Email to Stewarts Law - Insolvency Team - Petition adjourned until 15th May.

[Yorkshire Blue]

15th May seems punchy given what Ron was saying on BBC Essex the other day.

If you’re targeting a mid-May completion this doesn’t give much margin for error.

I wonder if Ron suggested that or if he asked for more but Stewarts Law countered. If Ron proposed that date that is not good news and suggests that he wants a deadline to pressurise the Council to cave in.

 

[Supershrimper]

Statement from Stewart's - as i requested
View attachment 31657

So £400k (that's the figure I've seen quoted on here) for 2 appearances in court lasting all of 10 / 15 minutes max?

Nice work if you can get it.

 

[Yorkshire Blue]

Additionally £400k seems astronomical for representing the club in two winding up petitions. I wonder how much of that is interest?

 

[Holy Joe]

2 or none?

 

[Richard Hearn]

So £400k (that's the figure I've seen quoted on here) for 2 appearances in court lasting all of 10 / 15 minutes max?

Nice work if you can get it.

I'll do the next one for half.

 

[hlane17]

2 or none?

Perhaps none had officially joined, but two creditors were intending to? For the record I don't know.

 

[Holy Joe]

15th May seems punchy given what Ron was saying on BBC Essex the other day.

If you’re targeting a mid-May completion this doesn’t give much margin for error.

I wonder if Ron suggested that or if he asked for more but Stewarts Law countered. If Ron proposed that date that is not good news and suggests that he wants a deadline to pressurise the Council to cave in.

Ron mentioned end of April for council to complete work and cabinet approval (which I think head cllr also mentioned), so there's then another 2 weeks for finance partner to complete paperwork, consortium to find the £1 to purchase and pay Stewart's.

 

[south247]

Apologies if been asked already but any concerns with timing of 2 May Council elections and what this might mean if there is an overhaul of councillors?

 

[Liam AAS]

Apologies if been asked already but any concerns with timing of 2 May Council elections and what this might mean if there is an overhaul of councillors?

The work is currently being conducted by SCC's non-elected officers and lawyers engaged by the coucil to assess the provisional agreement made by SCC & The Martins. The election shouldn't have any effect on the outcome or timing of the work but I understand that any announcement of that outcome will now have to come AFTER the election so as not to become party political in a pre-election period.

 

[Liam AAS]

Additionally £400k seems astronomical for representing the club in two winding up petitions. I wonder how much of that is interest?

There were several hearings across those petitions. As well as numerous meetings and case work held in advance & behind closed doors.

Ron has never been afraid to receive large invoices from high-profile legal firms. Remember when he hired Nick DiMarco to fight the points deduction?

I mean, if you're not going to pay your bills regardless, might as well hire someone expensive, right?

 

[undercovershrimper]

Good news that they have seen some sense and semi backed down, lets hope we all get the resolution we need before May 15th

 

[edwardss2]

Are there things going on here that a simpleton such as myself does not understand? The cost could perhaps be because of the complexity of who owns what, and owes money to whom maybe.
My vast knowledge about debt collection comes from 'Can't pay, we'll take it away' on TV, and I think that the added costs can add up pretty quickly. I remember them going to (I think it was) Swansea FC to seize goods. Imagine them rocking up at RH - what could they take?

 

[Jmayhew32]

I'm more confused about who is going to be paying this...

I assume JR & Co knew about the debt before contracts were signed but haven't been willing to pay them until completion. In the consortium statement they mentioned about not wanting to pay historic debts but I assume they will, but only once the club has formally changed hands?

Is my understanding correct?

 

[Swiss Tony]

Are there things going on here that a simpleton such as myself does not understand? The cost could perhaps be because of the complexity of who owns what, and owes money to whom maybe.
My vast knowledge about debt collection comes from 'Can't pay, we'll take it away' on TV, and I think that the added costs can add up pretty quickly. I remember them going to (I think it was) Swansea FC to seize goods. Imagine them rocking up at RH - what could they take?

There’s quiet a few old fossils hanging around the back of the West stand that might be worth a few bob.

 

[BoyWonder2]

Perhaps none had officially joined, but two creditors were intending to? For the record I don't know.

That’s exactly how it is.

Two were down to join the petition, and gave confirmation to Stewarts Law, but neither actually did when push came to shove.

 

[Holy Joe]

I'm more confused about who is going to be paying this...

I assume JR & Co knew about the debt before contracts were signed but haven't been willing to pay them until completion. In the consortium statement they mentioned about not wanting to pay historic debts but I assume they will, but only once the club has formally changed hands?

Is my understanding correct?

That's the way I've understood it.

 

[undercovershrimper]

Are there things going on here that a simpleton such as myself does not understand? The cost could perhaps be because of the complexity of who owns what, and owes money to whom maybe.
My vast knowledge about debt collection comes from 'Can't pay, we'll take it away' on TV, and I think that the added costs can add up pretty quickly. I remember them going to (I think it was) Swansea FC to seize goods. Imagine them rocking up at RH - what could they take?

Thats the point, they cant, RH doesn't belong to the club, its owned by Rons other company Roots Hall Limited

 

[ColinMorrisWalksOnWater]

Any guesses on who the other two creditors are, who are willing to support the petition?

One has a similar name to a brand of tea I suspect?

Hopefully they'll be made to see what a waste of time this monkey business is.

 

[Gary Essex]

So £400k (that's the figure I've seen quoted on here) for 2 appearances in court lasting all of 10 / 15 minutes max?

Nice work if you can get it.

Exactly my thought. But to engage such a law firm, run up a £400,000 bill with little of no intention of paying their fees says everything about RM.

 

[rayleigh dan]

Exactly my thought. But to engage such a law firm, run up a £400,000 bill with little of no intention of paying their fees says everything about RM.

Quite, but equally more fool them for agreeing to represent Ron. It’s not like he doesn’t have a reputation for not paying his debts is it! They were representing him at winding-up petitions, surely you’d ask for the money in advance