Club debt now at £182 million!!!

It's hard to find details of the club now that it become delisted or whatever it is called but this is what I've found (but can't confirm)

Accounts to June 2014 shows the debt rising to £182 million and were filed at Companies House on the 15th April (after being signed off by the accountants on the 31st December, 2014.

However Burden Leisure accounts (ie for the whole group) are flagged up as 'overdue'?

Bolton's accounts however state that Burnden Leisure accounts are available from the Macron.

I don't know if you could buy them in the club shop or something?

If they are cheap enough it may well be worth a few quid have a look at them.

Apparently the remainder of the Whites Hotel was bought out for just £1.

That's all I've been able to find out.

Burden Leisure.

Now there's a Freudian slip.......

Not sure about companies house but on other sites I have been on and when researching a company and its directors etc, sometimes it has given the option to buy a copy of the accounts for about £4 although I'm not sure if this applies to Ltd companies or not though.

You definitely wouldn't be able to buy these from the club shop.

I can't see the debt ever reducing while Eddie is the owner.

Breadman wrote:Burden Leisure.

Now there's a Freudian slip.......

No, not a slip, that is the actual name of the business.

Or have I missed the joke somehow?

karlypants wrote:I can't see the debt ever reducing while Eddie is the owner.

In very simple terms a debt is not a problem if you can afford to pay it back.

I guess as far as Davies (and more importantly the auditors) are concerned, the debt is still covered.

So in a sense, it is nothing more than a number (which it already is of course) rather than a millstone.

Burnden.

BoltonTillIDie wrote:Burnden.

Ah! I see.

Thanks.

Fraudian indeed!

Thank fuck for that.

Thought it was me!

They announced the £9 million trading loss ages ago, so of course the overall debt will have risen by that amount. It's still better than rising by £50-odd million.

Sluffy wrote:

Fraudian indeed!

Sluffy wrote:

karlypants wrote:I can't see the debt ever reducing while Eddie is the owner.

In very simple terms a debt is not a problem if you can afford to pay it back.

I guess as far as Davies (and more importantly the auditors) are concerned, the debt is still covered.

So in a sense, it is nothing more than a number (which it already is of course) rather than a millstone.

What jumped in my mind yesterday is that maybe he can't afford to pay it back and your theory about the debt isn't the correct one as he has covered his arse with making the company Ltd so if the club goes bust then he won't lose his own personal assets?

karlypants wrote:

Sluffy wrote:

karlypants wrote:I can't see the debt ever reducing while Eddie is the owner.

In very simple terms a debt is not a problem if you can afford to pay it back.

I guess as far as Davies (and more importantly the auditors) are concerned, the debt is still covered.

So in a sense, it is nothing more than a number (which it already is of course) rather than a millstone.

What jumped in my mind yesterday is that maybe he can't afford to pay it back and your theory about the debt isn't the correct one as he has covered his arse with making the company Ltd so if the club goes bust then he won't lose his own personal assets?

It's illegal to knowingly trade if you are insolvent (unable to pay debt when it falls due).

The auditors signing off the accounts would simply not do so if that was the case.

Similarly the clubs firm of accountants would not let the club trade in the current financial year if it believed the club could not pay its debt.