Lee Gaskell poised to return for Bradford Bulls against former club Salford

Lee Gaskell looks set to face Salford on Friday after being out of action for over a month with a knee injury

Lee Gaskell looks set to face Salford on Friday after being out of action for over a month with a knee injury

First published in Sport
Last updated
Bradford Telegraph and Argus: Photograph of the Author by , Bradford Bulls Reporter

Bulls star Lee Gaskell says he is “80 per cent confident” of being passed fit for Friday’s crucial home Super League clash with Salford.

The close-season signing from St Helens has made steady progress in his recovery from a knee injury sustained at Wakefield on February 20.

He now looks certain to face the Red Devils, with whom he enjoyed a successful loan spell last season.

“I’m 80 per cent confident I’ll be playing on Friday and it’ll be good to come up against some of my old friends,” said Gaskell.

“I really pushed on with my rehab’ last week, doing a lot of agility and speed, and it’s gone very well. Hopefully I can push on again and we can kick on with a win on Friday.”

The return of the stand-off is another major boost to head coach Francis Cummins, who also has Anthony Mullally, Danny Bridge and Tom Olbison available again.

Gaskell was offered the opportunity to join Salford on a permanent deal at the end of last season but he declined.

The 23-year-old explained: “I enjoyed it there and it was a good time in my career. I got plenty of game-time and I can’t thank the people there enough for the opportunity they gave me.

“I played full back in most of the games but I just enjoyed my rugby, to be honest. It was a good team spirit, although we would have liked to have won more games than we did.

“I needed a bit of space to just enjoy my rugby again and going to Salford brought the best out of me. The games that I played I played consistently well in and that is what I needed.

“Brian Noble wanted me to stay there but when Franny came along with a good offer and I met up with him, it sounded like Bradford were going places. I just wanted to be a part of what was going on here.

“I’ve played little more than one game after getting injured early on at Wakey, so it will be good to get back out there with the boys.”

Salford have struggled for consistency this season and have replaced Noble as head coach with Iestyn Harris.

Gaskell said: “It takes time to gel with so many new players but I think they will come good sooner rather than later.

“As for ourselves, if we play like did in the second half at Widnes every week, then I don’t think we will be too far away."

Comments (16)

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9:43am Tue 8 Apr 14

bully4us says...

Looking forward to seeing this lad for many years to come. He has real potential. His size reminds me a little of Paul Cook who was a decent player in his pomp. We need him to hit form quickly as soon as he gets fully fit and confidence back after his injury.
Looking forward to seeing this lad for many years to come. He has real potential. His size reminds me a little of Paul Cook who was a decent player in his pomp. We need him to hit form quickly as soon as he gets fully fit and confidence back after his injury. bully4us
  • Score: 10

10:06am Tue 8 Apr 14

Bowlingboy says...

its seems to be taking shape again thank God...
A couple more new faces and we have a chance.
its seems to be taking shape again thank God... A couple more new faces and we have a chance. Bowlingboy
  • Score: 7

10:13am Tue 8 Apr 14

bullybullman says...

I wonder if Iestyn will have the balls to come up into the coaches box on Friday he nearly got lynch a couple of years ago ! Salford are there for the taking too many ego`s Cash can`t buy Koucash pride & passion for the jersey.

Looking forward to game & lets hope zero point on the table.
I wonder if Iestyn will have the balls to come up into the coaches box on Friday he nearly got lynch a couple of years ago ! Salford are there for the taking too many ego`s Cash can`t buy Koucash pride & passion for the jersey. Looking forward to game & lets hope zero point on the table. bullybullman
  • Score: 11

11:09am Tue 8 Apr 14

northern pig says...

Seems to be all quiet on the Redhall front regarding the Bentham blunder re the disallowed Danny Brough drop goal for the Giants.I wonder why?.All credit to the Huddersfield club ,for not throwing their toys out of the pram!
Seems to be all quiet on the Redhall front regarding the Bentham blunder re the disallowed Danny Brough drop goal for the Giants.I wonder why?.All credit to the Huddersfield club ,for not throwing their toys out of the pram! northern pig
  • Score: 12

11:13am Tue 8 Apr 14

THEMANOFSTEEL says...

Shannon McDonnell to Bulls?
Good signing???
what we need???
peoples thoughts???
Shannon McDonnell to Bulls? Good signing??? what we need??? peoples thoughts??? THEMANOFSTEEL
  • Score: -3

11:50am Tue 8 Apr 14

bully4us says...

Think this is only a rumour but I would sign him for rest of season and throw Kearney into the halves where I believe he plays much better. Three halves means competition and Gaskell can play 13 or back line if needed.
Think this is only a rumour but I would sign him for rest of season and throw Kearney into the halves where I believe he plays much better. Three halves means competition and Gaskell can play 13 or back line if needed. bully4us
  • Score: 5

12:07pm Tue 8 Apr 14

Adeybull says...

For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House.

Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas.

FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there.
For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House. Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas. FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there. Adeybull
  • Score: 11

12:39pm Tue 8 Apr 14

graz smith says...

3 week ago when I was looking at April fixtures it was very difficult to see any points at all, but today with the potential return of key personnel it’s beginning to look much brighter and a glimmer of hope is returning.
COM’ON YOU BULLS.
3 week ago when I was looking at April fixtures it was very difficult to see any points at all, but today with the potential return of key personnel it’s beginning to look much brighter and a glimmer of hope is returning. COM’ON YOU BULLS. graz smith
  • Score: 7

12:50pm Tue 8 Apr 14

bartsbull says...

There are possible two outstanding teams this year Saints and Leeds they have been the most consistant

The others are all there to be beaten some of those are very poor and have large squads and top players who are not performing

We have a good chance of winning quiet a few games where the so called pundits dont give us a chance the injured players are coming back and the squad is looking stronger we do need another prop and a good playmaker
but COYB
There are possible two outstanding teams this year Saints and Leeds they have been the most consistant The others are all there to be beaten some of those are very poor and have large squads and top players who are not performing We have a good chance of winning quiet a few games where the so called pundits dont give us a chance the injured players are coming back and the squad is looking stronger we do need another prop and a good playmaker but COYB bartsbull
  • Score: 10

2:38pm Tue 8 Apr 14

Sp00ky 3:16 says...

Adeybull wrote:
For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House.

Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas.

FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there.
Any chance of a summary adey?
[quote][p][bold]Adeybull[/bold] wrote: For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House. Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas. FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there.[/p][/quote]Any chance of a summary adey? Sp00ky 3:16
  • Score: 2

4:20pm Tue 8 Apr 14

Sheffieldbull says...

Adeybull wrote:
For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House.

Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas.

FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there.
Thanks Adey. A quid well spent. As you say, very clearly set out too.
[quote][p][bold]Adeybull[/bold] wrote: For those of you interested in facts, as opposed to ill-founded or malicious speculation, fantasy and downright fiction: the report from the Administrator of OK Bulls is now online at Companies House. Go read it, if you want a the majority of your questions about what happened, and why, answered. Well worth the £1 it will cost you. Although I suspect the various mentally-ill malcontent provocateurs who perennially pollute this place may find much of its content not at all consistent with their nasty little agendas. FWIW, it reads to me as a very clear, concise, informative and particularly well-explained summary. Credit to the Administrator there.[/p][/quote]Thanks Adey. A quid well spent. As you say, very clearly set out too. Sheffieldbull
  • Score: 3

4:26pm Tue 8 Apr 14

bullyboysrbestCOYB says...

Will be happy when gaskells back in just need new players COYB
Will be happy when gaskells back in just need new players COYB bullyboysrbestCOYB
  • Score: 2

11:31pm Tue 8 Apr 14

portugalbull says...

How about a summary of the administrators report Ross or would that be too much like journalism for the T and A.
How about a summary of the administrators report Ross or would that be too much like journalism for the T and A. portugalbull
  • Score: 2

1:35am Wed 9 Apr 14

Adeybull says...

portugalbull wrote:
How about a summary of the administrators report Ross or would that be too much like journalism for the T and A.
How about this, as a transcript of IMO key points?

4. THE CIRCUMSTANCES GIVING RISE TO THE APPOINTMENT

Background lnformation

OK Bulls Limited ("the Company") ("OK Bulls") was Incorporated 30 August 2012 The company was formed as a vehicle to purchase the busmess and assets of Bradford Bulls Holdmgs Llmited which had proceeded mto Administration in June 2012

The company trades as a professional rugby league club and plays in the Super League at a top professional level. The club is located at Provident Stadium, Rooley Avenue, Bradford, BD6 1BS. Banking facilities were provided by Barclays Bank Pic, no overdraft facility or loans were available tothe company. The principal busmess is run through the company. However a wholly owned subsidiary Bradford Northern Rugby League Football Club (1964) Limited operates the lotteries in is own rght. The company derves its income from a number of sources, Rugby Football League ("RFL") Central Funding which comes pnimary from Sky Broadcasting for the televised events, game attendance, season ticket sales and sponsorship.

When the club previously entered into Administration it was sold as a gomg concern to OK Bulls Limited. At the time of the purchase the only director of OK Bulls was Omar Khan. OK Bulls purchased the business and assets of Bradford Bulls Holdings Limited for £150,000, with an additional £100,000 payment due conditional upon the purchaser (OK Bulls) obtaining a franchise to participate in Super League 2015. Due to the changes in the structure of the Super League from 2014 onwards, no further franchise Will be granted and as a consequence this additional payment will no longer fall due.

In return for the granting of the Super League franchise to OK Bulls, as part of the purchase Mr Khan agreed to take a 50% reduction in the amount the company would receive from Central Funding for two seasons. The oniginal proposal by the RFL was that no central fundmg would be paid in season one of the new company, It was subsequently agreed that this would be spread over two seasons. This arrangement was to be supported by a personal guarantee from Mr Khan which would be called upon to repay central funding advances if the company failed again within that two year penod.

At the time of the purchase the stadium was owned by Bradford City Council, with a lease to the RFL. The Company then took an assignment of that lease from Bradford Holdings Limited (sic). The council also made a loan of £200,000 to the company and as part of the agreement, Mr Khan provided a personal guarantee. Mr Khan went on to Inject approximately £400,000 ino the company,

However despite this during 2013 the company started to expenence cash flow difficulties and recorded a significant loss in August 2013. In September 2013 Mr Khan resigned as a director due to health reasons. At lhis point Mr Khan appointed Ryan Whltcut as director, proposing that he would take control of the business on a day to day basis. In September 2013, Mr Whitcut Introduced Mark Moore and subsequently in October 2013, Andrew Calvert and Ian Watt Joined the company and all three were appointed directors and were brought in to assist with the running of the club.


The company was experiencing significant trading losses and in order to aid the cash flow problems, Ryan Whltcut approached Safeguard Secunty Group Llmited ("Safeguard") to request a short term loan to cover the salares of the club. The agreement was that the loan would be paid back within 6 weeks, and that Safeguard would take a debenture over the company, as secunty for the loan. It soon became apparent that Mr Whitcut was still in contact with Mr Khan and was approving payments that the other directors were not comfortable with and they felt the club couldn't afford to make.

The new directors had also noted accounting irregularities and were not wiling to authonse further payments to be made without first bringing the accounts up to date. It also became apparent that there were significant liabilities that had not been initiuallyy revealed to the new directors including the Safeguard loan. The agreed six weeks past (sic) and no proposals of payment were made to Safeguard at this point.

Safeguard attempted to discuss the matter with the club and reach some agreement for repayment. An arrangement was reached for a staged repayment and a temporary reduction m the interest charges attached to the loan. On the basis of the findings in respect of the financial situation, Mr Whltcut was removed as director and his position at the club terminated. Continued efforts were made by the new directors to reduce the overheads and make Inroads into improving the cash flow. Overall reductions equating to £500,000 of annual overheads were made.

However the company contined to experience significant losses and cash flow problems. Following a dispute between the new directors and the Mr Khan in relation to ownership of the club, all three directors resigned over Chnstmas. Subsequent negotiations between Chnstmas and New Year resulted m the reappointment of the Directors on the basis of commitments given in respect of ownership. However during the early part of January these commitments remained unfulfilled. Critically the club was getting close to the start of the new playing season and the financial and ownership position remained unresolved.

In mid-January, a winding up petition was issued by HMRC in relation to unpaid PAYE and NIC and served on the company, A petition that it was unable to pay. A decision was taken that the debenture holder was not able to allow this position to continue and was not prepared to allow the company to proceed into Compulsory Liquidation, with a likely result of a significant reduction in the value of the club and the assets covered by the debenture. Subsequently, Safeguard Secunty Group Limited therefore applied for an Admimstration Order as the holder of a qualifying floating charge and appointed David Wilson of DFW Associates as Administrator of the company in accordance with Paragraph 14.

The reasons for the company's Insolvency:

• Reduction in central funding agreed by the former director meant restrictions on cash flow
• Continued trading losses over an extended penod
• Accounting irregularities meant that the new directors were not aware of the exact trading losses
• Lack of available working capital

6. THE ADMINISTRATION PERIOD

Attached at appendix 1 is an account of the receipts and payments from the commencement of Admimistration, 31 January 2014 to the date of th1s report. Prior to appointment it was apparent that the club only had a tangible value as long as it remained in the Super League. Following discussions with the RFL, it was clear that any purchaser would first need sanction from the RFL in order to trade as a member of the Super League.

The only Interested party leading up to the Administration was the existing board who formed a new company Bradford Bulls 2014 Limited ("BB2014"). However, the Administrator has a duty to try and achieve the best result for all creditors. There were however no funds available to trade the company and therefore no extended marketing period could take place. In order to fulfil the Admmistrator's requirements, and also allow timee for the new company to obtain the reqUired sancion from the RFL, a conditional sale was agreed to BB2014 and they were to continue to trade on the basis of a licence for a per1od of one month whilst marketing took place. After that month it was intended the sale would complete, if no alternative purchaser was found.

BB2014 agreed that if a higher offer could be obtained to benefit the creditors that they would willingly step aside. BB2014 were making an offer for the purchase of the company's assets coupled with an Intended proposal to trade creditors of OK Bulls for repayment over an extended period in order to try and avoid the six point deduction that would be made due on the club entering into Administration.

During this one month period other interested parties were invited to place bids to purchase the club. All Interested parties were given a final date for bidding and at that stage the highest bidder remained BB2014. On that basis the conditional contract was to complete, subject only to the approval of the RFL.

Over the next few days BB2014 had a number of meetmgs with the RFL to discuss cash flow projections and a busmess plan. However, on 24 February 2014 BB2014 advised the Administrator that they would be retracting their offer as an agreement could not be reached with the RFL. Trading reverted back to the company which has subsequently traded under the supervision of the Admmistrator since 25 February 2014, supported by funding from the RFL to cover any deficiency arising on trading and also all trading costs of the Administrator.

During this time the Administrator has worked with the RFL and other interested parties and attempted to provide as much information as possible in order for them to produce an Informed bid. Anyone wishmg to make a bid was asked to first speak to the RFL in order to meet their reqUirements in terms of a fit and proper person test, and to satisfy them in relation to proof of tunding. This was to ensure that once all bids were made, the Administrator was not faced w1th accepting the highest bid
and then for that bidder to not meet the reqUirements of the RFL.

The Admimstrator has a duty to ensure the best return to all creditors, however if the proposed purchaser does not meet the requirements of the RFL, as regards future sustainability of the business coupled with the required financial support then they would not receve a share in Super League. A closing date for all bids was given as 13 March 2014. At the time of writing, the highest bidder is in the process of reviewing and agreeing the sale contract, and completion of the sale is due to take
place before the end of March. Once completed full details of the sale will be provided to creditors.

Secured Creditor

Safeguard Secunty Group Limited hold security by way of a Debenture dated 30 September 2013 and registered 11 October 2013, granting a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildmgs, fixtures and fixed plant and machin ery. The amount outstanding at the date of appomtment was approximately £200,000. The loan IS subject to compound mterest at 8% a month so at the time of completion the debt is estimated to be £250,000.

Preferential Creditors

All employees were transferred under TUPE to BB2014 1n accordance w1th the conditional sale agreement. However, due to the non-completion of the sale, the employee's remain employed by OK Bulls Llmited- In Administration. Upon completion of a sale the employees includmg players will be transferred under TUPE and therefore no preferential claims will be made.

Unsecured Creditors

Unsecured creditors are estimated to total £1,136,854. The majrity of creditor claims have now been verified to statements. Mr Khan has indicated that his claim totals £1,058,920. However an examination of the company records including all bank transactions reveal that £401,658 has been invested by way of a cash against which at the present time repayments of £26,000 have been made. As part of the Administrator's investigations all transactions with "associated" parties will be reviewed with specific regard to any funds withdrawn from the company which could be deemed to be a preference pursuant to section 239 and would be recoverable for the benefit of the creditors.

********************
********************


Plenty I could observe. But I'll leave that to you guys.
[quote][p][bold]portugalbull[/bold] wrote: How about a summary of the administrators report Ross or would that be too much like journalism for the T and A.[/p][/quote]How about this, as a transcript of IMO key points? 4. THE CIRCUMSTANCES GIVING RISE TO THE APPOINTMENT Background lnformation OK Bulls Limited ("the Company") ("OK Bulls") was Incorporated 30 August 2012 The company was formed as a vehicle to purchase the busmess and assets of Bradford Bulls Holdmgs Llmited which had proceeded mto Administration in June 2012 The company trades as a professional rugby league club and plays in the Super League at a top professional level. The club is located at Provident Stadium, Rooley Avenue, Bradford, BD6 1BS. Banking facilities were provided by Barclays Bank Pic, no overdraft facility or loans were available tothe company. The principal busmess is run through the company. However a wholly owned subsidiary Bradford Northern Rugby League Football Club (1964) Limited operates the lotteries in is own rght. The company derves its income from a number of sources, Rugby Football League ("RFL") Central Funding which comes pnimary from Sky Broadcasting for the televised events, game attendance, season ticket sales and sponsorship. When the club previously entered into Administration it was sold as a gomg concern to OK Bulls Limited. At the time of the purchase the only director of OK Bulls was Omar Khan. OK Bulls purchased the business and assets of Bradford Bulls Holdings Limited for £150,000, with an additional £100,000 payment due conditional upon the purchaser (OK Bulls) obtaining a franchise to participate in Super League 2015. Due to the changes in the structure of the Super League from 2014 onwards, no further franchise Will be granted and as a consequence this additional payment will no longer fall due. In return for the granting of the Super League franchise to OK Bulls, as part of the purchase Mr Khan agreed to take a 50% reduction in the amount the company would receive from Central Funding for two seasons. The oniginal proposal by the RFL was that no central fundmg would be paid in season one of the new company, It was subsequently agreed that this would be spread over two seasons. This arrangement was to be supported by a personal guarantee from Mr Khan which would be called upon to repay central funding advances if the company failed again within that two year penod. At the time of the purchase the stadium was owned by Bradford City Council, with a lease to the RFL. The Company then took an assignment of that lease from Bradford Holdings Limited (sic). The council also made a loan of £200,000 to the company and as part of the agreement, Mr Khan provided a personal guarantee. Mr Khan went on to Inject approximately £400,000 ino the company, However despite this during 2013 the company started to expenence cash flow difficulties and recorded a significant loss in August 2013. In September 2013 Mr Khan resigned as a director due to health reasons. At lhis point Mr Khan appointed Ryan Whltcut as director, proposing that he would take control of the business on a day to day basis. In September 2013, Mr Whitcut Introduced Mark Moore and subsequently in October 2013, Andrew Calvert and Ian Watt Joined the company and all three were appointed directors and were brought in to assist with the running of the club. The company was experiencing significant trading losses and in order to aid the cash flow problems, Ryan Whltcut approached Safeguard Secunty Group Llmited ("Safeguard") to request a short term loan to cover the salares of the club. The agreement was that the loan would be paid back within 6 weeks, and that Safeguard would take a debenture over the company, as secunty for the loan. It soon became apparent that Mr Whitcut was still in contact with Mr Khan and was approving payments that the other directors were not comfortable with and they felt the club couldn't afford to make. The new directors had also noted accounting irregularities and were not wiling to authonse further payments to be made without first bringing the accounts up to date. It also became apparent that there were significant liabilities that had not been initiuallyy revealed to the new directors including the Safeguard loan. The agreed six weeks past (sic) and no proposals of payment were made to Safeguard at this point. Safeguard attempted to discuss the matter with the club and reach some agreement for repayment. An arrangement was reached for a staged repayment and a temporary reduction m the interest charges attached to the loan. On the basis of the findings in respect of the financial situation, Mr Whltcut was removed as director and his position at the club terminated. Continued efforts were made by the new directors to reduce the overheads and make Inroads into improving the cash flow. Overall reductions equating to £500,000 of annual overheads were made. However the company contined to experience significant losses and cash flow problems. Following a dispute between the new directors and the Mr Khan in relation to ownership of the club, all three directors resigned over Chnstmas. Subsequent negotiations between Chnstmas and New Year resulted m the reappointment of the Directors on the basis of commitments given in respect of ownership. However during the early part of January these commitments remained unfulfilled. Critically the club was getting close to the start of the new playing season and the financial and ownership position remained unresolved. In mid-January, a winding up petition was issued by HMRC in relation to unpaid PAYE and NIC and served on the company, A petition that it was unable to pay. A decision was taken that the debenture holder was not able to allow this position to continue and was not prepared to allow the company to proceed into Compulsory Liquidation, with a likely result of a significant reduction in the value of the club and the assets covered by the debenture. Subsequently, Safeguard Secunty Group Limited therefore applied for an Admimstration Order as the holder of a qualifying floating charge and appointed David Wilson of DFW Associates as Administrator of the company in accordance with Paragraph 14. The reasons for the company's Insolvency: • Reduction in central funding agreed by the former director meant restrictions on cash flow • Continued trading losses over an extended penod • Accounting irregularities meant that the new directors were not aware of the exact trading losses • Lack of available working capital 6. THE ADMINISTRATION PERIOD Attached at appendix 1 is an account of the receipts and payments from the commencement of Admimistration, 31 January 2014 to the date of th1s report. Prior to appointment it was apparent that the club only had a tangible value as long as it remained in the Super League. Following discussions with the RFL, it was clear that any purchaser would first need sanction from the RFL in order to trade as a member of the Super League. The only Interested party leading up to the Administration was the existing board who formed a new company Bradford Bulls 2014 Limited ("BB2014"). However, the Administrator has a duty to try and achieve the best result for all creditors. There were however no funds available to trade the company and therefore no extended marketing period could take place. In order to fulfil the Admmistrator's requirements, and also allow timee for the new company to obtain the reqUired sancion from the RFL, a conditional sale was agreed to BB2014 and they were to continue to trade on the basis of a licence for a per1od of one month whilst marketing took place. After that month it was intended the sale would complete, if no alternative purchaser was found. BB2014 agreed that if a higher offer could be obtained to benefit the creditors that they would willingly step aside. BB2014 were making an offer for the purchase of the company's assets coupled with an Intended proposal to trade creditors of OK Bulls for repayment over an extended period in order to try and avoid the six point deduction that would be made due on the club entering into Administration. During this one month period other interested parties were invited to place bids to purchase the club. All Interested parties were given a final date for bidding and at that stage the highest bidder remained BB2014. On that basis the conditional contract was to complete, subject only to the approval of the RFL. Over the next few days BB2014 had a number of meetmgs with the RFL to discuss cash flow projections and a busmess plan. However, on 24 February 2014 BB2014 advised the Administrator that they would be retracting their offer as an agreement could not be reached with the RFL. Trading reverted back to the company which has subsequently traded under the supervision of the Admmistrator since 25 February 2014, supported by funding from the RFL to cover any deficiency arising on trading and also all trading costs of the Administrator. During this time the Administrator has worked with the RFL and other interested parties and attempted to provide as much information as possible in order for them to produce an Informed bid. Anyone wishmg to make a bid was asked to first speak to the RFL in order to meet their reqUirements in terms of a fit and proper person test, and to satisfy them in relation to proof of tunding. This was to ensure that once all bids were made, the Administrator was not faced w1th accepting the highest bid and then for that bidder to not meet the reqUirements of the RFL. The Admimstrator has a duty to ensure the best return to all creditors, however if the proposed purchaser does not meet the requirements of the RFL, as regards future sustainability of the business coupled with the required financial support then they would not receve a share in Super League. A closing date for all bids was given as 13 March 2014. At the time of writing, the highest bidder is in the process of reviewing and agreeing the sale contract, and completion of the sale is due to take place before the end of March. Once completed full details of the sale will be provided to creditors. Secured Creditor Safeguard Secunty Group Limited hold security by way of a Debenture dated 30 September 2013 and registered 11 October 2013, granting a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildmgs, fixtures and fixed plant and machin ery. The amount outstanding at the date of appomtment was approximately £200,000. The loan IS subject to compound mterest at 8% a month so at the time of completion the debt is estimated to be £250,000. Preferential Creditors All employees were transferred under TUPE to BB2014 1n accordance w1th the conditional sale agreement. However, due to the non-completion of the sale, the employee's remain employed by OK Bulls Llmited- In Administration. Upon completion of a sale the employees includmg players will be transferred under TUPE and therefore no preferential claims will be made. Unsecured Creditors Unsecured creditors are estimated to total £1,136,854. The majrity of creditor claims have now been verified to statements. Mr Khan has indicated that his claim totals £1,058,920. However an examination of the company records including all bank transactions reveal that £401,658 has been invested by way of a cash against which at the present time repayments of £26,000 have been made. As part of the Administrator's investigations all transactions with "associated" parties will be reviewed with specific regard to any funds withdrawn from the company which could be deemed to be a preference pursuant to section 239 and would be recoverable for the benefit of the creditors. ******************** ******************** Plenty I could observe. But I'll leave that to you guys. Adeybull
  • Score: 5

1:24pm Wed 9 Apr 14

portugalbull says...

Adeybull, Thanks for that. Certainly explains somethings.
Adeybull, Thanks for that. Certainly explains somethings. portugalbull
  • Score: 0

1:24pm Wed 9 Apr 14

portugalbull says...

Adeybull, Thanks for that. Certainly explains somethings.
Adeybull, Thanks for that. Certainly explains somethings. portugalbull
  • Score: 0

Comments are closed on this article.

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