Keith Wyness

[ChicagoLion]

I think technically he was ok hanging on until the Final and or if he was given assurances that liabilities would be met. After the final if he seeked reassurances and none were forthcoming he should have to resign.
I don’t see how he could take on his own back to find new investment without the instruction of the shareholders, this is a governance issue nota fiduciary duty.

[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".

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.

Now it is you who is misunderstanding.  I didn't say you did - I said your whole comment was misconceived (and I'd add irrelevant).

The point is, it would be very, very rare for a company to miss a multi million pound payment by "accident", be that Villa, Virgin, The BBC, Scottish Power or whoever.  The usual reason is cash flow.

As I said previously, it is not the cause for concern that is Wyness's argument - It is that he had a duty placed upon him to ensure that the company was not trading whilst insolvent.  I personally don't believe him and I'm more inclined to believe Xia on this one.

[Richard E]

I think we need to get Counsel’s Opinion on this. Shall we start a whip round?

[SheffieldVillain]

I think we need to get Counsel’s Opinion on this. Shall we start a whip round?

You mean you don't know one who'll do it for free?

[ChicagoLion]

I think we need to get Counsel’s Opinion on this. Shall we start a whip round?

Didn’t Karen Brady work for the council?

[brian green]

She sold a lot of whips.

[Ads]

I think we need to get Counsel’s Opinion on this. Shall we start a whip round?

I don't think we've got enough money to find that species a back bone.

[eamonn]

She sold a lot of whips.

Expertly played.

[Risso]

I think we need to get Counsel’s Opinion on this.

I'd rather set fire to a pile of tenners in the back garden.

[Richard E]

I think we need to get Counsel’s Opinion on this.

I'd rather set fire to a pile of tenners in the back garden.

That'd be cheaper, for sure.

[Risso]

I think we need to get Counsel’s Opinion on this.

I'd rather set fire to a pile of tenners in the back garden.

That'd be cheaper, for sure.

And more likely to be of some use in the future.

[Ads]

I think we need to get Counsel’s Opinion on this.

I'd rather set fire to a pile of tenners in the back garden.

That'd be cheaper, for sure.

And more likely to be of some use in the future.

I'm glad I share bandwidth with some true believers who aren't fooled by the fancy dress merchants.

Have visions of us being like the H&V answer to the KLF now too.

[olaftab]

Is it at all possible that he could see the shit was about to hit the fan and tried to do something about it?

Andy Chief Executive’s job is not to spot when shit is about to hit the fan but to make sure shit is not made in the first place.

[brontebilly]

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.

The way I see it too.

He oversaw the RDM and Bruce buying sprees which were at best haphazard. He clearly backed Bruce in bringing in Scott Hogan on a stupid contract by which we were already in the drunken gambler stakes with the club's future.

 If he had a huge issue with the governance of the club and it's solvency, he should have resigned over 12 months ago when the writing was on the wall. He rolled the dice with the rest of them all the way up to the play-off final.

[brian green]

The elephant in the room is were the dice loaded.