Keith Wyness

[Des Little]

I like to keep things simple.  Xia is a c***, Wyness is a c*** and for good measure, so is Rongtian 'fanboy' He. 

A pox on their houses.

[mr underhill]

blimey, a a tad forthright.

[Fred Crump]

I like to keep things simple.  Xia is a c***, Wyness is a c*** and for good measure, so is Rongtian 'fanboy' He. 

A pox on their houses.
[/quote
Blimey. You aren’t Donald Trump’s Public Relations adviser by any chance are you ?

[Fred Crump]

Never could get the hang of the quote thingy

[Brassneck]

Amazing how many people have decided Wyness is a c*** on the basis of him doing what was his fiduciary duty as a company director.

So now we have no CEO. Unless Dr Xia is going to do it.

Who is filled with confidence by that idea?

What an unholy mess.

Was he acting under a fiduciary duty though?

We don't really know what has gone on.  Wyness is claiming that he needed to source small investors to pay a tax bill and others are claiming that he was trying to arrange a sale of the club at a knockdown price.

I'm not convinced that Wyness had the authority to source small investors without the owner's knowledge and neither am I convinced that not paying a tax bill constitutes not acting under a fiduciary duty.  Hundreds of businesses are penalised for failing to pay taxes on time but I'm not aware of any directors being penalised for doing so.

 

[old man villa fan]

Amazing how many people have decided Wyness is a c*** on the basis of him doing what was his fiduciary duty as a company director.

So now we have no CEO. Unless Dr Xia is going to do it.

Who is filled with confidence by that idea?

What an unholy mess.

Surely, his first duty is to the owner and if he cannot get any sense from him, he resigns before his duties as a director come into play.

Nope, his first duty is to the company.

Whether we like it or not, it is Xia's company and therefore the CEO reports to him. In his duty as a director, he should not do anything illegal or allow the company to do so and to ensure the company follows regulations. In a normal company, he would have duties to shareholders but we only have one (I think).

I do not know what has gone on but Wyness should have resigned his position before he was put in a position to either break the law or not comply with regulations if the owner refused to act on his advice as CEO and director (if this was the case). What he should not have done (and I don't know if he has) is go behind the owner's back and undermine his position as owner.

[Ads]

If he's leaked financial details to third parties then I'm curious as to how this is acting in the club's interest.

Being a psychotic litigator my advice to AVFC Ltd would be sure Mr Creasote.

[Risso]

If he's leaked financial details to third parties then I'm curious as to how this is acting in the club's interest.

Being a psychotic litigator my advice to AVFC Ltd would be sure Mr Creasote.

If he could reasonably prove that there was a realistic chance of the club not being able to pay its debts going forward, and therefore wasn't a going concern, then it's incumbent on him as a director to find a solution.  If that included trying to find outside investment, then that would necessitate the sharing of certain financial information, all of which would be publicly available in due course anyway.

All of this shit has happened because Xia stopped providing the working capital that was needed, surely?

[Risso]

Amazing how many people have decided Wyness is a c*** on the basis of him doing what was his fiduciary duty as a company director.

So now we have no CEO. Unless Dr Xia is going to do it.

Who is filled with confidence by that idea?

What an unholy mess.

Was he acting under a fiduciary duty though?

We don't really know what has gone on.  Wyness is claiming that he needed to source small investors to pay a tax bill and others are claiming that he was trying to arrange a sale of the club at a knockdown price.

I'm not convinced that Wyness had the authority to source small investors without the owner's knowledge and neither am I convinced that not paying a tax bill constitutes not acting under a fiduciary duty.  Hundreds of businesses are penalised for failing to pay taxes on time but I'm not aware of any directors being penalised for doing so.

 

It's the reason behind not paying the tax bill that's absolutely key.  Not paying it because of an admin error, fair enough, happens all the time.  Not paying it because you've run out of cash - far more serious.  It's not the failure to pay the tax per se, although that's serious enough as the winding up order showed.  It's the wider financial implications ie if it's that the club is making big losses on a monthly basis and no longer has the promised support, then if that situation isn't rectified, administration is the next step.

[Brassneck]

Amazing how many people have decided Wyness is a c*** on the basis of him doing what was his fiduciary duty as a company director.

So now we have no CEO. Unless Dr Xia is going to do it.

Who is filled with confidence by that idea?

What an unholy mess.

Was he acting under a fiduciary duty though?

We don't really know what has gone on.  Wyness is claiming that he needed to source small investors to pay a tax bill and others are claiming that he was trying to arrange a sale of the club at a knockdown price.

I'm not convinced that Wyness had the authority to source small investors without the owner's knowledge and neither am I convinced that not paying a tax bill constitutes not acting under a fiduciary duty.  Hundreds of businesses are penalised for failing to pay taxes on time but I'm not aware of any directors being penalised for doing so.

 

It's the reason behind not paying the tax bill that's absolutely key.  Not paying it because of an admin error, fair enough, happens all the time.  Not paying it because you've run out of cash - far more serious.  It's not the failure to pay the tax per se, although that's serious enough as the winding up order showed.  It's the wider financial implications ie if it's that the club is making big losses on a monthly basis and no longer has the promised support, then if that situation isn't rectified, administration is the next step.

The argument is that Wyness has a fiduciary duty not to allow the club (the legal fiction) to continue to trade whilst insolvent.

It has nothing to do with what the reason for not paying is.

With assets such as Grealish, Chester etc, etc, I'm not convinced that there was a need to approach 3rd parties for so called small investment - Especially whenWyness was not in a position to accept such investment, even if any was forthcoming.

[GarTomas]

Not sure if this has been posted but the filing to companies house around Wyness service contract mentions sections of Companies Act to do with compensation of officers if they lose office.

Not sure if this is where the constructive dismissal thread comes in.

[Risso]

The argument is that Wyness has a fiduciary duty not to allow the club (the legal fiction) to continue to trade whilst insolvent.

It has nothing to do with what the reason for not paying is.

You completely failed to understand my post.  If you don't pay a tax bill because of a clerical error, it's not great but as long as you pay it, there are no ongoing problems,  If you are otherwise a healthy and solvent company, then great.  If you are on the point of insolvency, then not paying your tax bills and other creditors is a symptom of that.

[ktvillan]

Amazing how many people have decided Wyness is a c*** on the basis of him doing what was his fiduciary duty as a company director.

So now we have no CEO. Unless Dr Xia is going to do it.

Who is filled with confidence by that idea?

What an unholy mess.

Pity he didn't perform his fiduciary duties re "going concern" when it was clear to him (as it must have been ages ago) that the shit was well on the way to the fan, rather than after it had already hit.  Not sure how much credit he should be given for closing the stable door after the horse has bolted to the other side of the planet, especially as he was obliged to do it and was covering his own arse anyway.

[Brassneck]

The argument is that Wyness has a fiduciary duty not to allow the club (the legal fiction) to continue to trade whilst insolvent.

It has nothing to do with what the reason for not paying is.

You completely failed to understand my post.  If you don't pay a tax bill because of a clerical error, it's not great but as long as you pay it, there are no ongoing problems,  If you are otherwise a healthy and solvent company, then great.  If you are on the point of insolvency, then not paying your tax bills and other creditors is a symptom of that.

I didn't misunderstand it, I dismissed it as incorrect and I don't think you'll find many companies out there who miss multi million pound payments because of "clerical errors".

The fiduciary duty is placed upon a company director in accordance with Part 10A of the Companies Act 2006.

[Risso]

The argument is that Wyness has a fiduciary duty not to allow the club (the legal fiction) to continue to trade whilst insolvent.

It has nothing to do with what the reason for not paying is.

You completely failed to understand my post.  If you don't pay a tax bill because of a clerical error, it's not great but as long as you pay it, there are no ongoing problems,  If you are otherwise a healthy and solvent company, then great.  If you are on the point of insolvency, then not paying your tax bills and other creditors is a symptom of that.

I didn't misunderstand it, I dismissed it as incorrect and I don't think you'll find many companies out there who miss multi million pound payments because of "clerical errors".

Christ.  I didn't say that was happened, it was an example of when missing a tax payment wouldn't be a cause for concern over a company's future solvency.  Unlike the situation we're in.