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Ann: Suspension from Quotation, page-120

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jefferies2

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10/02/24

14:14

Post #: 72339035
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Originally posted by Beton2: ↑

So before you try and stir the pot, have a think about the facts and ask yourself how much you would like to be in his position re the clubThe very point I am trying to make. The club would battle in the best times to make money especially without the food and drinks. Thus the club existed solely on the generosity of Tony. When that generosity exceeds a point where it is a burden that can't be met, the dogs howl for blood. That very act of generosity becomes a liability for Tony, and everybody who thinks they are owed, look for any loophole to get a whiff of money. That loophole is insolvency and it can be a difficult area to prove either way. Insolvency is trading when unable to pay your bills when due. Those last two words mean that you can have assets which are not liquid or hard to sell quickly and still be insolvent. This can be offset by the very act of trying to sell something. The other loophole is preferential treatment - the paying of anyone in preference to paying all. In this case the liquidator says that you accepted the debt of one then you accept the debt of all.

I have been in a similar situation three times. Fortunately in each case I had said stop. To continue and try to fix the problem (which seems the honorable way) only makes it worse for anyone in charge. To reach into your pocket (or the company's) once to pay a bill that is pressing and needed to continue the business is enough for the liquidator to say that it is preferential treatment and make you personally liable for all debts. The third time, the liquidator drained the money from another company I owned. When they were informed that they could not do so, they put the money back and started draining my wife's accounts even though she had resigned as a director three years earlier. At the end of the day I was liable for none of what they were claiming. In the end nobody got any money even the mob that brought in the liquidator (they got a $100K bill from the liquidator)

No business owner or director goes into business to go belly up. Even the stupid ones. The stupid usually make stupid mistakes that send them over the cliff. The rest and that is the vast majority, have external factors that mitigate the demise of the business. The construction industry is a house of cards. Payment stops for a period for any reason and it starts to fall to pieces. My first liquidation was caused by payment stopping, That was in 1985. To my knowledge that liquidation has not been completed.

I have written this to allay fears that this matter will be detrimental to EUR, CLE and any of the shareholders. It will have no impact. It has every chance of not being detrimental to Tony or at worst he may have to pay a fistful of shekels. Those that wave press articles with a gotcha attached have no idea of the situation and are just showing everybody how naive and juvenile they are.

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Thanks for those explanations. There is noting like opinion based on personal experience.

EUR Price at posting: 8.6¢ Sentiment: Hold Disclosure: Held
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