1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Waindigo Enterprises Ltd to cease trading

Discussion in 'Off Topic' started by Jon W, Jul 17, 2014.

Thread Status:
Not open for further replies.
  1. Jon W

    Jon W Well-Known Member

    A message from Jonathan Wainwright:

    A decision has been made for Waindigo Enterprises Ltd to cease trading later today (17 July 2014).

    All add-ons and branding rights are being transferred to the Waindigo Foundation, a registered charity. As such, there will be no change to the add-ons available to download from XenForo Resource Manager and the charity will continue to benefit from commercial licensing fees coming from the add-ons.

    A new company, Waindigo Ltd, has been formed as a 100% subsidiary of the Waindigo Foundation. This new company, will provide bespoke add-on development and support services. Waindigo Ltd is an entirely new company and will not take on any legal responsibility from Waindigo Enterprises Ltd.

    I am keen that no customers will lose out as a result of this change, or even notice anything different at all.

    In the interim period, any outstanding work will be taken on by the Waindigo Foundation. I will be volunteering full-time for the Waindigo Foundation for the next 2 weeks to clear the majority of this work, alongside Dom who will be paid by the charity. It is not anticipated that there will be any delays to work being performed as a result of this change. Any existing customers of Waindigo Enterprises Ltd who have specific concerns should make contact in the usual way.

    I am happy to answer any questions or concerns that anyone has here, although please do bear in mind that this is a sensitive situation and there are a number of creditors involved (mostly banks), any of which may choose to legally challenge this move.

    I am very hopeful that Waindigo will now be much stronger than before, no longer strangled by debts, the majority of which were built up in the earlier years of XenForo when there was considerable uncertainty about XenForo's future.

    If anyone would like to support, please consider donating to the Waindigo Foundation. Donations can be made by Paypal:
    https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=D3BV3B5US6F4W

    Thanks for all your support and I hope that Waindigo will be able to continue to serve the XenForo community for many more years to come.
     
    Last edited: Jul 17, 2014
  2. Lisa

    Lisa Well-Known Member

    Ummmm what's the charity raising money for?
     
  3. Jon W

    Jon W Well-Known Member

    Thanks for your question. The activities of the Waindigo Foundation are:
     
  4. Lisa

    Lisa Well-Known Member

    The evangelisation of non-Christians?

    You mean preaching and attempting to convert them?

    *backs away slowly*
     
  5. Jon W

    Jon W Well-Known Member

    Interesting that you picked up on that bit. Bad experience?
     
  6. Lisa

    Lisa Well-Known Member

    Not at all. Religous folks don't bother me. I just don't think preaching at people until they conform with your beliefs is a charitable thing... Live and let live... now that's the way for me :) Hence, why it's probably for the best if I back out of this discussion LOL
     
    Alien, Shyuan, Moshe1010 and 6 others like this.
  7. whynot

    whynot Well-Known Member

    In short: Are you(Waindigo Enterprises Ltd) bankrupt?
     
  8. Jon W

    Jon W Well-Known Member

    Waindigo Enterprises Ltd is insolvent (companies don't go bankrupt, people do). Insolvent just means it has more debts than it has assets to pay those debts with.

    I am not personally bankrupt.
     
  9. Lisa

    Lisa Well-Known Member

    Doesn't that sorta suggest that opening a new "charity" is just a way to get out of those debts?
     
  10. Jon W

    Jon W Well-Known Member

    It is not a requirement that the new company is related to a charity in any way.

    The charity has existed since January 2013. It was decided at that time that if the company went under that the charity would take ownership of all the add-ons, as it earns all the income from commercial licenses relating to add-ons.

    If it wasn't for the add-ons being owned by the charity, I could have just set up a new company that was owned by me.
     
  11. TJA

    TJA Well-Known Member

    Insolvency is the best way to run up debt then have it wiped and the company wound up, leaving you free from any personal responsibility. Thus allowing you to then trade under a different entity, by registering as a 'charity' allows you to qualify for a number of tax exemptions and reliefs on income and gains.
     
  12. Jon W

    Jon W Well-Known Member

    The new company does not get any additional tax exemptions because of the fact it is owned by a charity. It pays the standard rate of tax on all profits.

    The charity only gets tax exemptions on donations it gets from commercial licenses and uses that income for charitable purposes.
     
  13. TJA

    TJA Well-Known Member

    Not if you pay those taxable profits to the charity, you will then avoid paying any corporation tax. (y)
     
  14. Jon W

    Jon W Well-Known Member

    Or I could just pay it to myself and then pay it to charity. The tax effect would be the same as I would then get the tax relief personally.

    That the company is owned by a charity doesn't change anything. Any company that gives money to charity can claim tax relief on that amount.
     
  15. The Forum Heroes

    The Forum Heroes Well-Known Member

    I'm a bit confused how you can be "strangled" in debt as a result of developing add-ons for xF. What overhead do you have that the rest of us do not that would cause such a thing? Even during the lawsuit era so to speak, people were still buying both licenses and add-ons, in fact if anything I think the market has dropped more since the law suit was won. I think more people were buying things even just to help add a positive vibe to the uncertainty of xF's future at that time.
     
    euantor likes this.
  16. TJA

    TJA Well-Known Member

    Bit pointless doing that when all monies paid to the charity from your subsidiary company will be getting the tax relief anyway. Also at least with all your assets owned by the charity, if you mess up the new trading company they will be safe. By using the company to get the tax relief means you can pay yourself a bigger wedge (y)
     
  17. kingston

    kingston Well-Known Member

    Honestly the 'how' I am not concerned with as much as the result. If the add-ons keep coming, if I can keep funding them to get made, and everything keeps getting delivered with a regularity that @Waindigo has been doing I am not overly concerned with inner workings (as long as you aren't breaking any child labor laws ;) )
     
    karll, wedgar, Neal and 3 others like this.
  18. Jon W

    Jon W Well-Known Member

    The company accounts are public record, so you are free to investigate them for yourself. I'm sure there are things I could have done better, and maybe I could have paid myself a bit less and lived a bit more frugally. This is not a decision I have taken lightly though, despite the obvious benefit of wiping off all the debt.

    That is the whole entire purpose. The assets have always been protected.

    How do you work that out? After tax, I can pay myself exactly the same in every scenario.
     
  19. TJA

    TJA Well-Known Member

    I'll let you work that one out, many loopholes :whistle:
     
  20. Jon W

    Jon W Well-Known Member

    Perhaps an offshore bank account?
     
Thread Status:
Not open for further replies.

Share This Page