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Perhaps someone with more insolvency expertise than me could comment, but aren't the administrators duty bound not to give preferential treatment to any creditors (in this case the players)? By rights shouldn't any cash be split equally between the creditors? Something smells. By rights if we are to believe BG and there are no bidders why hasnt any players been offloaded?

Apparently someone did come forward after the meeting on Monday night, but no details supplied, obviously as nothing is concrete.
The RFL are making themselves look as squeaky clean as the banks.
I wonder if they'll give their ground d (Odsal) to the new Bullocks???

Daddycool wrote:

The new company had to repay the old company's advance in the case of Wakefield trinity. I would hope that the same would apply to bulls new and old companies

You're muddling it up. Why would the Newco repay money they have never had?

The Newco would not have received the 200K and would not be liable to repay it - the money has gone to the current Bulls org - but they will no longer exist. No repayment would actually be due, as this is an advance on a scheduled payment.

The Newco would expect their SKY payment in September, as scheduled, but it has already been given to an organisation that no longer exists.

Do the RFL set the Newco up for a fall by refusing payment (as they should), or do they pay them twice??

If this fiasco didn't involve those utterly honourable bastions of fair play, honesty, and integrity at RFL, I would suspect them of mal practice even monetary gain.
It's a good job I'm not suspicious.

I'm telling you now that the newco had to repay an advance that the oldco received to get the rfl's blessing to actually take over!!!

Daddycool wrote:

I'm telling you now that the newco had to repay an advance that the oldco received to get the rfl's blessing to actually take over!!!

Why would anyone, Newco or Oldco, REPAY an ADVANCE???

A loan? Yes. An advance that you are contractually due to? No!

If the Bulls are ADVANCED a due payment, what happens to the Newco, when that payment is actually scheduled to be paid?

Wakefield's problem were, at least in part, attributed to the RFL refusing financial assistance. Perhaps this was only refused to the Richardson's, but was loaned to the Administrator to be repaid by the Newco.

That is not the same situation as Bulls - were are talking about an ADVANCE, not a LOAN.

dboy wrote:

Yes it is! The money is being given to a club that the RFL know will not exist after next Tuesday.

If a Newco IS formed, they would expect the money too (it's due to all SL clubs at a later date in the season).

What are the RFL going to do? Say "no, you've had it already", or "here you go, have some more on us"?

I don't see it that way. The new company will have no right to the money as they were not part of the original agreement. They can't demand something they have no right to demand. Also, the money would be paid over to pay the players, which I have no problem with. It's everyone's interests to see the club fulfil their fixtures.

What this has made me realise is how straightforward our own administration was.

Slugger McBatt wrote:

The new company will have no right to the money as they were not part of the original agreement.

That's an excellent point! Perhaps Bulls continued SL presence means they won't be entitled to future payments, but I still doubt that the RFL have the balls to enforce that and any prospective buyer would be unhappy with that.

dboy wrote:

That's an excellent point! Perhaps Bulls continued SL presence means they won't be entitled to future payments, but I still doubt that the RFL have the balls to enforce that and any prospective buyer would be unhappy with that.

I suppose another way of looking at it is that if the advance pays the wages for July, that is something the new company won't have to pay. The RFL may make admittance of the new company conditional on the advance being the advance, and that it has been paid and gone.

There are hints at new people on the horizon. The interesting thing will be the season tickets. The new club might not honour them, and you couldn't blame them. The fans have had their moneys worth and who will take on a club that will make no more money through the gate until next year. If the wages are £200,000 per month, they will need to find a lot of money to keep paying the players. The easiest way is to declare the season tickets null and void and take what they can through the gate.

Has Bull man & Bull boy gone too, or is the administrator planning on appointing them to coach the team this Sunday ? - seriously this is getting beyond a joke