TOPIC:

Bazza wrote:

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.

That may be your view its the only reason, far too simplistic for me, the selling of the assets was also a significant thats certainly true. Most employees didn't get the 100 cents in the dollar for their entitlements until 2010, long after the collapse. The fact that the admistrators persevered for 10 years also was significant (well paid along the way no doubt, but all administrators are). Anyway, too complex to disect the Ansett administration here for me. I should not have brought it up so I'll jchange my mind and concede that you are right.

Excellent interview with Colin Rockman on 6PR just then.

He didn't sound positive at all, I think he knows it over.

No this couldn't "just happen" to any Club. It happens to Clubs who aren't constantly vigilant to make sure they work their backsides off to make money and make sure they only spend what money they have. It has happened in the past because clubs have not done this. Every Board meeting you've got to know how you are tracking and if you are not doing too good you cut back spending or raise extra revenue. You rattle tins long before you get to the VA stage.

This has been a disaster years in the making.
Shame WP shame.

They stated the debt as $ 790,000 last night, this is an increase from the $600K first announced. ( my mail was that it was always more than $600k - turns out correct)

But that doesn't include the 250k lent from WAFC last week or the 50k from WAFC at the start of the season or the 50 given by a supporter, , so its around the $1,140,000.00 mark.

But it may be worse, a caller straight after Colin , "John" stated he had supplied WPFC for some time and that they had not honoured payment , his debt stands at $20,000.00, he believed the club meeting had not been honest about the debts when it was announced there was no smaller debts over $5K.

To make matters worse he was also a sponsor - $5500.00.

To say be feels ripped off is putting it mildly.

Stand the Test wrote: No this couldn't "just happen" to any Club. It happens to Clubs who aren't constantly vigilant to make sure they work their backsides off to make money and make sure they only spend what money they have. It has happened in the past because clubs have not done this. Every Board meeting you've got to know how you are tracking and if you are not doing too good you cut back spending or raise extra revenue. You rattle tins long before you get to the VA stage.

This has been a disaster years in the making.
Shame WP shame.

Colin basically said the same , being polite as possible, he said the board should of approached the members some time ago before Admin, its now past that point and he doubts the money can be raised.

If West Perth fold, it will give the vultures ( aka the WAFC) the excuse to completely revamp the competition and put it under the control of the AFL like every other 2nd tier competition in Australia. Very sad but I think this has been inevitable since 2013.

mikeh wrote: If West Perth fold, it will give the vultures ( aka the WAFC) the excuse to completely revamp the competition and put it under the control of the AFL like every other 2nd tier competition in Australia. Very sad but I think this has been inevitable since 2013.

Do you want SDFC to fold, because that is what will happen if we don't take urgent action and make it viable.

Is SANFL run by the AFL?

Bazza wrote:

mikeh wrote: If West Perth fold, it will give the vultures ( aka the WAFC) the excuse to completely revamp the competition and put it under the control of the AFL like every other 2nd tier competition in Australia. Very sad but I think this has been inevitable since 2013.

Do you want SDFC to fold, because that is what will happen if we don't take urgent action and make it viable.

Is SANFL run by the AFL?

Bazza quite simply and unequivocally I want the gutless and/or incompetent Gavin Taylor and the WAFC sacked en masse and replaced by a WAFC that actually takes the viability of the WAFL as a priority rather than making decisions that do exactly opposite.

Bazza wrote:

mikeh wrote: If West Perth fold, it will give the vultures ( aka the WAFC) the excuse to completely revamp the competition and put it under the control of the AFL like every other 2nd tier competition in Australia. Very sad but I think this has been inevitable since 2013.

Do you want SDFC to fold, because that is what will happen if we don't take urgent action and make it viable.

Is SANFL run by the AFL?

SANFL a bit smarter.They owned AAMI.Now that the two afl teams are playing at Adelaide oval I think the plan is to sell aami and at least the money will benefit the clubs.

Well there's some Karma.
It's taken a few years but now they are paying the price for the Ground Manager and security staff's Gestapo like behaviour to Shiny and his mum, jack booting in, kicking us out of their precious grandstand for not holding a WP membership. All the member's that joined in that day yelling "get out of our grandstand" can sit in it next year and watch the grass grow.