Afc Assets - Talltray

[Guest]

Wonder why Milne and Gilbert set up Talltray and moved the tangible assets into that company. If AFC were to get liquidated (as per hun), it would be AFC that would absolve all liabilities and not Talltray? Can't recall, but I think it was maybe a subsiduary of AFC?

 

Anyone recall?

 

Perhaps there's more to meet the eye on that particular business.

[Foster14]

Wonder why Milne and Gilbert set up Talltray and moved the tangible assets into that company. If AFC were to get liquidated (as per hun), it would be AFC that would absolve all liabilities and not Talltray? Can't recall, but I think it was maybe a subsiduary of AFC?

 

Anyone recall?

 

Perhaps there's more to meet the eye on that particular business.

 

Pretty much all the borrowings and assets are in Talltray. Why that was done, not too sure.

 

Maybe if the club were to have issues with paying the liabilities and the loans/overdrafts got called in, then the actual football club is separate from this. (i.e. we may have lost Pittodrie, but Aberdeen FC would still remain in its current form).

 

Not too sure though.

[spamspamspam]

Talltray is a subsidiary company of AFC rather than a separate one... At the time of setting it up they said it would make the debts more manageable, how... nae idea!

 

I do know that Milne and Gilbert loans Talltray money which is then transferred to AFC and also that Duncan Fraser is a director of Talltry which would suggest that it isn't really dodgy but how this makes the debt easier to service only an accountant could really answer.

[NorthernLights24]

25. Financial Restructuring

 

At an Extraordinary General Meeting held on 28 June 2007, the members of the Company approved the financial

restructuring detailed below, in order to address the servicing of accumulated debt. In order to obtain the terms

outlined below and in particular the roll-up of bank interest, the operation of the football activities (which the

Company will continue to undertake in the future) and the ownership of the stadium (which was transferred to Talltray

Limited ("Talltray") a wholly owned subsidiary of the Company), were separated as from 1 July 2006.

 

The aim of the financial restructuring was to give the Company access to bank and other facilities which it is believed

will be sufficient for its purposes for the next five years. The Company