Anonymous
Years ago
Concerns over Blaze financial stability
copied from goldcoast.com.au
12:01am March 14, 2012
CONCERNS over the financial stability of another Gold Coast national sporting team have arisen after the city's National Basketball League side failed to make a $50,000 payment to court.
The Gold Coast Blaze was ordered to put up the money as security if it wanted to continue its appeal against having to pay ex-coach Brendan Joyce more than $300,000 in unpaid wages.
Joyce won a $310,000 judgment in the Supreme Court in Brisbane late last year against the club after he was axed in 2009, just two years into a four-year deal.
The Blaze then lodged an appeal against that decision, meaning Joyce did not have to be paid immediately.
With that matter soon to be heard, Joyce last week applied to the Court of Appeal in Brisbane for security of costs.
The security was to cover his court costs on the basis the Blaze would not be able to pay him if it lost the appeal.
Joyce relied on company searches showing the Blaze had given three company charges over its assets, with only one charge released recently.
Letters between solicitors for Joyce and the Blaze were also used in court with one letter saying the Blaze `appears to have no substantive assets, it being a company of limited paid up capital'.
The Court of Appeal in Brisbane granted Joyce's application and ordered the club to pay $50,000 to the registry by Monday and that the appeal be stayed until the security was given.
In his judgment, Justice Hugh Fraser noted lawyers for the Blaze initially proposed $25,000 could be paid as security but said they needed to take instructions from the club before that could happen.
"However, no further response was given," said Justice Fraser.
"In my view, taken together with the company searches, that response does give rise at least to a concern that (the club) may not have sufficient funds to provide for the costs payable to (Joyce) in the event that appeal fails."
A check with the registry yesterday showed the club had not paid the security and in a statement the Gold Coast Blaze said it had `withdrawn its appeal and entered into negotiations with Joyce's legal team'.
The club also said it would make a `final decision' on whether to appeal pending the outcome of those negotiations with Joyce.
http://www.goldcoast.com.au/article/2012/03/14/399331_crime-and-court-news.html
owen crying poor again ?