[You must be registered and logged in to see this link.] wrote:
And yet some say Anderson did nothing wrong.A bill of around £10 million in unsecured creditors – which included debts to HMRC, Bolton Council, St John’s Ambulance, local bakeries and travel companies – had been run up by the previous ownership
Joking apart as per the last couple of posts, you (and many others) simply don't get it.
Anderson never ran up the debt - he had nothing at all to do with it - it was the company he owned - Bolton Wanderers Football and Athletic Club Ltd - that ran up the debt.
It became insolvent - which means it could no longer cover its debts from the income it was earning.
Anderson could have been richer than Abramovitch or poorer than a church mouse but either way it doesn't mean that he had to settle the limited companies debts from his own pocket.
That's why companies are LIMITED.
It means the owners of a company (the ones who have bought shares in it) are 'limited' to the values of the shares they bought and no more than that.
It means they don't lose their homes, cars or life savings if the company goes bust.
I don't know if you or anyone else off here owned shares in Burnden Leisure from when they first went on sale - if so, if it wasn't for the fact that Burnden Leisure is a limited company too, then you (and all other current share holders) WOULD be liable PERSONALLY for this £10m worth of debt!!!
That's why companies are set up with limited liability and have been doing so for over 200 years now!
I know I'm talking to the wall trying to explain the FACTS of how companies run because people, just like you, prefer to believe the utter bollocks and hatred that they read on social media.
Even if you don't understand stuff like this - most people don't - just a quick look at something as basic as Wikipedia can easily give you a Janet and John explanation which tells you why Anderson wasn't personally responsible (from his own pocket) for the debts of a limited company that he owned![You must be registered and logged in to see this link.]
And to top it all off the Administrators have been through all the books and they've not found anything that Anderson did wrong either!
Holdsworth's company bought the club, but he nor his company didn't have any money to keep it going, (his money man having bailed out at the last minute).
Holdsworth company took on a £5m loan from BluMarble BUT secured the debt against BWFC (????) and had no money to pay that back either!
Anderson kept the club afloat as long as he could in order to find a buyer to sell the club on to and whether by luck or good management we ended up with Sharon rather than got liquidated (BWFAC and Burnden Leisure both being on that road to oblivion).
Anderson may not be a saint but he's certainly not the bad guy in all of this either.