Breaking News Court Case Adjourned

[Razam]

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8801045.stm


Southend United given stay of execution

Southend United have been given a further stay of execution from a winding-up order brought by Her Majesty's Revenue and Customs. The League Two club, who have faced two sets of insolvency proceedings in the last 12 months, were in the High Court over an unpaid tax bill of £238,710.
The Shrimpers now have 14 days to submit evidence that they are a financially viable business.
Othwerwise they could be placed into administration on 2 August.
HMRC told the Court that Southend's history of defaulting on payments demonstrated they were insolvent.
However the club said they had paid all their previous bills, albeit late, and that they would be in line for a £186,000 payment from a sell-on clause in former midfielder Nicky Bailey's contract after he joined Middlesbrough yesterday.
Southend also argued that they have made significant strides to put the club on a firmer footing.

 

[Firestorm]

I don't buy this report- common sense says there is more to it than this
Last time the courts words were very scary. It makes absolutely no sense that

• We would turn up with nothing to say
• The court would say 'fair enough' have some more time
• Ron would go on holiday at this time knowing we were not going to pay

This doesn't make me 'up Ron's bottom' or whatever, its just using common sense, there has to be more to this

Maybe the late notice (14 days) and the even later change from winding up to administration may have been sufficient to make the idea that there was insufficient time to produce a defence seem Viable.

I thought that the RM comment about paid before the hearing related to the first winding up order reported, which is next weeks one. This ties in with the embargo being lifted date he mentioned as well

 

[Razam]

from the bbc, looks like its not just about paying the debt but proving to the court it won't happen again otherwise we'll be in administration on august 2nd

edit: btw. 14 days is 22nd July or 14 working days is 28th July - it'd be intresting to see if a statement on the OS is made around these dates.

 

[Smiffy]

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8801045.stm


Southend United given stay of execution

Southend United have been given a further stay of execution from a winding-up order brought by Her Majesty's Revenue and Customs. The League Two club, who have faced two sets of insolvency proceedings in the last 12 months, were in the High Court over an unpaid tax bill of £238,710.
The Shrimpers now have 14 days to submit evidence that they are a financially viable business.
Othwerwise they could be placed into administration on 2 August.
HMRC told the Court that Southend's history of defaulting on payments demonstrated they were insolvent.
However the club said they had paid all their previous bills, albeit late, and that they would be in line for a £186,000 payment from a sell-on clause in former midfielder Nicky Bailey's contract after he joined Middlesbrough yesterday.
Southend also argued that they have made significant strides to put the club on a firmer footing.

So maybe that ginger **** Bailey is the one that has saved us?!

 

[Firestorm]

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8801045.stm


Southend United given stay of execution

Southend United have been given a further stay of execution from a winding-up order brought by Her Majesty's Revenue and Customs. The League Two club, who have faced two sets of insolvency proceedings in the last 12 months, were in the High Court over an unpaid tax bill of £238,710.
The Shrimpers now have 14 days to submit evidence that they are a financially viable business.
Othwerwise they could be placed into administration on 2 August.
HMRC told the Court that Southend's history of defaulting on payments demonstrated they were insolvent.
However the club said they had paid all their previous bills, albeit late, and that they would be in line for a £186,000 payment from a sell-on clause in former midfielder Nicky Bailey's contract after he joined Middlesbrough yesterday.
Southend also argued that they have made significant strides to put the club on a firmer footing.

So the BBC reports we did submit a defence.........

I wonder what HMRC's reaction would be if the Charterhouse case next week results in Liquidation ?

 

[Clinton Baptiste]

I think we should ask that Octopus if we are going to go bust.

 

[Cricko]

We are relying on the 186K ?? (is that the correct amount due to us) to pay this bill...what if Bailey had not moved on this week.

It is a farce.

 

[Onion_Bag_Dave]

We are relying on the 186K ?? (is that the correct amount due to us) to pay this bill...what if Bailey had not moved on this week.

It is a farce.

Where does it actually say that? Remember there is a lot more to it than we know!

 

[Norfolkshrimp]

I'll take the following please;

1- Administration asap

2 - -10 points

3 - New owners

4 - Tilson & Brush back

 

[Razam]

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8801045.stm
However the club said they had paid all their previous bills, albeit late, and that they would be in line for a £186,000 payment from a sell-on clause in former midfielder Nicky Bailey's contract after he joined Middlesbrough yesterday.

Didn't Charlton's website say we were due for £220k? where did the other £34k go?

 

[Cricko]

More to the point how does 186k pay 238K.

 

[westie]

I really dont think anyone on SZ is rose tinted anymore, the time for that was long, long gone.

I think everyone knows the situation now and knows we are in deep trouble.... its all about looking forward!

I wouldn't look too far forward, as we're standing on the edge of a very large cliff!

 

[palexander]

I'll take the following please;

1- Administration asap

2 - -10 points

3 - New owners

4 - Sturrock and Widdrington continue the revolution!

Just a liddle correction... :)

 

[Firestorm]

We are relying on the 186K ?? (is that the correct amount due to us) to pay this bill...what if Bailey had not moved on so....

It is a farce.

just a guess but the Bailey money was a more definate (now it has been fully confirmed) example of future revenue than the slightly less tangible "we have secured further funding (Sainsburies) which we expect to be finalised in the next few days"

Plus it puts pressure on in the media for Charlton to pay us promptly as "Southend go bust because Charlton didn't pay what they owe2 is a bad headline and imagine if Charlton didn't pay and we pushed for an embargo on them....

 

[pickledseal]

I don't buy this report- common sense says there is more to it than this
Last time the courts words were very scary. It makes absolutely no sense that

• We would turn up with nothing to say
• The court would say 'fair enough' have some more time
• Ron would go on holiday at this time knowing we were not going to pay

This doesn't make me 'up Ron's bottom' or whatever, its just using common sense, there has to be more to this

Or maybe the court was anticipating us to pay (they believed bull-**** Ron) and now that we haven't they need the time to put together all the paperwork and a strong case for putting us into administration (or worse...)

 

[Norfolkshrimp]

I thought most transfers did not involve the whole fee being paid upfront, the world of football operates on a merry go round of staged payments as far as I know. Very rare that the entire fee is paid straight away so don't hold your breath on this Bailey money.

 

[pickledseal]

We are relying on the 186K ?? (is that the correct amount due to us) to pay this bill...what if Bailey had not moved on this week.

It is a farce.

*Surely* we can't be.... there is no guarantee of getting that any time soon, especially if Boro are paying the fee over 6 or 12 months.

 

[Norfolkshrimp]

Just a liddle correction... :)

Not allowed, **** off...........lol

 

[Cricko]

Maybe the late notice (14 days) and the even later change from winding up to administration may have been sufficient to make the idea that there was insufficient time to produce a defence seem Viable.

I thought that the RM comment about paid before the hearing related to the first winding up order reported, which is next weeks one. This ties in with the embargo being lifted date he mentioned as well

Do you mean the Charterhouse one Gary?..If so we obviously were not worried about HMRC...after all we use them as a bank these days.

 

[Firestorm]

More to the point how does 186k pay 238K.

It doesn't say it does, its a demonstration of income and an attempt to evidence viability of the ongoing business