Andy Onchan Posted October 20, 2021 Share Posted October 20, 2021 2 minutes ago, offshoremanxman said: Massive private equity infrastructure business https://ancala.com/portfolio/ Aye.... John Lennon Airport 50/50 with Peel Holdings 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted October 20, 2021 Share Posted October 20, 2021 I wonder if any of this background formed part of the "limited information" available to our Tynwald Members? 1 Quote Link to comment Share on other sites More sharing options...
Kopek Posted October 20, 2021 Share Posted October 20, 2021 Manx Gas say that there isn't an alternative to price rises but many English companies have closed down!!! That would seem to be an alternative? Administrators in, run the company till a buyer is found, Govt or private. Wouldn't cut the price of gas bhut it is an alternative? 1 Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted October 21, 2021 Share Posted October 21, 2021 (edited) 16 hours ago, Happier diner said: That's correct as well. There are multiple reasons they could not continue and safety being a key one. Nonsense. They go into administration, the administrators can run them as a going concern, and if we're worried about suppliers a CVA can always pay 100p in the pound to creditors. The trouble doing it that way will be that, as always, Ancala Partners' "investment" will no doubt be as loans, so they'd get their bailout anyway. I know we can't do it under Manx law but Ancala Partners are based in England so use the High Court. It's been done before. The idea Ancala Partners LLP would go bust is, of course, laughable. They're just taking the piss out of us. Edited October 21, 2021 by Ringy Rose Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 (edited) 23 minutes ago, Ringy Rose said: Nonsense. They go into administration, the administrators can run them as a going concern, and if we're worried about suppliers a CVA can always pay 100p in the pound to creditors. The trouble doing it that way will be that, as always, Ancala Partners' "investment" will no doubt be as loans, so they'd get their bailout anyway. I know we can't do it under Manx law but Ancala Partners are based in England so use the High Court. It's been done before. The idea Ancala Partners LLP would go bust is, of course, laughable. They're just taking the piss out of us. Where do the administrators get the money from to buy gas? Where do the administrators get the money from to pay the staff? Where do the administrators get the money from to buy materials? Where do the administrators get the money from to pay the bills for services? Edited October 21, 2021 by Happier diner 1 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 1 hour ago, Ringy Rose said: Nonsense. They go into administration, the administrators can run them as a going concern, and if we're worried about suppliers a CVA can always pay 100p in the pound to creditors. The trouble doing it that way will be that, as always, Ancala Partners' "investment" will no doubt be as loans, so they'd get their bailout anyway. I know we can't do it under Manx law but Ancala Partners are based in England so use the High Court. It's been done before. The idea Ancala Partners LLP would go bust is, of course, laughable. They're just taking the piss out of us. Surely it is run as a limited company on the Isle of Man. Nothing beyond its own accounts will be available to creditors. If it goes bust the creditors (Mostly IOMG I imagine) will lose all their money. https://www.dnb.com/business-directory/company-profiles.manx_gas_limited.9f050c0745d3d10467805849a815997a.html Quote Link to comment Share on other sites More sharing options...
Gladys Posted October 21, 2021 Share Posted October 21, 2021 (edited) 2 hours ago, Ringy Rose said: Nonsense. They go into administration, the administrators can run them as a going concern, and if we're worried about suppliers a CVA can always pay 100p in the pound to creditors. The trouble doing it that way will be that, as always, Ancala Partners' "investment" will no doubt be as loans, so they'd get their bailout anyway. I know we can't do it under Manx law but Ancala Partners are based in England so use the High Court. It's been done before. The idea Ancala Partners LLP would go bust is, of course, laughable. They're just taking the piss out of us. Needs a bit more thinking through. Edited October 21, 2021 by Gladys 2 Quote Link to comment Share on other sites More sharing options...
Chris C Posted October 21, 2021 Share Posted October 21, 2021 2 hours ago, Happier diner said: Where do the administrators get the money from to buy gas? Where do the administrators get the money from to pay the staff? Where do the administrators get the money from to buy materials? Where do the administrators get the money from to pay the bills for services? The new buyer ie. the Government. At the moments the public are paying for high gas prices and MG's profits. If they bought MG (which would be on its ass so be worth next to nothing) the public would be paying high gas prices and no profit - a considerable saving. 2 Quote Link to comment Share on other sites More sharing options...
emesde Posted October 21, 2021 Share Posted October 21, 2021 1 hour ago, Happier diner said: Surely it is run as a limited company on the Isle of Man. Nothing beyond its own accounts will be available to creditors. If it goes bust the creditors (Mostly IOMG I imagine) will lose all their money. https://www.dnb.com/business-directory/company-profiles.manx_gas_limited.9f050c0745d3d10467805849a815997a.html You do realise that report is from 1993. ? Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 1 minute ago, emesde said: You do realise that report is from 1993. ? No. I didn't. But its still a limited company isn't it Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 16 minutes ago, Chris C said: The new buyer ie. the Government. At the moments the public are paying for high gas prices and MG's profits. If they bought MG (which would be on its ass so be worth next to nothing) the public would be paying high gas prices and no profit - a considerable saving. But all organisations, even statutory boards, should make a profit otherwise they would not be sustainable. Surely Manx Gas have not been making a profit and that's why they are in a state. Can't see the difference between public ownership and private ownership so long as its done right. The Government is us. I thought the gas price had gone up 400% but Manx Gas were only putting the bills up by 27% so surely they (MG) are taking that hit. Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 6 minutes ago, emesde said: You do realise that report is from 1993. ? Is this better proof. Updated today. It is a limited company Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted October 21, 2021 Share Posted October 21, 2021 (edited) 14 minutes ago, Happier diner said: No. I didn't. But its still a limited company isn't it LLP, at least it's owners are. Edited October 21, 2021 by Andy Onchan Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 21, 2021 Share Posted October 21, 2021 1 hour ago, offshoremanxman said: The MUA already buys the gas wholesale The MUA could take the staff on The MUA already maintains a lot of the gas infra As above the MUA would simply go from wholesale supplier to operator and take out Manx Gas’ profits These things are true but there are issues he MUA already buys the gas wholesale - I'll wager that Manx Gas owes them millions. That would have to be written off with Government paying the bill. Currently the owners have to find money for this The MUA could take the staff on - They could and they would only need the operational and maintenance staff The MUA already maintains a lot of the gas infra - Totally different beast. High pressure pipeline made of steel. Not low pressure and plastic like gas distribution pipes As above the MUA would simply go from wholesale supplier to operator and take out Manx Gas’ profits And what, not make a profit themselves? Simply? Not sure about that. Possible yes I agree. But this would have to be planned. My point was that it should not just be left to go bust. I never said it couldn't be bought back in government ownership 1 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted October 21, 2021 Share Posted October 21, 2021 How many £££ millions does Manx Gas owe to IOM Government? Quote Link to comment Share on other sites More sharing options...
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