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Following our publication of the dissolution order served by the directors of Burnden Leisure - a move that was swiftly refuted by one and all - we had an email from regular contributer BlackpoolWhite, who offered his expert analysis of Bolton Wanderers' present financial situation.
Now, being barely able to keep an eye on how much I have in my wallet, I am deferring to the man's expertise. Therefore, this is presented in full without comment:
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Firstly I include a link for your perusal to last years accounts to which this article will refer to throughout.
You can also join this site for free to see more figures.
https://www.duedil.com/
Let's get one thing straight though, it is not a final warning for filing late accounts. Instead it is the first proposal to strike off/wind up the company being Burnden Leisure, not Bolton Wanderers Football Club.
Since the club went to a Private Limited Company some 18 months ago and with this new proposal in mind it is for me is starting to piece together bit by bit.
I only say this as it is something I have been involved in before.
The last reported accounts show on record our assets amounted to 56.8 million, of which 50.4 are fixed assets, (these are assets that are not to be intended to be sold or moved within the next financial year, 12 months).
We are now at 18 months since the PLC change... Hmmm.
Our liabilities/debts stood at current 45.5 million and long term 169.5 million, the latter being the one to focus on. For me, it doesn't take a chartered accountant or even chairman to realise the figures don't balance.
If you have accessed the link you will see our fixed assets declined in value to a massive 25% in business terms that is a massive decline.
This could be a sale of an asset, depreciation or a sign over in what is known as debt for equity swap, you'll here this again later.
To strike off a company is a way to lose debts. Legally you have to inform every debtor of your intention to do so. Each company then has the right to refuse and object to the strike off proposal.
After the first proposal, there is a second proposal, both of these should be reported in the London Evening Standard only by requirement. This process can take between 90-120 days from initial proposal.
That in my book is October, a distraction that Bolton Wanderers could do without.
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We thank BlackpoolWhite for his contribution - and look forward to your reader comments below the line. If you ever want to contribute to this fine website then you can email us via LionofViennaSte@gmail.com.