avenues of revenue have to be tapped.
No argument with that, if the goal is to have a team good enough to push for promotion.
Having a monthly meeting with the fans should go a long way to help them to explain their viewpoint.
Look forward to Monday night`s meeting.
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paulh
New Member
Posts: 10 
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Post by paulh on Dec 2, 2023 21:03:40 GMT
Have the new Board put their money into the Club for the building of the new bar, running costs etc as a loan therefore creating the debts they are now quoting?
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dusty
Junior Member
Posts: 166
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Post by dusty on Dec 2, 2023 21:08:05 GMT
Yes and no,ask on Monday
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