Squeezabull has sent some questions to the Official Receiver:
The company issued new shares in the Summer of 2013. Aside from the legality of the process used to issue shares, a number of shares were sold through an online portal which ran the club's online shop presence and took payments on behalf of the club with the club's bank account regularly frozen. As I understand it the online portal, a separate company, was not authorised by the FCA to conduct the sale of shares at any stage and these transactions should be examined firstly for their legality under financial law, and secondly that the sums may be recoverable to creditors from the separate company under their agreement to provide Card Services with their bank. The sum for these sales, recorded in the CVA documentation, was £8,775.00.
Insolvency Practitioner Marc Landsman declared the company as 'finished' in the wake of the failure of the CVA to be accepted in August 2014 and that he publicly recommended that the Directors at the time seek to liquidate the company.
This professional advice was ignored on a series of promises to pay creditors, and the club began selling season tickets subsequently on these promises. I suggest that the Directors of the company misrepresented the situation in order to extract money from customers with little or no prospect of supplying the goods/services purchased (ie. a full season of matches) as the company was trading insolvently.
Two people identified as "non-executive Directors" repeatedly acted as Directors of the company without ever being registered at Companies House. It is my understanding that "shadow directors" are not permitted under company law and I suggest that investigation is made over their involvement in the company. In a similar manner, another individual also signed himself off occasionally as a Director of the company despite neither being registered at Companies House nor being deemed to be fit to be a Director by way of being subject to a disqualifying condition. This person also used office space at the Edgar Street site without payment to the club - you may have reasonable claim to seek retrospective payment for this use.