Winding Up Petitions

[Spaceman Spiff]

I read somewhere that it was kicked out as money had been paid in full. Can’t remember where I read it

I think it’s on this thread

 

[Jim Levenstein]

New one

 

[kaymac]

HMRC again.

https://www.thegazette.co.uk/notice/3355337

 

[Fairport]

Not surprised, the club will have received very little income during the close season creating cash flow difficulties.

 

[The Big Dady]

HMRC again.

https://www.thegazette.co.uk/notice/3355337

 

[blues exile]

this all makes for unhappy reading. And there but for the grace of (insert deity here) could have been us or any other lower league team

With a new winding up petition now served it may well be us.

 

[THE SEVENTIES NORTH BANK]

With a new winding up petition now served it may well be us.

Oh dear. Not another one. We've only just got over January's winding up order. Is it HMRC again?

 

[kaymac]

Yep. (see thread in Finances....)

 

[blues exile]

Oh dear. Not another one. We've only just got over January's winding up order. Is it HMRC again?

Petitions to Wind Up (Companies)
St. AlbansAL1 5HE51.752255-0.326725Insolvency Act 19862019-07-102019-07-262019-08-202019-08-21TSO (The Stationery Office), St Crispins, Duke Street, Norwich, NR3 1PD, 01603 622211, customer.services@tso.co.uk335533762724
In the High Court of Justice (Chancery Division)
Companies Court No 4561 of 2019
In the Matter of SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE)
(Company Number 00089767)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, Registration Number 00089767, of ,VERULAM POINT, STATION WAY, ST ALBANS, HERTFORDSHIRE, UNITED KINGDOM, AL1 5HE, presented on 10 July 2019 by the COMMISSIONERS FOR HM REVENUE AND CUSTOMS, of South West Wing, Bush House, Strand, London, WC2B 4RD,, claiming to be Creditors of the Company, will be heard at the High Court, Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL on 21 August 2019 at 1030 hours (or as soon thereafter as the Petition can be heard).
Any persons intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioners or to their Solicitor in accordance with Rule 7.14 by 1600 hours on 20 August 2019 .
The Petitioners` Solicitor is the Solicitor to, HM Revenue and Customs,Solicitor's Office & Legal Services, South West Wing, Bush House, Strand, London, WC2B 4RD, telephone 03000 589629 . (Ref SLR837705/W.)
26 July 2019
]

 

[THE SEVENTIES NORTH BANK]

Not surprised, the club will have received very little income during the close season creating cash flow difficulties.

Perhaps the new kits will bring in some much needed cash. Cough.

 

[Ricey]

Perhaps the new kits will bring in some much needed cash. Cough.

Maybe they needed the cash quicker so sold out and went with Paddy Power.

 

[Blueronron]

Maybe they needed the cash quicker so sold out and went with Paddy Power.

Should have gone to Quickquid monies in account with two hours

 

[Barry.C]

Does any one know when Uncle Ronnie actually gets the basic £732, 200 sky money and the solidarity payment of £675,000 , giving us a handout of £1, 407, 200 from the EFL?

 

[southend_aussies]

First official one in four years according to that document.

 

[Barry.C]

If a winding up order is served it means all previous attempts at settling the debt have proved unsuccessful !, so the " nuclear option has to be used where the requirement is the club is wound up as it cannot pay its debts
The Court then decides whether to put the club into compulsory liquidation

Apparently any DELAY in a club paying HMRC the PAYE element of the wages, which is usually quite HIGH, gives the club a decent cash flow boost.
The order can freeze the Bank account of the main owner

From contacting the ELF I discovered that the Basic EFL payment to League 1 clubs of £732,000 is paid to clubs, us MONTHLY, although as its a new deal, not sure when these payments exactly started
The Solidarity award of £675,000 is made in 2 payments, one at the start of the season, which I assume we have just copped £337,000 ( 50% ) or are about to on Saturday as it says, start of season , the other 50% is paid mid way through the season.

So approx £337,000 plus ? one twelfth of £732,000 ( £61,000 ) =£793,000 should have just arrived or be about too. Hopefully this should enable Uncle Ron to save some cash by not paying up PAYE and at the same time have over 3 quarters of a million to stave off the winding up threat?

 

[Barry.C]

Sorry Maths went astray there should be £337,000 plus £61, 000 due now

 

[kentblues]

"If a winding up order is served it means all previous attempts at settling the debt have proved unsuccessful !"

If only it were so. We can tell taxman until we are blue in the face, and in advance, that the money we owe will be with them at some future point but late due to XYZ- but they will not be interested and will run off to their free debt collection agents (otherwise known as the courts - who obviously have nothing better to do), and in turn Ron plays the game of paying it all off before the hearing. And so it will be again as we know.

Neither side really comes out of the game with credit- but its boring now. Nothing to see here, please move on..

However, I am sure your analysis re cash flow which is very interesting is correct.

 

[RHB]

HMRC always used to do all they could to assist football clubs in trouble but unfortunately some chairmen took massive liberties with that. As a result the current system now operates, miss the due date cop a winding up order. If you are due to pay tax then pay it when it's due.

 

[Firestorm]

Its all Leed's fault

 

[Rob1920]

I know its probably not the right attitude to have and I am no expert, but I'm so used to these winding up petitions now they don't even bother me.

Seems like Ron uses them as final reminders..