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Balmain trading Insolvent
Topic Started: Aug 2 2012, 06:15 PM (719 Views)
galahs
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Hmm, i keep hearing rumors that Balmain is trading insolvent. Anyone else hearing this?

Geez if they are thats a big no no.
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galahs
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Duty to not trade while insolvent
As well as general directors’ duties, you also have a positive duty to prevent your company trading if it is insolvent. A company is insolvent if it is unable to pay all its debts when they are due. This means that before you incur a new debt you must consider whether you have reasonable grounds to suspect that the company is insolvent or will become insolvent as a result of incurring the debt.
An understanding of the financial position of your company only when you sign off on the yearly financial statements is insufficient. You need to be constantly aware of your company’s financial position.
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parent
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I can imagine the conversation :Hey Harry, can you give us : HOW MANY MILLION ? Benny what's this bill? lmfao, Just a rumor = classic. As partners in the joint venture you can only hope that this isn't true. NOT
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galahs
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What i want to know, If they are insolvent, surely ASIC would be on their case? Surely?
Edited by galahs, Aug 2 2012, 10:05 PM.
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Ozzy
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galahs
Aug 2 2012, 09:41 PM
What i want to know, If they are insolvent, surely ASIC would be on their case? Surely?
This is unlawful, but with money coming from one account to the other you can see that the Wests Tigers are probably keeping the Balmain Football Club financial while the Balmain Leagues club is massivly in debt and struggling to find a way out. This along with the Wests Tigers looking at privatisation isnt going to sit well with Wests Leagues at Campbelltown and Ashfield that is already asking for answers.
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the_pollie
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You would need documents to send to ASIC, but I don't think there's any doubt that with their current finances, Balmain is insolvent. Just ask the Jets fan who yelled out as Balmain attempted their last conversion on Sunday at Bear Park! hehe
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disco stu
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galahs
Aug 2 2012, 06:27 PM
Duty to not trade while insolvent
As well as general directors’ duties, you also have a positive duty to prevent your company trading if it is insolvent. A company is insolvent if it is unable to pay all its debts when they are due. This means that before you incur a new debt you must consider whether you have reasonable grounds to suspect that the company is insolvent or will become insolvent as a result of incurring the debt.
An understanding of the financial position of your company only when you sign off on the yearly financial statements is insufficient. You need to be constantly aware of your company’s financial position.
Also if they do trade whilst insolvent then directors become personally liable for all debts incurred during that time. They are taking a big risk if that is the case.

I wonder what their assets over liabilities are ?? If assets exceed liabilities then they can continue to trade but their assets are are worthless if they cant sell them .
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galahs
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This whole push to privatise is interesting. Who is driving this?

What would this mean for the Macarthur area?
Edited by galahs, Aug 3 2012, 11:40 AM.
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Blue Devil
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galahs
Aug 3 2012, 11:37 AM
This whole push to privatise is interesting. Who is driving this?

What would this mean for the Macarthur area?
Don't tell me Rugby League in Macarthur will be dealing with another Private Company, who will be the owner?
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galahs
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Benny? Harry?
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1eyedmagpie
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Hasn't Balmain District Football Club sold all its assets to Back Door Benny for $1?

Between Sironen and Elias, they both know about doing bad business! Just look at Sironen with his Krispy Kreme venture!

That would absolutely stink if Wests Tigers became private. This would really put Wests Campbelltown and Wests Ashfield out in the cold. Maybe a good thing for the Wests Magpies if it were to happen!
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