News BLK placed under external administration

[Gibbsy]

No one likes BLK. Any potential buyer might see that the Australian sports jumper manufacuring industry is saturated and probably wouldnt bother.

Let's not forget that BLK have a heap of local footy contracts too, some carried over from the KooGa days

 

[Heardy_101]

I'm not much of a "law... talkin'... guy" but is administration the same as receivership? I've seen both terms used in news articles, just want to make sure the thread title is accurate.

I always throught the terms were interchangable but i'm also guessing their very different.

 

[Gibbsy]

Will be interesting from their point of view, if they do get the gear, will they leave the BLK logo visible or cover it up?

I mean it would be promotion for a dead brand so it would be pretty pointless, but if BLK did manufacture the gear (lol) then they have every right to keep their brand on it

 

[Gibbsy]

I always throught the terms were interchangable but i'm also guessing their very different.

Our resident law talkin' guy Mr Eagle could help us. philcara16 knows a bit too.

 

[Silent Alarm]

Only in administration, means they are still trading but being run by a person who is acting in the best interests of who is owed money.

BLK 99.9% sure will be still on the field in 2017.

Depending on who is owed money, a liquidation of assets and transferring of contracts might very well be the solution. Whoever the debt is to, they'll be wanting their money back as soon as possible. Selling footy jumpers for a few clubs really won't result in quick and big financial turn arounds. It would take ages to recoup losses big enough to put a company into administration.

The most likely outcome is contracts being sold, the assets being sold, and BLK no longer existing.

If BLK exist, it'll be because a bigger company purchase them. This is half likely because they have some alright contracts on the go.

 

[Ice-Wolf]

Let's not forget that BLK have a heap of local footy contracts too, some carried over from the KooGa days

ISC might just to buy up all the contracts. Really depends on what is in their best interests.

 

[Klim]

I just had a terrible thought. Richmond sign with Adidas and run around with 'the tick'

Cue lmach with the infamous 2013-14 Richmond Adidas leak.

 

[Groupie_]

No one likes BLK. Any potential buyer might see that the Australian sports jumper manufacuring industry is saturated and probably wouldnt bother.

lounge lizard loves em

 

[lionbear]

the original sen thing said Richmond to run out in new gear for 2017

Dont have full details but if its really bad then production could stop immediately I guess.

 

[Andonis1997]

Horrible situation for those 6 clubs.. I guess we hope that they work something out..

 

[Saint Mick]

Spoke to my contact at ISC and he said the phones are ringing off the hook - it's not just the pro clubs that are affected but hundreds if not thousands of local teams who can't afford to be left in the lurch.

 

[Easton Thighs]

I'm not much of a "law... talkin'... guy" but is administration the same as receivership? I've seen both terms used in news articles, just want to make sure the thread title is accurate.

From what I understand:

Administration - Appointed in hope to turn the company around.

Receivership - Appointed to manage assets and deal with bankruptcy. Make back as much money as possible.

 

[The_Wookie]

Spoke to my contact at ISC and he said the phones are ringing off the hook - it's not just the pro clubs that are affected but hundreds if not thousands of local teams who can't afford to be left in the lurch.

AFl NSW/ACT, AFL Sydney, AFL Queensland and the VAFA are all BLK clients. AFL Umpires too.

How bad would st kilda be...they literally signed on after switching from ISC last week.

 

[Groupie_]

AFl NSW/ACT, AFL Queensland and the VAFA are all BLK clients. AFL Umpires too.

How bad would st kilda be...they literally signed on after switching from ISC last week.

they did it mid season was just announced last week

 

[Ice-Wolf]

they did it mid season was just announced last week

Still how pissed must St Kilda Officals be the week after they publicly announced the deal.

 

[Silent Alarm]

I fear we'll see the majority of their contracts bought out by someone else, but I really hope that Aussie Rules and rugby are kept separate if that happens. I'd hate to see some random 'ideas man' (probably a self-dubbed nickname) just randomly buy out BLK, keeping the same shit designers and same shit manufacturers...

 

[JPetro83]

I know it's getting everyone's hopes up, just imagine the crows in Navy blue again, and Richmond Black and Yellow.

YES!!!! I am hoping they are done and dusted and we get a new apparel sponsor ASAP! I cant wait to see the dark navy blue, proper red and proper yellow/gold!

 

[Gibbsy]

From what I understand:

Administration - Appointed in hope to turn the company around.

Receivership - Appointed to manage assets and deal with bankruptcy. Make back as much money as possible.

Thanks for that. Interesting that the two are interchangeably being used then. The AFL have run with both "receivership" in their headline and "external administration" in their lead. I think I'll keep the thread title as is, people know what I'm on about.

 

[Mero]

Kombat is one company who probably has the connections and infrastructure to fill some of the void. Former Melbourne players Ricky Jackson and Tony Campbell bought it out a few years ago. They were one of the early VFL apparel sponsors

 

[Groupie_]

Still how pissed must St Kilda Officals be the week after they publicly announced the deal.

Serves em right for signing with a company who puts out faded guernseys !

 

[lionbear]

the original sen thing said Richmond to run out in new gear for 2017

Sounding a lot worse than what I first thought indicated. Might be changes.

 

[The_Wookie]

Maybe time for Cotton on to make their big move into AFL footy. They took Geelong already, and the AFL Womens comp.

 

[HTT]

Never have I been so hopeful that a company will fail

 

[Barrybran]

I would imagine that BLK would be picked up because of the contracts they have BUT their brand will take a hit with the shitty designs they'll be putting out in 2017. Could be interesting.

 

[Noctorniquet]

I'm not much of a "law... talkin'... guy" but is administration the same as receivership? I've seen both terms used in news articles, just want to make sure the thread title is accurate.

In lay-mans terms.

Administration - Insolvency firm appointed to continue running the business in the short term to either find a way out for the company, inform ASIC of any updates relating to trading and to provide updates to creditors, may involve some sell off of assets to some larger / longer term creditors. Doesn't always end up in a winding-up of the business.

Receivership - Basically have instruction to wind the business up and return as much money owing to as many creditors as possible through sale off assets and any remaining stock.