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Post by GuinnessMan on Jun 23, 2011 17:59:17 GMT
www.bbc.co.uk/news/uk-wales-13897027Liquidation for Cardiff Devils, Sheffield Steelers firm The company which owns ice hockey Elite teams Cardiff Devils and Sheffield Steelers is to go into voluntary liquidation. Sixteen staff of Cardiff-based Rink Corp Limited are being made redundant after the business was declared "no longer financially viable". Business licences to trade as "Cardiff Devils" and "Sheffield Steelers" have been issued to two separate companies. Insolvency practitioner John Cullen says matches will go ahead next season. He added that season tickets would be honoured. A meeting of members and creditors will be held on 7 July. "Despite their best efforts to find a viable way forward the directors of Rink Corp Ltd have been left with no choice but to wind the company up under Section 98 of the Insolvency Act 1986 (creditors voluntary liquidation)," said a statement. "Rink Corp Ltd runs two ice hockey teams: the Sheffield Steelers and the Cardiff Devils, who were winners and runners up respectively in the Elite League last season." It said "regrettably" 16 staff at Rink Corp Ltd were being made redundant, with consultation starting on Thursday. "Whilst every effort has been made to avoid the situation, the company is no longer financially viable," added the statement. Consultation with affected employees began on Thursday June 23rd. The company has, however, granted two business licences to trade which will enable matches to continue next season and ensure season tickets are honoured
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Ghost
Matt Myers
Posts: 1,698
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Post by Ghost on Jun 23, 2011 18:02:56 GMT
Forgive my ignorance, but I've never understood the meaning of liquidation?
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LUFC
Ashley Tait
Game On!
Posts: 1,819
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Post by LUFC on Jun 23, 2011 18:03:35 GMT
Looks like Regan has done what Ken Bates did with Leeds. Stuck them in to clear debts, lose some staff. Come back with a new company fresh of debts to run a new company. Probably done to avoid taxes.
Ridiculous.
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Post by NickThePanther44 on Jun 23, 2011 18:13:06 GMT
This can't be good whichever way you look at it.
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Post by optimus on Jun 23, 2011 18:14:07 GMT
How many times have Sheffield been liquidated then?
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Post by pantherdman on Jun 23, 2011 18:14:32 GMT
And so it begins.
Another year, another liquidation for Steelers. Are there any local firms left who'll work with them? might have to buy a bus and get Simmsey to drive it.
The tax man gets his pay off first, it's the local businesses which are owed money which lose everything, I'm sure Regan would have settled up with all those people before this....
This type of action is pathetic and should be banned IMO.
No wonder British Hockey is frowned upon by sponsors and Sky. Another area the league needs to grow a pair if Hockey is ever to go mainstream imo.
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Post by NickThePanther44 on Jun 23, 2011 18:18:12 GMT
And this from the man who was preaching that the EIHL needed to work more professionally. You couldn't make it up.
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Yotes
Forum Admin 
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Post by Yotes on Jun 23, 2011 18:18:31 GMT
Forgive my ignorance, but I've never understood the meaning of liquidation? Basically that the company has been wound up, ceased trading. Any assets will be used to pay off as many of the people they owe money too as possible. It's what Steelers like to do in the off season  As DMan says though, it's more creditors left out of pocket no doubt, more bad press, bad feeling for the league. |
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Post by pantherdman on Jun 23, 2011 18:19:01 GMT
This is what Bob was on about, which company were season ticket prices paid to?? I'm guessing not Rink Corp. but if not Rink Corp, why not? I can guess at the answer.
If they aren't financially viable now, how are they going to be viable in a years time??
16 staff??? how many is there in total?
Who are the directors of Rink corp?
He's determined to get his profit next season. murky murky world.
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oldman
Simon Hunt
The World is full of experts
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Post by oldman on Jun 23, 2011 18:46:47 GMT
Much as i dislike Fagin, this is not good news for the sport, or the elite league!
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Post by pantherdman on Jun 23, 2011 18:50:28 GMT
Hey at least we got on the BBC website :-)
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Post by KimThePanther on Jun 23, 2011 18:50:37 GMT
And this from the man who was preaching that the EIHL needed to work more professionally. You couldn't make it up. Amazing to think he was being lauded as the saviour of British hockey 6 months ago. |
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LUFC
Ashley Tait
Game On!
Posts: 1,819
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Post by LUFC on Jun 23, 2011 18:58:43 GMT
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Post by spik on Jun 23, 2011 19:13:41 GMT
I dont understand it.
If all your assets are stripped to pay creditors.You have nothing to start with next season.If it's just the firms money, I am into business next year with a club of my own.
I know If all my assets were taken I'd be on the street.
'Come on down everyone and sponsor us next season, we are a club to be trusted'...not
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doug
Robert Lachowicz
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Post by doug on Jun 23, 2011 19:15:36 GMT
And this from the man who was preaching that the EIHL needed to work more professionally. You couldn't make it up. Amazing to think he was being lauded as the saviour of British hockey 6 months ago. There were quite a few of us Kim who were certainly not seeing him as a saviour. Quite the opposite in fact. He'll probably wipe us out actually due to people, as happened when Lea took over, totally losing interest. Me included! |
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Post by spik on Jun 23, 2011 19:19:34 GMT
Amazing to think he was being lauded as the saviour of British hockey 6 months ago. There were quite a few of us Kim who were certainly not seeing him as a saviour. Quite the opposite in fact. He'll probably wipe us out actually due to people, as happened when Lea took over, totally losing interest. Me included! It's a pity doug...they don't see that though. |
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Post by pantherdman on Jun 23, 2011 20:14:19 GMT
Hockeyleaks:
''With Mr Ragan now winding up RinkCorp presumably leaving many creditors unpaid, Mrs Phillips for one and RM Sports who are owed more than £22,000, and several others who have contacted Hockileaks today. How is it with these hockey debts hanging over his head and that of his partner in crime Simon, how they can still run a hockey club. There are rules in place preventing any person with hockey debts from owning or operating a team in the UK, yes there are ways around those rules but let us be clear what will the governing body do now with 2 major teams involved?
Another question arises with season ticket income, (and thousands wont thank me for asking this) but in a recent court case brought by an insolvency practitioner against Mr Phillips, it was resolved by the court you could not ring fence the season ticket income or their benefits so how can these monies be protected from the insolvency?
Where is IHUK or even the IIHF on this matter?''
Well done Uncle Bob, loving your work!
Got to feel for people like RM sports 22K?? they'll be lucky to see £20 of that.
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Post by KimThePanther on Jun 23, 2011 20:17:04 GMT
I find Bob Phillips coming out and saying that just a tad rich.
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Yotes
Forum Admin
Posts: 16,412
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Post by Yotes on Jun 23, 2011 20:21:13 GMT
"a tad" is very generous Kim. Wonder how many creditors Saint Robert left in his wake?
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Post by NickThePanther44 on Jun 23, 2011 20:54:20 GMT
I find Bob Phillips coming out and saying that just a tad rich. My ironyometer just exploded! Rich isn't the frickin' word! |
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Post by james1977 on Jun 23, 2011 21:05:56 GMT
Bob's taking a swing at Neil Black now. On here |
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Deleted
Deleted Member
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Post by Deleted on Jun 23, 2011 21:08:37 GMT
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Milkman™
Les Strongman
Always Delivers
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Post by Milkman™ on Jun 23, 2011 21:08:45 GMT
I dont get that its no longer financially viable to run Rink Corp, yet the Steelers and Devils will run as 2 separate companies.
Same Directors of course, it all stinks.
Simms is dodging the subject on FB and Twitter, no wonder.
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Shaggy
Forum Moderator 
Am I a cynical idealist or an idealistic cynic?
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Post by Shaggy on Jun 23, 2011 21:27:35 GMT
And this from the man who was preaching that the EIHL needed to work more professionally. You couldn't make it up. Amazing to think he was being lauded as the saviour of British hockey 6 months ago. Truly it can be said... "He's not the Messiah - he's a very naughty boy!" I find Bob Phillips coming out and saying that just a tad rich. My ironyometer just exploded! Rich isn't the frickin' word! Quite. One thing BP has tried to do is create an impression that because PR is Bad(TM), and BP is in opposition to him (and coming out with all of these innuendos and allegations) that somehow makes BP look like he's Good(TM). Those of us who use our brains for more than just keeping our ears apart can see it's nothing like that... BP was a walking disaster, just like PR appears to be. Both as bad as each other? |
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Shaggy
Forum Moderator
Am I a cynical idealist or an idealistic cynic?
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Post by Shaggy on Jun 23, 2011 21:30:10 GMT
Bob's taking a swing at Neil Black now. On hereAnd yet BP was also one of the EIHL directors for some time... which makes him complicit in any dodgy dealings as well. Hypocrite. Simms is dodging the subject on FB and Twitter, no wonder. Of course... when the going gets tough, DS The BS goes very, very quiet... |
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