Mayfair Speculating about to stop

One of my ex colleagues at a very large bank has just informed me that a High Court application has been made for the provisional liquidation of Mayfair Speculators. Under this application, the disposal of any assets including horses is forbidden.

Let the buyers out there beware, you buy anything now without the approval of the liquidator and you may well lose everything.

Provisional?


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Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis.[1] The provisional liquidator is appointed to safeguard the assets of the company and maintain the status quo pending the hearing of the petition. Unlike a conventional liquidator, a provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors.[2]

In practice most instances of applications for a provisional liquidator involve some type of allegation of fraud or other misconduct relating to the company.

Is a bank the applicant?

So what happens to the likes of legal eagle and edict of nantes that have been sold

mr hawaii wrote: Is a bank the applicant?

It is - a very big one, sounds similar to this forum

Interesting. I wonder if Brugman, or if not, the trainers have to first talk to the provisional liquidator abt nominating the currently owned Mayfair horses for subsequent races.


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DOCTOR R wrote: So what happens to the likes of legal eagle and edict of nantes that have been sold

I'm not a legal eagle but I think prior to todays judgement, they should be ok unless the liquidators go after them. What is very important is the fact that any trading in Mayfair stock from here on without the liquidators approval will be considered a criminal act.

Over the Air wrote:

DOCTOR R wrote: So what happens to the likes of legal eagle and edict of nantes that have been sold

I'm not a legal eagle but I think prior to todays judgement, they should be ok unless the liquidators go after them. What is very important is the fact that any trading in Mayfair stock from here on without the liquidators approval will be considered a criminal act.

can the stock be utilised to earn money - ie racing horses or rental of property?

Can the horses be "transferred" to show "it has been sold" to safe guard the assets.

Checked with a legal man - was told that the trainers will have to notify the liquidator of their intention to race Mayfair horses - all stake monies earned will go into a "trust fund". NHA have been advised.
Was also told that the trainers who are owed monies are now on their own - they will have to file file a claim for their dues.

DOCTOR R wrote: Can the horses be "transferred" to show "it has been sold" to safe guard the assets.

If it was possible to shield an asset and get away with it you can bet Jooste would've done it before he even resigned. I really pity the people who have to try and find all of Jooste's assets, going to be a real life treasure hunt :lol: