Court Winding Up Petition 28th October 2020

[south247]

My predictions:
Debt paid in full tomorrow
Southend win tonight
National lockdown coming up in a few weeks and 'window' opens for people to have Christmas together

 

[londonblue]

Will they be aware of Rons public statements saying the debt will be fully cleared and paid by his cash rich holding Company and not by the club, or EFL monies, transfers etc, Lloyds season ticket money

P.s. I have emailed steven.gibbon@justice.gov.uk to book my seat for the hearing, well Zoom spot

To clarify, he didn't say cash rich. He said asset rich, cash poor. Which is the problem. The only way he can raise the cash needed is by selling an asset, or borrowing against an asset. I'm guessing he's not been able to do either for whatever reason but most probably because a) no-one has the money to buy at the moment and b) no-one will lend to us because we're too much of a risk.

That is probably also why he's now saying the club don't have the funds to pay the debt. He's given up trying to raise the funds through his asset rich companies and has resorted to trying to pay using SUFC's own funds. However, that has led to him now complaining that SUFC can't pay because they have had no help from the government/PL and because Lloyds are holding on to the season ticket money.

 

[amsemp]

View attachment 13141

We're 5th on the list for tomorrow.....

Anyone know how we go about watching it? Assume it’s public?

 

[londonblue]

I agree Leo as my experience in running a buisness for 18 years and always paying our taxes on time is that if you do get into difficulties as we did on one occasion they "do not take prisoners" which is why we learnt very quickly the last person you want to take on or antagonize is the tax man, hence I have never understood our Chairmans stance with them. I hope seriously things have changed and they are perhaps a lot more sympathetic these days !

That's interesting because it is the polar opposite of what a friend of mine experiences on a very regular basis. He's an accountant by profession, but by trade him and his partners deal in distressed debt. That's a posh way of saying they buy failing businesses, turn them around and sell them on for a profit. (When I say companies, we're talking huge. They were considering buying a Spanish airline a few years ago.)

Anyway, because they buy companies that are failing they often have to deal with HMRC having got involved when a lot of money is either already owed, or about to be owed. (They even had one where the company's factory caught fire and destroyed most of their machinery and stock.) His view is that so long as you deal with HMRC in a decent and timely manner, and that you can show them a realistic schedule for payment of any monies owed they will do their best to help you out.

 

[Willie Coulson's Red Cheeks]

1.We already have enough on loan.

2. Had Ron let Sol sign the much mentioned 6 players we would be in a worse position than now. Sol would never have saved us and Ron must have known about his off field interests with certain people.

3. Apart from the likes of the top 6, football is not a successful business....In fact is its a disaster......Which is why many of Britain's most successful businessmen like Sugar Hearn and Paphitis have all got out whilst they can....Until wages are properly capped it will always be that way.

To be fair, it was RM himself on BBC Essex telling us that 6 players would be brought in come January. Difficult to land that one in Sol!!

 

[The Big Dady]

ROLLS BUILDING
REMOTE HEARINGS IN HEARING ROOM 7
Before CHIEF INSOLVENCY AND COMPANIES JUDGE BRIGGS

Wednesday 28 October 2020

At 10:30 AM By Skype

Winding Up Petitions

HMRC CASES​

1. CR-2019-007376 BOLDMILL LIMITED
2. CR-2019-008415 EDWARD GILDER & CO LIMITED
3. CR-2020-000012 ALPIN PMK LIMITED
4. CR-2020-000340 CODE INVESTING LIMITED
5. CR-2020-000661 SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE)
6. CR-2020-000733 CP HR & PAYROLL LTD
7. CR-2020-000882 NEW HOPE SPECIALIST CARE LTD

At 11:00 AM
Non HMRC Cases

1. CR-2020-002642 PARAGON CONSTRUCTION GROUP LIMITED.
2. CR-2020-003276 City One Mechanical & Electrical Ltd
3. CR-2020-003313 Blocksource Limited
4. CR-2020-003315 IPAYTOTAL Ltd
5. CR-2020-003358 HDM Utilities Limited
6. CR-2020-003512 Bridgehouse (Bradford No. 2) Limited
7. CR-2020-003534 P Hornsby Flooring Limited
8. CR-2020-003536 Tahir4 Supermarket Ltd
9. CR-2020-003611 BB5 Limited
10. CR-2020-003622 Falcon Express Scaffolding London Limited
11. CR-2020-003660 Kayli Construction Limited

Link to Court Winding Up Petitions List

 

[Danshrimper]

To be fair, it was RM himself on BBC Essex telling us that 6 players would be brought in come January. Difficult to land that one in Sol!!

He said that under the assumption that there would have been some sort of upturn in results with Campbell’s arrival and we’d still be in with a chance to survive in January. There was clearly little improvement in results and we were all but relegated come January time. To have signed 6 players at that stage would have been a very poor decision.

 

[Harry Bullocks]

Skint, but will be given another stay of execution IMO

 

[yogi bear up the cagire]

Is this thread only open to only our most preposterous posters?

 

[Shrimper]

Skint, but will be given another stay of execution IMO

Depends how generous they feel.

Either way, the embargo is staying and we'll most likely be relegated by new year

 

[rigsby]

To be fair, it was RM himself on BBC Essex telling us that 6 players would be brought in come January. Difficult to land that one in Sol!!

I know it was Ron but I meant the same as Danshrimper. Plus Ron must have known why Sol would never be here for this season.

 

[bluesfansince1952]

I am not that sure about the mechanics of these kind of court hearings but I suspect some are confusing the procedures likely to be followed tomorrow with going into administration. When you go into administration adjournments are granted so interested parties can explore the possibility of mounting a rescue package etc.
A winding up order is just that. HMRC apply to the Court for the business to be wound up if it is their case that the business no longer has the means to pay the monies owed to them
You can avoid being wound up by paying the tax owed (as we have done many times before), but, in the absence of producing the readies I would have thought there is not much we can do. Perhaps a short adjournment might be granted if there was a realistic and imminent prospect of the money being produced but you would need to to supply the Court with concrete information that the necessary sums would soon be forthcoming.
Am I right in thinking it is an offence under company law to continue trading while you are insolvent?
If His Lordship decides our financial situation is such that we are insolvent I would not be expecting mercy. Like Macclesfield we could be liquidated just like that.
No doubt there are many on here who will know a lot more about Company Law than I do so if I have the wrong end of stick I am sure I will be corrected.
It would be my assessment that unless we have the money we are gone. A short stay of execution might be granted if the Court can be convinced that help was on the way, but, we would not be given much time.

 

[FitzMK]

I am not that sure about the mechanics of these kind of court hearings but I suspect some are confusing the procedures likely to be followed tomorrow with going into administration. When you go into administration adjournments are granted so interested parties can explore the possibility of mounting a rescue package etc.
A winding up order is just that. HMRC apply to the Court for the business to be wound up if it is their case that the business no longer has the means to pay the monies owed to them
You can avoid being wound up by paying the tax owed (as we have done many times before), but, in the absence of producing the readies I would have thought there is not much we can do. Perhaps a short adjournment might be granted if there was a realistic and imminent prospect of the money being produced but you would need to to supply the Court with concrete information that the necessary sums would soon be forthcoming.
Am I right in thinking it is an offence under company law to continue trading while you are insolvent?
If His Lordship decides our financial situation is such that we are insolvent I would not be expecting mercy. Like Macclesfield we could be liquidated just like that.
No doubt there are many on here who will know a lot more about Company Law than I do so if I have the wrong end of stick I am sure I will be corrected.
It would be my assessment that unless we have the money we are gone. A short stay of execution might be granted if the Court can be convinced that help was on the way, but, we would not be given much time.

It’s my belief that you are spot on & much as I hope I’m wrong I think we may have had it this time.

 

[dusterman]

If it does get adjourned again will be interesting to see if Akinola has a setback, eh?

 

[Up the Shrimpers]

Sad to say I would rather us fold than Ron make millions from all the crappy flats he wants to build.
Over 40 years of support from me down the drain.

 

[Chapperz]

Sad to say I would rather us fold than Ron make millions from all the crappy flats he wants to build.
Over 40 years of support from me down the drain.

I couldn't give a rats arse about whether Ron makes millions or not. I'd rather have a club to support.

In fact, I hope he does make money so he can hopefully **** off and give us our assets back.

 

[Martin Out]

My predictions:

Southend win tonight

Clearly that didn't happen

 

[jaffa1]

Someone in the UK won 80m on EuroMillions last night. What are the odds he's a mad keen Southend fan?

 

[south247]

Definitely wasn't me as my earlier predictions will demonstrate.

 

[Jcd]

Going a bit off topic and on a tangent, but thinking about how big an industry professional football is in this country and the sorry state we are in just cannot be right. I totally accept that essentially all lower league clubs are in the same boat, and we (ron) have made some poor investments over the last 20 years when of course priority should have been paying the bills.

Premier league clubs spent 800m during the biggest global pandemic of a generation, and yet here we are on the brink of oblivion over 500k. I know bailing out clubs every time they can't pay their bills isn't the answer, but there has to be something to redistribute the grotesque wealth generated in football in this country. There has to be an answer or this is just going to happen again and again with more clubs fading into history. Sad.