//
you're reading...
Financial Integrity, Football, Moral Integrity

David Low falls off The Goat

David Low, Scottish investment advisor/commentator and Celtic fan, has been delivering guidance of late on the oldco Rangers administration and ongoing liquidation. Well Mr Low should be able to call on his own experience as a director of a company that went into liquidation and sunk while he jumped or was thrown off.

Having a look at his directorships the following statement to the London Stock Exchange was discovered relating to Mr Low’s appointment as Director of Coral Products PLC in 2014:

Coral Products David Low appointment as Director 2014

The sentence to note is:

David Low was a shareholder and director of The Goat Leisure Company Limited until March 2010. In July 2011, the company was put into Creditors Voluntary Liquidation with debts of £20,000.

Under AIM rules, Schedule 2(g) Coral Products had to declare that Mr Low was a director of a company that suffered a Creditors’ Voluntary Liquidation either at the time or within 12 months preceding, see point (v) below:

AIM rules schedule 2g

Timeline

In the Coral Products notice above it sounds like Mr Low was gone over a year before the company went into trouble but that’s not the case. Let’s look at the notices timeline:

Goat Filing History

On the 10th March 2010, David Low submits his notice of termination and then, 2 months later, on the 13th May 2010, there is an Extraordinary resolution to wind up the company.

Looking at the company notices in The Gazette gives a better idea of timing after his resignation.

Gazette notices Goat

As you can see, just over a month from his resignation notice on 20 April 2010 there was a Meetings of Creditors:

Goat Meetings of Creditors

Then on the 7th May 2010 there was an Extraordinary General Meeting of the company to put Resolutions for Winding-up:

Goat Resolutions for Winding up

Then on the 7th May 2010 the Creditors agreed the  Appointment of Liquidators:

Goat Appointment of Liquidators

Finally on the 25th January 2011 after all the dust settled the Final Meetings were held:
Goat Final Meetings

Outstanding Charges

There 2 outstanding charges remaining on the company, a standard security and a bond/floating charge:

Goat Outstanding charges

Liquidators Final Statement of Account on Winding-up 

Then on the 31st March the Liquidator gives his final statement:

Goat Liquidators Final Statement

Mr Low left his fellow directors to carry the can, deal with Administrators/Liquidators and Creditors to lose £20,000.  It really looks like Mr Low was thrown off while he tried to ride The Goat into the ground.

p.s. To understand the joke about Mr Low falling off The Goat re-direct questions to a SFA referee.

©footballtaxhavens.wordpress.com 2016  CC-by icon

Advertisements

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: