van Vuuren's

fafi wrote: why are you so happy

Who is Happy ?

We are shocked - He was a con - I know plenty of underhanded deals he made at our expense. If anything I am sad that we were all conned in some way or another, I feel like an idiot .

Warren L wrote:

fafi wrote: why are you so happy

Who is Happy ?

We are shocked - He was a con - I know plenty of underhanded deals he made at our expense. If anything I am sad that we were all conned in some way or another, I feel like an idiot .

we posted at the same time

Bad news for honest racing fans..
If the laws in SA are similar to UK laws then it's not pretty reading.

Can I sell one company’s assets to another of my companies and then put the former into liquidation.

This sounds tempting, especially if you sell them at a knock down price to the other company. But this action may be a breach of s238 of the Insolvency Act 1986 – Transactions at Undervalue.

It sometimes happens that directors overlook or even fail to disclose all the company’s property to a liquidator. Consequently, the Insolvency Act 1986 gives a liquidator wide powers to assist his/her investigations into a company’s affairs in order to maximise creditor’s interests.

s238 section applies in the case of a company where -

(a) the company enters administration or (b) the company goes into liquidation and "the office-holder" means the administrator or the liquidator, as the case may be.

Where the company has at a relevant time (typically 2 years if a connected party and 6 months if an unconnected party) entered into a transaction with any person at an undervalue, the office-holder may apply to the court for an order under this section, the court shall, make such order as it thinks fit for restoring the position to what it would have been if the company had not entered into that transaction. So the COURT can reverse that sales or movement of assets. This is what is known as an “antecedent transaction” i.e reversible.

Secondly, this could lead to a negative report to the DBIS and possible wrongful trading.

So how can I sell assets to another company and ensure that any transaction is not reversed?

In order to avoid a claim that you have transferred the assets at an under value then you need to get them valued professionally. It is best to get a RICS approved valuer who will value the assets, assuming a forced sale, and then you can bank the consideration so as to maximize the return to creditors.

They fooled many people, and in the racing industry. Somehow, in the deep awareness of our minds, their involvement in horseracing never sat well.

Don't put it pass that few other racing popularists/ brand names are not untainted. Let's not be naive.

We where all blinded by he's orange is the new black, must have learnt from the Best.
Mr Jooste a true gentleman in Racing ,we need more owners like this in the game.

Curlin - Breaking News Coming very soon.

Don't be surprised and true lets not be so naïve .

It is so sensitive that since the news broke within the walls of a few , it is so serious that they don't even know how to handle this through the press . I can not find out the details but they tell me it is bad for a certain so called VIP person that is often protected on this site.

Personally I can not wait.

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Warren L wrote: Curlin - Breaking News Coming very soon.

Don't be surprised and true lets not be so naïve .

It is so sensitive that since the news broke within the walls of a few , it is so serious that they don't even know how to handle this through the press . I can not find out the details but they tell me it is bad for a certain so called VIP person that is often protected on this site.

Personally I can not wait.

who protects whom?

I see big shit for Van Vuuren,shame poor gets are going to get the back end of the stick.

Bob Brogan wrote:

Warren L wrote: Curlin - Breaking News Coming very soon.

Don't be surprised and true lets not be so naïve .

It is so sensitive that since the news broke within the walls of a few , it is so serious that they don't even know how to handle this through the press . I can not find out the details but they tell me it is bad for a certain so called VIP person that is often protected on this site.

Personally I can not wait.

who protects whom?

No details yet , But often protected by certain ABC members - That's all will make sense soon.

Warren L wrote:

Bob Brogan wrote:

Warren L wrote: Curlin - Breaking News Coming very soon.

Don't be surprised and true lets not be so naïve .

It is so sensitive that since the news broke within the walls of a few , it is so serious that they don't even know how to handle this through the press . I can not find out the details but they tell me it is bad for a certain so called VIP person that is often protected on this site.

Personally I can not wait.

who protects whom?

No details yet , But often protected by certain ABC members - That's all will make sense soon.

Racing is getting more interesting by the day,it is almost like a soap opera with all the scheming,conning and fraud going on within the industry.I cant wait for the next chapter.lol.

i guess if what you are saying is true Warren L then a much bigger rug will be needed,but let's wait and see what the next scandal is before jumping to conclusions and making assumptions.

This reminds me of Dennis O'Kelly, the owner of the great Eclipse, was tarnished as one of the greatest rogues to be thrown into racing and who set up home in grand surroundings and in debtors' jail with the most celebrated prostitute of the day. He started with one share in Eclipse and then ended up owning him outright. He was shrewd. At 24 years Eclipse was shagged out and still serving for Dennis who eventually landed in debtors jail.


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