Breaking News HMRC Winding-Up Petition - Wed 17th May 2023 - ADJOURNED TO 12th JULY

[kentblues]

Do we still need 2022 in or just 2020 and 2021?

What we need is what the NL needed which was the ye 20 and 21 accounts. Although by end of last month the ye 22 accounts are probably not a problem in the timeframe we are worried about…

 

[kentblues]

So just rereading the article and what I can gather is:

• We filed the necessary accounts to appease the National League.
• We were supposed to pay the players and staff today or they could leave for nothing but that remit may be revoked if we can provide evidence of a sale to the judge.
• The National League want the HMRC debt settled before the 2nd June, unless the club can provide solid evidence of a sale.
• I presume the club have been allowed access to their frozen account to pay the accountants so they could file the accounts today. Therefore, there should be capital in that account to pay the playing staff.

So going forward, we are looking for Ron to prove to the judge that an imminent sale is in the pipeline, otherwise we will be thrown out of the league.

Paying players was approved along with accountants and legals. That won’t get revoked. It’s approved.
Apparently the league has agreed to extend the 2nd June deadline and are oroviding a letter to that effect

 

[The General]

The clubs accounts had obviously been pretty much / been done. I'm sure TL said in his meeting with the Trust last month they were ready / almost ready for filling. For a sale of any kind to go thru, you would need the figures but not uploading them until the last minute just sums RM and his ways up let's be honest.

 

[northlincsshrimper1]

Another court day let’s hope we pack out the away end again lol

I'm

 

[blake]

Ron Martin disgusts me. It makes me feel dirty being associated with this awful human being. How dare a piece of **** like this play god with so many people lives. Long may his bollocks float in sulphuric acid.

Some men will pay their local dominatrix a fortune for that punishment!!!!

 

[Mr Browns Ghost]

Even if the Landlord was responsible for repairs they are likely able to bill the tenant through the service charge.

Agreed however if a new business was moving into a property they would expect that property as per their lease to be in good working order and good repair ( or words to that effect) it would be abit lively to take a lease on a property and then have to pay large repair and replacement costs .. normal CAPEX .. I appreciate I am now treating Ron Martin as a professional property mAnager and Landlord

 

[Holy Joe]

Agreed however if a new business was moving into a property they would expect that property as per their lease to be in good working order and good repair ( or words to that effect) it would be abit lively to take a lease on a property and then have to pay large repair and replacement costs .. normal CAPEX .. I appreciate I am now treating Ron Martin as a professional property mAnager and Landlord

A new business isn't moving in though.

 

[Yorkshire Blue]

Agreed however if a new business was moving into a property they would expect that property as per their lease to be in good working order and good repair ( or words to that effect) it would be abit lively to take a lease on a property and then have to pay large repair and replacement costs .. normal CAPEX .. I appreciate I am now treating Ron Martin as a professional property mAnager and Landlord

Yes, although we’re not a new tenant but rather one who’s been there since 1955!

(I think we’ve been tenant since about 1999).

But the discussions will be similar and requesting some sort of rent free period is likely to form part of the negotiations to allow the tenant to get the stadium into shape.

 

[blake]

Yes, although we’re not a new tenant but rather one who’s been there since 1955!

(I think we’ve been tenant since about 1999).

But the discussions will be similar and requesting some sort of rent free period is likely to form part of the negotiations to allow the tenant to get the stadium into shape.

The contract for sale and purchase would merely provide that vacant possession of Roots Hall wouldn't be given until some date in the future. There would be no landlord/tenant situation.

 

[kentblues]

Yes, although we’re not a new tenant but rather one who’s been there since 1955!

(I think we’ve been tenant since about 1999).

But the discussions will be similar and requesting some sort of rent free period is likely to form part of the negotiations to allow the tenant to get the stadium into shape.

I suspect Ron will want more money up front in the purchase price with the ground rent free....

 

[Yorkshire Blue]

The contract for sale and purchase would merely provide that vacant possession of Roots Hall wouldn't be given until some date in the future. There would be no landlord/tenant situation.

There’s a landlord/tenant situation with Roots Hall Ltd though which is, like SUFC, a Ron controlled company. Plus Roots Hall Ltd is a major creditor of SUFC. Just as debt write off forms part of the negotiating so will amending the lease if it helps them land a deal.

 

[blake]

I suspect Ron will want more money up front in the purchase price with the ground rent free....

As I see it Ron will get his money on completion of the sale and purchase of the shares in the Club, I guess that the transaction will be structured so that Ron sells his shares in the Club to the Purchaser and receives the sale price on completion. In the same contract, or in a separate Contract, the Club (i.e the Purchasers of the shares) agrees to transfer Roots Hall to Ron for a nominal price with vacant possession at some fixed date in the future. As I suggested earlier there will be no Landlord/Tenant relationship.

 

[blake]

There’s a landlord/tenant situation with Roots Hall Ltd though which is, like SUFC, a Ron controlled company. Plus Roots Hall Ltd is a major creditor of SUFC. Just as debt write off forms part of the negotiating so will amending the lease if it helps them land a deal.

I assume that Roots Hall Limited will be a party to the contract in which they agree to accept a fixed part of the purchase price in full satisfaction of the monies owed to it.

 

[flangejackrabbit]

Yes, although we’re not a new tenant but rather one who’s been there since 1955!

(I think we’ve been tenant since about 1999).

But the discussions will be similar and requesting some sort of rent free period is likely to form part of the negotiations to allow the tenant to get the stadium into shape.

People are missing in the accounts that the charged rent has already been dropped to Nil.

 

[Yorkshire Blue]

People are missing in the accounts that the charged rent has already been dropped to Nil.

When did that happen?

 

[bazzashrimper]

I'm

Speechless?

 

[flangejackrabbit]

When did that happen?

In the accounts ending July 20, so from 1 Aug 2019 no further rent has been charged. It appears the Management Charge has also been scrapped from 1 Aug 2020 (Jul 21 accounts).

 

[Medway Blue]

In the accounts ending July 20, so from 1 Aug 2019 no further rent has been charged. It appears the Management Charge has also been scrapped from 1 Aug 2020 (Jul 21 accounts).

Indeed. That might not have happened had they been filed before sale negotiations began. I'd imagine that's a little bit of clearing up of the accounts and an agreement to aid the smooth running of the due diligence process.

 

[flangejackrabbit]

Indeed. That might not have happened had they been filed before sale negotiations began. I'd imagine that's a little bit of clearing up of the accounts and an agreement to aid the smooth running of the due diligence process.

The other interesting thing I noticed in the accounts, which like the above may or may not be related to the negotiations, is that they clearly state there is an intention to continue funding the academy.

 

[Supershrimper]

Not if we do a Chaps payment, although could be too late in the day, unless it was set up ready to go and just needed a push of a button at the bank.

CHAPS cut off is 17:30 to credit the accounts the same day. You can make payments by Faster Payment up until 23:55 and it would credit the same day.

I'd imagine most if not all of our payments are by Faster Payments. Not only does it allow late payment to credit the same day, the maximum limit allowable by Faster Payment is £1m. Also the cost is considerably cheaper (not as cheap as BACS but cheap enough to buy some onions with the savings for the burgers)