Des Jacklin resigns

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TheVillan
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Re: Des Jacklin resigns

Post by TheVillan » Thu Mar 19, 2020 12:23 pm

Zapp Brannigan wrote:
Thu Mar 19, 2020 12:09 pm
el_ringo wrote:
Zapp Brannigan wrote:
Thu Mar 19, 2020 8:37 am
So then let’s say a previous director then releases a statement saying that the financial issues that caused his resignation and eventual liquidation are down to the previous resigned directors and nothing to do with him, would that change anything?

And I’m talking about specifically anything that would go against your name (bankruptcies on companies house, having to declare any financial issues etc) not just slaps on the wrist by any liquidator.
The directors always have to act in the best interest of the shareholders. Any other actions can leave them open to possible legal repercussions.
If the chairman was aware of illegal actions and had chosen not to release this information to the shareholders then its quite possible they could be barred from any company positions for a period of years by the official receiver in the event of a company failing under their watch.
Does claiming to have new money coming in before resigning count as acting in the companies best interest?

Like say if I was a director of a company that was struggling and I release a statement saying I’m discussing with sponsors and investors about bringing publicity and investment in. But then I resign and the company very quickly goes into liquidation can I claim that I had the investment in place but when I resigned that investment left with me and thus none of this is my fault.

Again purely hypothetical
You'd presumably have tangible evidence, records of meetings, proof of funds of any potential investor, evidence that they had started due diligence or were about to, and so on. Otherwise I suspect the financial investigators would take a fairly dim view, particularly if they felt your statements had the effect of reducing or removing other avenues to continue the running of the business.

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Ginge
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Re: Des Jacklin resigns

Post by Ginge » Thu Mar 19, 2020 3:07 pm

The only potentially useful bit Of Des Jacklin's partin rant....

"the WDF […] trying to stage their own World Championships back at the Lakeside on December 5th"

So not in Holland then at the Zuiderduin.....of coursge this assumes the above isnt a load of crap as well.

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Re: Des Jacklin resigns

Post by ChrisW » Thu Mar 19, 2020 3:10 pm

But it is Zuiderduin week.

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Ginge
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Re: Des Jacklin resigns

Post by Ginge » Thu Mar 19, 2020 3:11 pm

ChrisW wrote:
Thu Mar 19, 2020 3:10 pm
But it is Zuiderduin week.
I thought that event had been shelved now? Is it being revived?

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Re: Des Jacklin resigns

Post by cobra » Thu Mar 19, 2020 3:14 pm

I can't be bothered to read all that resignation blurb. Would I be correct in saying it boils down to something along the lines of:

"Me, me, me, me, it would have been so much worse if I didn't give it a go." "It's everyone elses fault apart from mine."

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Re: Des Jacklin resigns

Post by ssjsa » Thu Mar 19, 2020 3:18 pm

cobra wrote:
Thu Mar 19, 2020 3:14 pm
I can't be bothered to read all that resignation blurb. Would I be correct in saying it boils down to something along the lines of:

"Me, me, me, me, it would have been so much worse if I didn't give it a go." "It's everyone elses fault apart from mine."
Are you sure you haven't read the resignation letter in full?

Such an accurate synopsis. :grin:
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Re: Des Jacklin resigns

Post by cobra » Thu Mar 19, 2020 4:09 pm

ssjsa wrote:
Thu Mar 19, 2020 3:18 pm
cobra wrote:
Thu Mar 19, 2020 3:14 pm
I can't be bothered to read all that resignation blurb. Would I be correct in saying it boils down to something along the lines of:

"Me, me, me, me, it would have been so much worse if I didn't give it a go." "It's everyone elses fault apart from mine."
Are you sure you haven't read the resignation letter in full?

Such an accurate synopsis. :grin:
I got as far as fourth paragraph when I decided to stop as I was starting to fall asleep. I guess the next chairman and board will be tasked with winding-up the BDO.

To be fair on Des it isn't all his fault - it's been in decline for years. How the previous board didn't get booted off when de:luxe was shown to be a complete and utter shambles is beyond me. Surely the counties should have called an EGM but they didn't, they just carried as if nothing happened.

As soon as the WDF effectively kicked the BDO in to touch an EGM should have been called then but again nowt.

Unless something drastic changes, surely it's a case of when, not if that it's game over for the BDO.

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Re: Des Jacklin resigns

Post by Zapp Brannigan » Thu Mar 19, 2020 4:17 pm

cobra wrote:
ssjsa wrote:
Thu Mar 19, 2020 3:18 pm
cobra wrote:
Thu Mar 19, 2020 3:14 pm
I can't be bothered to read all that resignation blurb. Would I be correct in saying it boils down to something along the lines of:

"Me, me, me, me, it would have been so much worse if I didn't give it a go." "It's everyone elses fault apart from mine."
Are you sure you haven't read the resignation letter in full?

Such an accurate synopsis. :grin:
I got as far as fourth paragraph when I decided to stop as I was starting to fall asleep. I guess the next chairman and board will be tasked with winding-up the BDO.

To be fair on Des it isn't all his fault - it's been in decline for years. How the previous board didn't get booted off when de:luxe was shown to be a complete and utter shambles is beyond me. Surely the counties should have called an EGM but they didn't, they just carried as if nothing happened.

As soon as the WDF effectively kicked the BDO in to touch an EGM should have been called then but again nowt.

Unless something drastic changes, surely it's a case of when, not if that it's game over for the BDO.
I think it’s pretty telling that one Director has been left on and it happens to be a 75 year old director that I doubt will mind having a company bankruptcy against his name.

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Re: Des Jacklin resigns

Post by Gruntface » Thu Mar 19, 2020 8:33 pm

Some top tips for you ingrates. As always,a reminder that Des is considerably richer than you.
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Re: Des Jacklin resigns

Post by TheVillan » Thu Mar 19, 2020 8:38 pm

Gruntface wrote:
Thu Mar 19, 2020 8:33 pm
Some top tips for you ingrates. As always,a reminder that Des is considerably richer than you.
His business acumen knows no bounds...

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ILAD
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Re: Des Jacklin resigns

Post by ILAD » Thu Mar 19, 2020 8:39 pm

Got some front on him. :grin:
Des Jacklin: ‘People say the BDO can’t compete with the PDC, but that is the biggest load of crap in the world’

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Re: Des Jacklin resigns

Post by Gruntface » Thu Mar 19, 2020 8:43 pm

ILAD wrote:
Thu Mar 19, 2020 8:39 pm
Got some front on him. :grin:
More front than Brighton :grin:

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Ginge
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Re: Des Jacklin resigns

Post by Ginge » Thu Mar 19, 2020 8:44 pm

Yesterday was the day they both got their lives back, apparently. No more Cyprus Open adverts....

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Re: Des Jacklin resigns

Post by Rout » Thu Mar 19, 2020 8:48 pm

Here is some more great advice from Des

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Re: Des Jacklin resigns

Post by ssjsa » Thu Mar 19, 2020 8:56 pm

Suggest those few idiots who still support Des, read that post.

Ffs, has this man no shame. His tenure as BDO Chairman has seen that organisation degenerate into a complete laughing stock and on the verge of liquidation, yet he still finds it pertinent to boast about buying himself a new car, and offer financial advice. :omg:
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massive
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Re: Des Jacklin resigns

Post by massive » Thu Mar 19, 2020 9:24 pm

ssjsa wrote:
Thu Mar 19, 2020 8:56 pm
Suggest those few idiots who still support Des, read that post.

Ffs, has this man no shame. His tenure as BDO Chairman has seen that organisation degenerate into a complete laughing stock and on the verge of liquidation, yet he still finds it pertinent to boast about buying himself a new car, and offer financial advice. :omg:
People are dying around the world and he is disappointed for lack of tennis and vacation in "Marbs"???
What a fraggle...

massive
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Re: Des Jacklin resigns

Post by massive » Thu Mar 19, 2020 9:26 pm

massive wrote:
Thu Mar 19, 2020 9:24 pm
ssjsa wrote:
Thu Mar 19, 2020 8:56 pm
Suggest those few idiots who still support Des, read that post.

Ffs, has this man no shame. His tenure as BDO Chairman has seen that organisation degenerate into a complete laughing stock and on the verge of liquidation, yet he still finds it pertinent to boast about buying himself a new car, and offer financial advice. :omg:
People are dying around the world and he is disappointed for lack of tennis and vacation in "Marbs"???
What a fraggle...
Just to be clear, it was a word that starts with C and finishes with UNT :grin: :grin: :grin:

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Re: Des Jacklin resigns

Post by ChrisW » Thu Mar 19, 2020 9:31 pm

He's just cracking on.

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Re: Des Jacklin resigns

Post by robdave2k » Thu Mar 19, 2020 9:32 pm

el_ringo wrote:
Thu Mar 19, 2020 10:20 am
Zapp Brannigan wrote:
Thu Mar 19, 2020 8:37 am
So then let’s say a previous director then releases a statement saying that the financial issues that caused his resignation and eventual liquidation are down to the previous resigned directors and nothing to do with him, would that change anything?

And I’m talking about specifically anything that would go against your name (bankruptcies on companies house, having to declare any financial issues etc) not just slaps on the wrist by any liquidator.
The directors always have to act in the best interest of the shareholders. Any other actions can leave them open to possible legal repercussions.
If the chairman was aware of illegal actions and had chosen not to release this information to the shareholders then its quite possible they could be barred from any company positions for a period of years by the official receiver in the event of a company failing under their watch.
Actually the directors have to act in the best interest of potential creditors and minimise any loss.

There are generally three tests for insolvency

Balance sheet test - are your liabilities more than your assets.

Cash flow test - can you pay your bills as they fall due.

Legal action test - has anyone got a CCJ or Stat Demand above £750 that is unpaid.

If the directors went ahead with events knowing they weren’t going to pay then if you get an IP who is intent on investigating then they will be in the shit.

That said it’s choppy times and I doubt HMRC are hanging so that rules out the Official Receiver. So then you are down to what assets the company has to fund the liquidation and Insolvency Practitioners charge like Rhinos. This is going to start at £25k minimum and they don’t have to justify things.

There are rules around IP’s taking on contingency work as well (e.g you get paid if you find discrepancies that can be recovered)

If there are no assets and no one funds it initially then it may well just die.

That said resigning won’t make sod all difference if someone goes after it and in any liquiadaton a report is made to the DTI.

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Re: Des Jacklin resigns

Post by Rout » Thu Mar 19, 2020 9:44 pm

ChrisW wrote:He's just cracking on.
The similarities keep coming.

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