Wow.
Parody accounts, what a sensible and mature thing to do. Talk about diluting a cause.
Opus Finale .... A Warts an' all Exposé of Paintball's Very Own Megalomaniac
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Parody accounts, what a sensible and mature thing to do. Talk about diluting a cause.
No idea whom it is but, obviously it's someone that finds it a cathartic outlet just like 'Dim Hairnet.'
I haven't forgotten the UWL situation - I've messaged Gino and he's told me what's happening but I just need to make sure it's ok to post up one way or the other.
As soon he confirms whichever then I'll get back on here.
I'm certainly not gonna try and second guess or compromise Gino's interests but if I was asked to guess if barnett was gonna be involved in the UWL next year, I'd tend to question barnett's recent Facebook announcement re the UWL.
I'm really surprised barnett has gone out on a limb and posted that UWL announcement today - it's yet another example of his sheer arrogance in the fact he believes there'll be no consequences after what he's done over these past few months.
He thinks everything is normal ...... and trust me on this next point, it ain't !!
Once again, he's leaving himself open to look the mug that he is because if he's wrong, then he just looks a complete fool [again] ...he just keeps giving ...
As soon he confirms whichever then I'll get back on here.
I'm certainly not gonna try and second guess or compromise Gino's interests but if I was asked to guess if barnett was gonna be involved in the UWL next year, I'd tend to question barnett's recent Facebook announcement re the UWL.
I'm really surprised barnett has gone out on a limb and posted that UWL announcement today - it's yet another example of his sheer arrogance in the fact he believes there'll be no consequences after what he's done over these past few months.
He thinks everything is normal ...... and trust me on this next point, it ain't !!
Once again, he's leaving himself open to look the mug that he is because if he's wrong, then he just looks a complete fool [again] ...he just keeps giving ...
Going on form i would say rename UWL and say its a new exciting venture away from the UWL as it didnt suit interest and wanted to make some changes to make the format better, doesnt take nostradamus to see whats coming.
I tend to think the primary concerns will be directed toward disentangling the UWL from barnett's involvement; once this has been achieved, which by the way isn't exactly a difficult thing to do, everything begins to fall back into place after he's out of it.
All of this is of course, my opinion only and so ya never know, barnett could hang onto it if lightning strikes but then again, chances are, it won't :/
I can't say I'm in any way saddened by his departure if indeed it goes that way.
Part of life's rich tapestry apparently ....
After catching up on this thread for the last few weeks I'd just like to drop this here.
It's a bit of a read but may be helpful for people to understand "normal business admin " and the routes open to you if you are genuinely out of pocket to a business that has declared itself closed and what "they must do to fulfill their legal requirement. "
Why post this ? Why get involved ? I just hate to see people get turned over and any business should be about being open and transparent. Especially to your partners and customers.
Here it goes make of it what you will.
Types of liquidation
There are two different types of voluntary liquidation; a members’ voluntary liquidation and a creditors’ voluntary liquidation.
1. Members’ voluntary liquidation
A members’ voluntary liquidation is the option you should use if your business can still pay all its bills, but you no longer want to run it and can’t sell it.
2. Creditors’ voluntary liquidation
A creditors’ voluntary liquidation will be the route to take if you choose to liquidate your company because it can’t pay its debts.
As a company director you, along with any other shareholders, can voluntarily liquidate the company by passing a special resolution to stop trading. Once passed, the resolution must be sent to Companies House within 15 days and advertised in the London Gazette within 14 days. Has this happened? Probably not.
If your company is registered in Scotland, the resolution must be advertised in the Edinburgh Gazette.
You must then appoint an authorised insolvency practitioner to act as liquidator and take control of winding up the company. Within 14 days you are also required to arrange a meeting with creditors, at which you need to present a “statement of affairs” using form 2.14B. Has this happened probably not.
You can download a copy of form 2.14B from this page of the Gov.uk website. If your owed money this may be useful.
There is also compulsory liquidation, where the court makes an order to wind up the company. To start this process a creditor needs to issue your company with a statutory demand. On receipt of a statutory demand you have 21 days to pay the debt or agree on a payment plan with the creditor.
Conduct of directors will be reported to BIS
The practitioner supervising the insolvency procedure must send a report on the conduct of company directors to the Department of Business, Innovation & Skills. This will cover all company officers going back for a period of 3 years.
The Secretary of State will then determine whether any of the company directors should be disqualified from being company directors. A disqualification can last for up to 15 years.
The most commonly reported examples of poor conduct by company directors are:
If your company is in serious financial trouble liquidation isn’t the only option. You could attempt to work with your suppliers to find an informal arrangement that allows your company to become solvent again. This is in their best interests, as they are ultimately more likely to get their money if you keep trading in the long-term.
Companies can also put a formal arrangement in place by applying to a court. You will need to appoint an authorised insolvency practitioner to do this.
The final option is to go into administration, a legal procedure that gives your company breathing space to take stock of the situation. You will work with an administrator to deal with creditors and consider future options.
Bankruptcy
As the director of a limited company, if it goes into liquidation, you will only lose what you put in (assuming you haven’t guaranteed any company loans with personal assets such as your house).
If you are a sole trader (self-employed) and become insolvent, then you may personally go bankrupt. Anyone can do it, and it’s a way to free yourself from debts and make a fresh start.
There are, of course, many downsides. Any assets you own will be shared among your creditors – that could mean losing your home. And while it’s now much easier to get going again after bankruptcy, you will find it tough to get credit for a good few years.
Creditors’ Petition
If you owe one or more suppliers £750 or more, and it is not secured on an asset, they can actually petition to have you made a bankrupt. If this happens you must seek urgent professional advice.
The process of declaring yourself bankrupt
Once you and your advisers are certain there are no other options open to you, declaring yourself bankrupt involves filling out a couple of forms. You have to petition a county court; it does not have to accept you if it believes you have other options open.
Ironically it costs up to £500 to go through the process. On the date of the order you will lose control of all your assets, both business and personal, and the receiver will decide which are to be sold to repay creditors.
If your business is still running it will typically be shut down. Your bank account may be closed. For the next year there will be heavy restrictions on what you can and can’t do. And typically after a year you become a discharged bankrupt and can restart your financial life.
Alternatives to bankruptcy
There are many alternatives which you should discuss with a professional adviser. They include loan consolidation, debt management planning and the Individual Voluntary Agreement.
This is a popular alternative to going bankrupt. It is a formal agreement between you and your creditors, where you commit to paying off your debts over about five years. You’ll need help from an authorised insolvency practitioner to do this.
It's a bit of a read but may be helpful for people to understand "normal business admin " and the routes open to you if you are genuinely out of pocket to a business that has declared itself closed and what "they must do to fulfill their legal requirement. "
Why post this ? Why get involved ? I just hate to see people get turned over and any business should be about being open and transparent. Especially to your partners and customers.
Here it goes make of it what you will.
Types of liquidation
There are two different types of voluntary liquidation; a members’ voluntary liquidation and a creditors’ voluntary liquidation.
1. Members’ voluntary liquidation
A members’ voluntary liquidation is the option you should use if your business can still pay all its bills, but you no longer want to run it and can’t sell it.
2. Creditors’ voluntary liquidation
A creditors’ voluntary liquidation will be the route to take if you choose to liquidate your company because it can’t pay its debts.
As a company director you, along with any other shareholders, can voluntarily liquidate the company by passing a special resolution to stop trading. Once passed, the resolution must be sent to Companies House within 15 days and advertised in the London Gazette within 14 days. Has this happened? Probably not.
If your company is registered in Scotland, the resolution must be advertised in the Edinburgh Gazette.
You must then appoint an authorised insolvency practitioner to act as liquidator and take control of winding up the company. Within 14 days you are also required to arrange a meeting with creditors, at which you need to present a “statement of affairs” using form 2.14B. Has this happened probably not.
You can download a copy of form 2.14B from this page of the Gov.uk website. If your owed money this may be useful.
There is also compulsory liquidation, where the court makes an order to wind up the company. To start this process a creditor needs to issue your company with a statutory demand. On receipt of a statutory demand you have 21 days to pay the debt or agree on a payment plan with the creditor.
Conduct of directors will be reported to BIS
The practitioner supervising the insolvency procedure must send a report on the conduct of company directors to the Department of Business, Innovation & Skills. This will cover all company officers going back for a period of 3 years.
The Secretary of State will then determine whether any of the company directors should be disqualified from being company directors. A disqualification can last for up to 15 years.
The most commonly reported examples of poor conduct by company directors are:
- Trading while the company was insolvent
- Not keeping proper accounting records
- Failing to file company accounts or company returns with Companies House
- Not paying tax owed to HMRC
If your company is in serious financial trouble liquidation isn’t the only option. You could attempt to work with your suppliers to find an informal arrangement that allows your company to become solvent again. This is in their best interests, as they are ultimately more likely to get their money if you keep trading in the long-term.
Companies can also put a formal arrangement in place by applying to a court. You will need to appoint an authorised insolvency practitioner to do this.
The final option is to go into administration, a legal procedure that gives your company breathing space to take stock of the situation. You will work with an administrator to deal with creditors and consider future options.
Bankruptcy
As the director of a limited company, if it goes into liquidation, you will only lose what you put in (assuming you haven’t guaranteed any company loans with personal assets such as your house).
If you are a sole trader (self-employed) and become insolvent, then you may personally go bankrupt. Anyone can do it, and it’s a way to free yourself from debts and make a fresh start.
There are, of course, many downsides. Any assets you own will be shared among your creditors – that could mean losing your home. And while it’s now much easier to get going again after bankruptcy, you will find it tough to get credit for a good few years.
Creditors’ Petition
If you owe one or more suppliers £750 or more, and it is not secured on an asset, they can actually petition to have you made a bankrupt. If this happens you must seek urgent professional advice.
The process of declaring yourself bankrupt
Once you and your advisers are certain there are no other options open to you, declaring yourself bankrupt involves filling out a couple of forms. You have to petition a county court; it does not have to accept you if it believes you have other options open.
Ironically it costs up to £500 to go through the process. On the date of the order you will lose control of all your assets, both business and personal, and the receiver will decide which are to be sold to repay creditors.
If your business is still running it will typically be shut down. Your bank account may be closed. For the next year there will be heavy restrictions on what you can and can’t do. And typically after a year you become a discharged bankrupt and can restart your financial life.
Alternatives to bankruptcy
There are many alternatives which you should discuss with a professional adviser. They include loan consolidation, debt management planning and the Individual Voluntary Agreement.
This is a popular alternative to going bankrupt. It is a formal agreement between you and your creditors, where you commit to paying off your debts over about five years. You’ll need help from an authorised insolvency practitioner to do this.
Or you just write to your creditors and tell them the business is out of cash and invite them to wind you up, seen it happen loads of times at work, there's loads of stuff talked about directors obligations but unless someone is prepared to spend serious coin on lawyers nothing ever happens.
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