TOPIC:

STT: yep, fair enough mate -- it wil be interesting to see how public opinion evolves in the coming days and weeks.

chaddy22 wrote:

Bazza wrote:

ooollllrrrrrry2 wrote:

The_Duck wrote: Based on my experience with creditors meetings and the VA process unless WP can externally raise (via donations etc) the money required to pay all outstanding creditors then WP will be wound up.
It will be interesting to see what creditor/s hold the most amount of votes. Generally each dollar owed equals one vote so if the ATO are owed $250k then they have 250,000 votes.

Good post, also whether the employees/players are listed as creditors because that would give them votes also. Not being cynical here but if they have been paid up they may not be. Left unpaid they could have (could still have anyway) votes at a creditors meeting (if they are unpaid they are legitimate creditors). Interesting that the WAFC stumped up for the wages, again I'm not actually being cynical in that so they should.

ATO always come first, then I would say Venues West , it doesnt sound like the players are owed anything but they are down the list a bit, it doesnt sound like thats the problem anway.
A good post by the duck, tbh in my experience VA is a precursor to liquidation , unless its a good cash flow business that will allow trade out and there are some assets , i dont think wpfc meets either of those, Im quite surprised creditors are already being asked to vote on the future of the business, thats basically receivership or a step away from it, duck is right if they cant raise several 100k in a few weeks , then Wpfc will go into wound up..

Could always join the SANFL apparently Glenelg owe $3 million and are still in the comp.

A VA can often be a step prior to liquidation but not always and KordaMentha have acted in many of these situations with much larger entities than the West perth Football Club - Ansett where all employees got all of their entitlements and other creditors also - Arrium just recently where all employees kept their jobs from the commencement of the VA and it is still running now.
ATO usually at the top of the list, though employees can be on an equal footing with other creditors such as VenuesWest etc.

ArkRoyal wrote: Baz: I was waiting for that one; according to you, Subi don't have to because it is every man for himself -- we have given loans to Perth in the past, so perhaps they will help out? All depends on whether they think like you or not, really

No answer to my question? I am just curious

STT: no thanks -- your always welcome to go to Kelmscott

No other club except Subi could afford to hand over cash, perhaps because your club is so financial you have no concept what so ever how difficult it is for WAFL clubs to keep the doors open, there is no way SF or EF should be handing over a cent to WPFC, and end up in the crap themselves., Subi on the other hand could do it easily, so if you are so passionate about saving WP ..go for it.

Its Sad that WPFC have ended up like this, hopefully they can get themselves out, but its not up to other struggling clubs to save them.

Stand the Test wrote: Look I'm just filthy on WP for letting it get to this. There must have been board meeting after board meeting at which someone should have noticed the problem. Something should have been done ages ago before we got to the complete shambles stage. I say again the Wafl cannot afford this crap. Shame WP shame.

I think that's a narrow view STT. Any club bar Subiaco could quite easily find themselves in a similar situation. Swans just a few years ago found themselves in a dire financial situation and don't forget our club Perth will face challenges in the near future when we anticipate our grandstand will be torn down and new premises built. That will present challenges and most likely a diminished revenue stream during the transition period. Costs and debt can blow out very quickly. I just hope we've got some smart people in charge when the time comes to minimise the damage.

I am therefore not going to hang shit on West Perth who have had their challenges since moving to Joondalup. In fact it is quite remarkable that they continue to remain very competitive and regularly play finals while we have continued to languish around the bottom.

Stand the Test wrote: Look I'm just filthy on WP for letting it get to this. There must have been board meeting after board meeting at which someone should have noticed the problem. Something should have been done ages ago before we got to the complete shambles stage. I say again the Wafl cannot afford this crap. Shame WP shame.

Exactly , before everyone starts throwing money at the problem, we need to establish some responsibility here.

DD wrote:

Stand the Test wrote: Look I'm just filthy on WP for letting it get to this. There must have been board meeting after board meeting at which someone should have noticed the problem. Something should have been done ages ago before we got to the complete shambles stage. I say again the Wafl cannot afford this crap. Shame WP shame.

I think that's a narrow view STT. Any club bar Subiaco could quite easily find themselves in a similar situation. Swans just a few years ago found themselves in a dire financial situation and don't forget our club Perth will face challenges in the near future when we anticipate our grandstand will be torn down and new premises built. That will present challenges and most likely a diminished revenue stream during the transition period. Costs and debt can blow out very quickly. I just hope we've got some smart people in charge when the time comes to minimise the damage.

I am therefore not going to hang shit on West Perth who have had their challenges since moving to Joondalup. In fact it is quite remarkable that they continue to remain very competitive and regularly play finals while we have continued to languish around the bottom.

Whens your new facility going up?

Don't forget WPFC got a whole new Club House built for them by the tax payer.

AR I am not sure if you are actually aware but every G6 WAFL club (WP, SD, PE, EF, SF, CL) is reliant on the WAFC (and alignment) annual payments just to survive each year a reduction as you suggest would just about spell the end for 5 of them virtually overnight....maybe Subi could afford too but no one else can!

Bazza wrote:

DD wrote:

Stand the Test wrote: Look I'm just filthy on WP for letting it get to this. There must have been board meeting after board meeting at which someone should have noticed the problem. Something should have been done ages ago before we got to the complete shambles stage. I say again the Wafl cannot afford this crap. Shame WP shame.

I think that's a narrow view STT. Any club bar Subiaco could quite easily find themselves in a similar situation. Swans just a few years ago found themselves in a dire financial situation and don't forget our club Perth will face challenges in the near future when we anticipate our grandstand will be torn down and new premises built. That will present challenges and most likely a diminished revenue stream during the transition period. Costs and debt can blow out very quickly. I just hope we've got some smart people in charge when the time comes to minimise the damage.

I am therefore not going to hang shit on West Perth who have had their challenges since moving to Joondalup. In fact it is quite remarkable that they continue to remain very competitive and regularly play finals while we have continued to languish around the bottom.

Whens your new facility going up?

Don't forget WPFC got a whole new Club House built for them by the tax payer.

I don't think anything will start until the Eagles new facilities are complete Bazza. Maybe we will be able to use their facilities on game day or maybe we will be forced to use the Claremont Showgrounds like Claremont did and I think that caused the Tigers some financial problems.

The one thing I have consistently been critical of in regards to WP is their refusal to embrace changing their name to Joondalup. I've copped criticism for it here and not only from WP supporters but that is now being spoken about as vital to WP turning their books around.

ooollllrrrrrry2 wrote:

chaddy22 wrote:

Bazza wrote:

ooollllrrrrrry2 wrote:

The_Duck wrote: Based on my experience with creditors meetings and the VA process unless WP can externally raise (via donations etc) the money required to pay all outstanding creditors then WP will be wound up.
It will be interesting to see what creditor/s hold the most amount of votes. Generally each dollar owed equals one vote so if the ATO are owed $250k then they have 250,000 votes.

Good post, also whether the employees/players are listed as creditors because that would give them votes also. Not being cynical here but if they have been paid up they may not be. Left unpaid they could have (could still have anyway) votes at a creditors meeting (if they are unpaid they are legitimate creditors). Interesting that the WAFC stumped up for the wages, again I'm not actually being cynical in that so they should.

ATO always come first, then I would say Venues West , it doesnt sound like the players are owed anything but they are down the list a bit, it doesnt sound like thats the problem anway.
A good post by the duck, tbh in my experience VA is a precursor to liquidation , unless its a good cash flow business that will allow trade out and there are some assets , i dont think wpfc meets either of those, Im quite surprised creditors are already being asked to vote on the future of the business, thats basically receivership or a step away from it, duck is right if they cant raise several 100k in a few weeks , then Wpfc will go into wound up..

Could always join the SANFL apparently Glenelg owe $3 million and are still in the comp.

A VA can often be a step prior to liquidation but not always and KordaMentha have acted in many of these situations with much larger entities than the West perth Football Club - Ansett where all employees got all of their entitlements and other creditors also - Arrium just recently where all employees kept their jobs from the commencement of the VA and it is still running now.
ATO usually at the top of the list, though employees can be on an equal footing with other creditors such as VenuesWest etc.

The only reason workers at Ansett got their entitlements was due to the Government started the Special Ansett Employees Fund, which was funded via the Ansett levy applied to all flights which raised 100 million , so the tax payer and traveller ended up paying , not the board, directors or anyone at Ansett, the other thing is Ansett did have some assets to liqudate to pay off creditors , namely terminals and planes that that receivers sold which the banks got. Ansett had a media profile so it got special treatment.

DD wrote:

Bazza wrote:

DD wrote:

Stand the Test wrote: Look I'm just filthy on WP for letting it get to this. There must have been board meeting after board meeting at which someone should have noticed the problem. Something should have been done ages ago before we got to the complete shambles stage. I say again the Wafl cannot afford this crap. Shame WP shame.

I think that's a narrow view STT. Any club bar Subiaco could quite easily find themselves in a similar situation. Swans just a few years ago found themselves in a dire financial situation and don't forget our club Perth will face challenges in the near future when we anticipate our grandstand will be torn down and new premises built. That will present challenges and most likely a diminished revenue stream during the transition period. Costs and debt can blow out very quickly. I just hope we've got some smart people in charge when the time comes to minimise the damage.

I am therefore not going to hang shit on West Perth who have had their challenges since moving to Joondalup. In fact it is quite remarkable that they continue to remain very competitive and regularly play finals while we have continued to languish around the bottom.

Whens your new facility going up?

Don't forget WPFC got a whole new Club House built for them by the tax payer.

I don't think anything will start until the Eagles new facilities are complete Bazza. Maybe we will be able to use their facilities on game day or maybe we will be forced to use the Claremont Showgrounds like Claremont did and I think that caused the Tigers some financial problems.

The one thing I have consistently been critical of in regards to WP is their refusal to embrace changing their name to Joondalup. I've copped criticism for it here and not only from WP supporters but that is now being spoken about as vital to WP turning their books around.

Yep another backward looking decision that has cost them , a clear example that if people don't move with the times and look forward not backward then this is how you will end up.