Official Match Thread HMRC v Southend United Winding Up Order

[turkishm]

And all this means what to the NL. Carry on for 42 days no prob or 10 point deduction or what.

 

[class]

42 day adjournment, sale won't be complete before 42 days debt £335k of which £275k still os.

That’s what I’ve been told is the current state of play.

People are forgetting though, that more VAT and PAYE is slowly building up subsequent to the amount on the WUP. As soon as the WUP is cleared, HMRC will issue another one for the more recently accumulated debts. This is exactly what happened in March, and found ourselves back in court in May.

 

[Holy Joe]

So, now the NDA has expired with their offer, will we here from Kimura?

Why has the NDA expired?

 

[hlane17]

So, now the NDA has expired with their offer, will we here from Kimura?

Nothing to confirm the NDA has expired or that the offer is officially off the table. We will probably learn more soon though as the fallout from today's hearing unfolds.

 

[londonblue]

Good job Ron knew who the judge would be then

So did we all, but that doesn't mean he spoke to him.

 

[rlb999]

View attachment 27260

When you buy a company, the buyer undertakes a huge amount of due diligence that takes months. I’d imagine if you buy a company off Ron the level of due diligence required increases further. It will be the buyer wanting time to assess what they are buying that will be holing this up.

 

[KiwiRob]

On Court website the day before.

Thanks Fred.

 

[kentblues]

It was up to the judge, your mate might of said they are going to ask for a 42 day adjournment but that wasn't necessarily going to be the outcome.

More likely it was agreed with PG that they would support not the court. There is no pre-agreement with the court.

 

[Snowy]

So we are in the same situation. Embargo killing us, Ron messing potential buyers around and players dwindling. Can we actually get a squad together for a friendly?

Honestly, the man has had enough time since his 'I am looking to sell or gain investment' speech to have wrapped a deal up.

If he was that interested in selling he would have worked tirelessly to make a deal happen.
Clearly not able to afford a brief today and made himself look like the bumbling fool he is.

FFS can this man not just FO.

 

[londonblue]

So we are in the same situation. Embargo killing us, Ron messing potential buyers around and players dwindling. Can we actually get a squad together for a friendly?

Honestly, the man has had enough time since his 'I am looking to sell or gain investment' speech to have wrapped a deal up.

If he was that interested din selling he would have worked tirelessly to make a deal happen.
Clearly not able to afford a brief today and made himself look like the bumbling fool he is.

FFS can this man not just FO.

99% agree. It's not the embargo that's killing us, it's Ron. Ron is the cause of the embargo.

 

[Snowy]

When you buy a company, the buyer undertakes a huge amount of due diligence that takes months. I’d imagine if you buy a company off Ron the level of due diligence required increases further. It will be the buyer wanting time to assess what they are buying that will be holing this up.

Don't we know it. But you work hard at it and make it happen if that's what you really want. Do you think Ron has given this the duty, care and attention required?

 

[SHRIMPERR]

Staff still not paid I assume

 

[kentblues]

When you buy a company, the buyer undertakes a huge amount of due diligence that takes months. I’d imagine if you buy a company off Ron the level of due diligence required increases further. It will be the buyer wanting time to assess what they are buying that will be holing this up.

Kimura completed their DD in approximately 4 weeks and that was extensive. They also had the foresight to seek approval as a proper owner whilst this was going on?

But I agree, if the second "bidder" hasn't even started DD and haven't had the foresight to have started already the fit and proper test then its not the best sign.

But we don't know. We don't even know who they are.

 

[Dutch Branch]

Kimura completed their DD in approximately 4 weeks and that was extensive. They also had the foresight to seek approval as a proper owner whilst this was going on?

But I agree, if the second "bidder" hasn't even started DD and haven't had the foresight to have started already the fit and proper test then its not the best sign.

But we don't know. We don't even know who they are.

Maybe the second bidder is his son & Co and they will bypass the normal DD

 

[Beefy]

No, it was always a £1 with the main transaction being the recapitalization of the balance sheet and debt payments

Wasn't it initially a deal for the new stadium too though?

 

[Beefy]

But not motivated enough to do so by now. He's only motivated to do so on his terms, not what's best for the club.

However, if he really mentioned Kimura then that's a step in the right direction as it at least means he's finally acknowledged their existence, and that there isn't anyone else.

If Kimura are stupid enough to give him a quid for the football club and he keeps everything else I'm sure he'd take it. That's the best-case scenario for him.

 

[Dutch Branch]

I’m guessing we might start seeing some fall out later today. I reckon there’s lots of discussions going on right now. 42 days is just far too long and with no guarantees in place. Shocking state of affairs.

 

[johnlattimerssponge]

I oddly hope that Kev says sod this, sod you Ron and leaves.

That seems like cutting off your nose to spite your face !.

Kev still being around is one of the few positives at the moment

 

[40yearsafan]

Sitting in limbo with no clear way forward. Even if they manage to get a safety certificate for Roots Hall, like other posters I won't be going to any home games until he's gone.

 

[Barling Magna]

If I was a fan of another NL club I would be watching very closely what happens by 31st July. If we intend to start the season with a skeleton squad of half a dozen current players and ten other youths and non contract players I would cry foul immediately and seek Southend's expulsion from the league before the season begins - and I would be right.