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Author Topic: Joe will comeback if the money is right  (Read 9897 times)
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The Hurricane
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« Reply #30 on: June 17, 2009, 01:26:58 PM »

Unfortunately for Joe, with Sports Network in administration, this ruling doesn't put him any closer to the money he is owed than he was yesterday.  And it will take him a whole lot more time in court to try and get a penny of it out of W***** or FW Promotions with no guaranteed prospect of success.
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« Reply #30 on: June 17, 2009, 01:26:58 PM »

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the_budweiser
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« Reply #31 on: June 17, 2009, 01:31:23 PM »

who could calzaghe fight to get his 10 million ?

the only person i could think of is david haye at a catch weight and on sky ppv , but calzaghe wouldnt dare tempt fighting haye. i remember buncey saying about the fight on setanta some time ago
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« Reply #32 on: June 17, 2009, 01:32:51 PM »

who could calzaghe fight to get his 10 million ?

the only person i could think of is david haye at a catch weight and on sky ppv , but calzaghe wouldnt dare tempt fighting haye. i remember buncey saying about the fight on setanta some time ago

He's never going to get that is he really, he might aswel have said 100 million, I think thats just his way of saying Im not coming back
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Bolton Dave
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« Reply #33 on: June 17, 2009, 01:35:10 PM »

My limited understanding of insolvency is that putting a company into insolvency is no gaurantee that he won't still have to pay the money to Joe.

A debt will only be written off if a company or its directors can't pay the outstanding amount. Frank W***** personally I will imagine is worth much more than 1.8m therefore he will personally be liable for the debt.
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Gavin
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« Reply #34 on: June 17, 2009, 01:36:17 PM »

W***** really is a tosser. I just hope the up and coming kids see this and sign for someone like Hatton promotions or Hayes lot. They should take the money from the Khan fight profits
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« Reply #34 on: June 17, 2009, 01:36:17 PM »

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The Hurricane
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« Reply #35 on: June 17, 2009, 01:47:09 PM »

My limited understanding of insolvency is that putting a company into insolvency is no gaurantee that he won't still have to pay the money to Joe.

A debt will only be written off if a company or its directors can't pay the outstanding amount. Frank W***** personally I will imagine is worth much more than 1.8m therefore he will personally be liable for the debt.

I don't think the directors have liability for the debts of a limited company unless they have acted fraudulently.  The main benefit of a limited company really.
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Bolton Dave
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« Reply #36 on: June 17, 2009, 01:54:51 PM »

I don't think the directors have liability for the debts of a limited company unless they have acted fraudulently.  The main benefit of a limited company really.

It isn't that simple or else everyone would be doing it. If the directors have got the means to pay, they are personally liable for debts to the C & E, banks and the crown. As this is a crown judgement, W***** will be liable. Its only normal creditors in the day to day running of the business you are protected from these days.

A limited company is nowhere near the protection the vast majority of people think it is.
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« Reply #37 on: June 17, 2009, 02:01:56 PM »

It isn't that simple or else everyone would be doing it. If the directors have got the means to pay, they are personally liable for debts to the C & E, banks and the crown. As this is a crown judgement, W***** will be liable. Its only normal creditors in the day to day running of the business you are protected from these days.

A limited company is nowhere near the protection the vast majority of people think it is.
If you look at the article again it said that the appeal by the 'administrators' was turned down and so the judge knows that Sports network is in admin and has ruled that they must still pay. That is my understanding of it anyway. Surely at this stage, given that the appeal's been turned down, criminal proceedings would be issued if Frank doesn't fork over the cash?
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The Hurricane
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« Reply #38 on: June 17, 2009, 02:03:04 PM »

It isn't that simple or else everyone would be doing it. If the directors have got the means to pay, they are personally liable for debts to the C & E, banks and the crown. As this is a crown judgement, W***** will be liable. Its only normal creditors in the day to day running of the business you are protected from these days.

A limited company is nowhere near the protection the vast majority of people think it is.

To be fair, it has been some time since I last looked at either the Companies Act or the Insolvency Act so can't attest to being particularly sharp on the issue.
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Bolton Dave
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« Reply #39 on: June 17, 2009, 02:05:26 PM »

I would hazard a guess that Mr W***** has to put up a personal guarantee in order to secure the financing of the purse bids? If this is the case, then W***** doesn't have a leg to stand on.

If this isn't the case, then the judges may have ruled that SN was put into admin to fraudulently avoid paying Calzaghe. If this is the case, he also now doesn't have a leg to stand on.

I would like to bet though that we still haven't heard the last of this yet
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Faulks
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« Reply #40 on: June 17, 2009, 02:44:02 PM »

I would hazard a guess that Mr W***** has to put up a personal guarantee in order to secure the financing of the purse bids? If this is the case, then W***** doesn't have a leg to stand on.

If this isn't the case, then the judges may have ruled that SN was put into admin to fraudulently avoid paying Calzaghe. If this is the case, he also now doesn't have a leg to stand on.

I would like to bet though that we still haven't heard the last of this yet

This will drag on for months and months.... These things always do. I know alot of companies that go into administration and it takes months/years to come to a conclusion
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« Reply #41 on: June 17, 2009, 03:35:34 PM »

who could calzaghe fight to get his 10 million

Why should Joe fight again to get what he is owed? Isn't some of the money partly owed from the Hopkins fight?

So, out of principal, he shouldn't have to fight another bout to get owed money.

But then boxing is and always has been a dirty business.
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« Reply #42 on: June 17, 2009, 03:40:31 PM »

Joe Calzaghe will never box again. The end.
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