I don't follow how "the Receiver could potentially sell the club from its current owners."
I can understand how the Receiver could order the sale of the 5% shareholding held by Leeds City Holdings, as that is an asset of the company being wound up, which should be sold to raise funds to go towards settling that company's debts. But I don't see how the Receiver would have any jurisdiction over the remaining 95% of the ownership of Leeds United. Forgive me if I'm missing something. Tim W. ________________________________ From: John Boocock <j...@boocock.net> To: "leedslist@gn.apc.org" <leedslist@gn.apc.org> Sent: Friday, 13 February 2015, 22:28 Subject: [LU] Fwd: LUST Statement: Leeds City Holdings Sent in great haste from a mobile phone <div>-------- Original message --------</div><div>From: Leeds United Supporters Trust <chair...@lufctrust.org> </div><div>Date:13/02/2015 20:44 (GMT+00:00) </div><div>To: John <j...@boocock.net> </div><div>Subject: LUST Statement: Leeds City Holdings </div><div> </div>Leeds United Supporters Trust Statement Is this email not displaying correctly? View it in your browser. Trust Statement: Leeds City Holdings The Leeds United Supporters’ Trust was both surprised and dismayed to learn of the winding up of Leeds City Holdings (LCH) yesterday (Thursday February 12, 2015). The former ‘parent’ company of the club and current 5 per cent shareholder was placed in the hands of the HM Official Receiver over an outstanding amount of £45,000 owed to Mark Taylor, former legal council and Leeds United Director. Our understanding is that the Receiver will assess all LCH debts and assets. If no further action is taken, the Receiver has the right to sell company assets to pay creditors, and to terminate the employment of both directors and employees of the company. While it is important to remember the above holds for LCH and not the club, Leeds United is a main asset of LCH – and so the Receiver could potentially sell the club from its current owners. Following expert consultation, the Trust understands there are three potential avenues to avoid this: 1. The company (or anyone else) can apply for the winding up order to be rescinded if the court did not have all the relevant facts when making its decision. Application should be made within seven days of the order being made. 2. The company can appeal against the winding-up order. As a result of an appeal, the court can rescind the winding-up order, or otherwise vary its decision. An appeal should be made within four weeks of the order being made. 3. Liquidation proceedings can be 'stayed' (ie. stopped), permanently or temporarily, on the application of the liquidator, the Official Receiver, a creditor or a shareholder. If liquidation proceedings are stayed permanently, the directors usually regain control of the company. An application to stay the liquidation proceedings can be made at any time after a winding-up order has been made. While option three would appear to have no time constraints, if four weeks pass and options 1 or 2 have not been exercised, it is unlikely that proceedings can be stayed. The Trust finds it disappointing that the situation has been allowed to get this far, providing further instability to the club. We encourage current Chairman Andrew Umbers to address the matter as soon as possible, so we can once again concentrate on the footballing side of Leeds United without further distraction. Chairman & the Board - Leeds United Supporters Trust Supporters can also join Trust members and other Leeds fans and have their voice heard as members of the Leeds United Supporters’ Trust by filling in the form at www.lufctrust.org. Membership is free. Keep checking for updates on www.lufctrust.org, and our Facebook and Twitter pages. follow on Twitter | L.U.S.T on Facebook | forward to a friend Copyright © 2015 Leeds United Supporters Trust, All rights reserved. You are receiving this message because you are a registered Leeds United Supporters' Trust shareholder Our mailing address is: Leeds United Supporters Trust 35 Copley Hall Terrace Copley, West Yorkshire HX3 0TS United Kingdom Add us to your address book unsubscribe from this list | update subscription preferences _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org John 'Grampa' Sykes Rest In Peace old lad 28th Oct 1938 - 12 Nov 2013 MARCHING ON TOGETHER _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org John 'Grampa' Sykes Rest In Peace old lad 28th Oct 1938 - 12 Nov 2013 MARCHING ON TOGETHER
