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Ahead..here’s hoping to a resumption of trading..on any terms!!
Gla.
I have little confidence in AVO's BoD but every confidence in LIGHT.
If AVO goes under, someone else will get their hands on LIGHT and bring it to market. They and their shareholders will reap the benefits of AVO's work. If I can, I will become a shareholder of that company.
If AVO goes under, CERN will a creditor in respect of the license for the RFQ technology agreed with ADAM, and the license may then end subject to its terms.
If AVO is sold, the new owner will almost certainly have to negotiate with CERN for a new license, since it likely won't be transferrable. CERN will be able to ask for anything they like, as LIGHT will be useless without it. Not an attractive proposition for any buyer, and no doubt any agreement will take a long . . . long . . . time . . .
A high court summons is on the way, its over for these tyrants.
Peanuts for our benefactor?
Is this fact or speculation?
A high court summons for what? And which high court - does a UK court have jurisdiction over a Dutch / Swiss company?
@iwanthatone
Puzzled, if you have invested hard earned money and still don't know that AVO are a British registered company.
I don't think Bertie8 was being serious, but a High Court will only issue a summons if there has been a suspected breach of law and a case has been prepared and submitted to the court by a lawyer. Whilst the BoD have been incompetent, that is not necessarily illegal unless they have been negligent or fraudulent in which case as directors they will also be financially liable. If that is so, let's hope they get what they deserve.
AsItReallyIs - Many staff are employed by the non-UK parts of the business which is why the company hasn’t been forced into administration yet despite non-payment of wages for ten months. Different regs apply.
@IWantThatOne
Incorrect.
Update released just now. So, the financing discussions are ongoing rather than ended which is good. Hopefully the initial £15M of funding will come in this month.
B.
Well well, surprise surprise. This money will never come.
AsItReallyIs - what part of what I said is wrong? I’m not an expert so happy to be corrected. Advanced Oncotherapy plc has subsidiaries, including in USA, Switzerland and the Netherlands. Many/most staff employed by these will be on local contracts. Employment legislation differs.
In the Netherlands, for example, a company can suspend payments to debtors (which will include AVO’s staff here) for up to 18 months, for example in a debt restructuring exercise - precisely what the parent company is trying to achieve. If a debtor seeks repayment (and this could be a staff member) then a judge *could* remove the debt suspension and the company could be declared bankrupt. I suspect the parent company is doing all it can to avoid such a situation whilst it desperately tries to bring in new funds. Against this background, I’m unclear how far a “high court summons” in the UK would have jurisdiction. I just don’t know.
The company is based in the UK. A winding up petition has started and will be served to Mr Serandour or nailed to harley street door in the coming days. The UK high court will decide whether to liquidate the company to pay the creditors.
The subsidiaries elsewhere are irrelevant here, the parent company has the debt.
Whilst I am sceptical about Bertie8's imminent winding up order, the spirit of what 'he' has said is a definite possibility in the not too distant future. This action is available to anyone with a valid interest and demostratable proof of liability, say, an enforceable court judgement against AVO for a sum of money. Bertie8 would be quite at liberty to approach the High Court to have the judgement enforced by way of collections agencies and/or in the event of the AVO being unable satisfy the debt, a petition to wind up the company raised. I understand that if successful, winding up proceedings are swift.
Winding up orders cut straight to the quick. There's no messing about with court judgements or bailiffs, debt collectors or anything of that sort, if you offer evidence of a debt to the Court and it is not settled or denied by the plaintiffs response within the allowed period (30 days), the WUO gets issued and that's the end of the Company concerned. It's a brutal process and proceedings are indeed swift. The order can only be rescinded if the Company applies to the court for a hearing and can show that it's debts can be paid. Maybe the BoD would stump up the necessary to do this but I doubt it.
Ratification of our investor's intentions would give massive impetus to obtaining first revenues. What SP then?
@Basil1717
Yes, knowing where we stand with the investors would certainly bolster confidence. However, future revenues are dependent on a proven working machine. Do we know how close to completion we are of the first system?
Did we not set up a fully constructed prototype at Daresbury ? https://www.youtube.com/watch?v=FUkV5UXHHIw
Video states it was constructed and was waiting first patient treatment in conjunction with Birmingham hospital (or is it a FAKE)
Treatment room ready for "first patient treatment in conjunction with University Hospital Birmingham"
The room may be ready for first patient treatment, but unless I've missed something, the LIGHT machine is not.
The treatment room is at the end of the accelerators that have acheived 230MeV. Video gives the impression that treatment room has robotic chair installed ready for first patient treatment?
For a system that claims to be ready for patients, there is little, if anything, by way of evidence that the machine has undergone any testing, nor to support the 230MeV claim. Seems you build a world changing device then say nothing