TOPIC:

Grump wrote:

Jjim wrote: Whatever happens here i think those responsible should be held to account to ensure others are discouraged from doing similar in the future.

The fundamental issue abt responsibility rests squarely with WP then the WAFC.

The Peel bail out was to sure up the error putting the club down there not due to mismanagement or financial misbehavior and that is a bitter pill to swallow but the fact remains that the circumstances are different.

Penalise the people involved, ban them from having any active roles in a football club. Don't penalise the actual club and its supporters and members. The club is bigger than the people working in it.
Name and shame these people if they have to and if that makes them feel big and powerful.
But get west Perth bailed out and move forward with more competent people. I probably would not look inside the WAFC for those people as competent is not a word which fits with the WAFC but I am sure there are plenty of good West perth people who run a business that can fill the role.

The_Duck wrote:

BC wrote: I would have thought the ATO and VW would have been paid out in full before the unsecured guys got their 4 cents in the $.

ATO and VW would be unsecured creditors unless they have registered a security interest over some or all of the company's assets (per the Personal Property Securities Act 2009).
If the ATO has served a garnishee order this has the effect of making the ATO a secured creditor.

This is absolutely spot, the ATO etc are not always automatically first and that's the point around them being unsecured creditors (they may well be secured). If they are secured them they are first in line, but just being the government doesn't make it automatic.

ooollllrrrrrry2 wrote:

The_Duck wrote:

BC wrote: I would have thought the ATO and VW would have been paid out in full before the unsecured guys got their 4 cents in the $.

ATO and VW would be unsecured creditors unless they have registered a security interest over some or all of the company's assets (per the Personal Property Securities Act 2009).
If the ATO has served a garnishee order this has the effect of making the ATO a secured creditor.

This is absolutely spot, the ATO etc are not always automatically first and that's the point around them being unsecured creditors (they may well be secured). If they are secured them they are first in line, but just being the government doesn't make it automatic.

What they do is issue a Statutory Garnishee Order, S 260-5 Taxation Admin. Act , this actually gives them priority over even secured creditors, they are issued to the third party holding money for the debtor, so the bank for WPFC or in the case of Liquidation the Trust Account for the Bankruptcy.

So the minute money from the WAFC hits the WPFC bank Account the ATO takes it.

If West a Perth garlic munchers can't embrace the area they represent they should have a Swap Meet with Subi. West Perth moves back to Leederville and Subi becomes the Joondy Lions.

Greatwhiteshark wrote:

Grump wrote:

Jjim wrote: Whatever happens here i think those responsible should be held to account to ensure others are discouraged from doing similar in the future.

The fundamental issue abt responsibility rests squarely with WP then the WAFC.

The Peel bail out was to sure up the error putting the club down there not due to mismanagement or financial misbehavior and that is a bitter pill to swallow but the fact remains that the circumstances are different.

I am with you there GWS i dont want West perth club to be put out of business but i believe those individuals responsible for this mess should be made to account for it.

four cents in the dollar? -- you can bet the admininistrator will be paid in full.

ArkRoyal wrote: four cents in the dollar? -- you can bet the admininistrator will be paid in full.

Of course they would, unless they are completely stupid. Who would agree to come in and do what they do and not get paid. They are not a charity service.

they are getting under false pretences -- it will be all over for WP with that offer

WP could have made offer like that without going into adminstration

Can be seen that way, that could be said of any administration. They haven't been called in because of the collective financial nous of the WP board and CEO, once an organization has reached this point this is always a possible outcome