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Pre-Match Thread HMRC v SUFC - FINAL hearing on 1st March. DISMISSED

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Outcome of HMRC court case 1 March

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Whispering Bob said:
It was standing room only in Court 1, I stood by Ron in the doorway and thought he looked well (considering the rumours concerning his poor health). I was in no mood for pleasantries this time round. I assumed he was with his wife but suspect it was in fact Anna Firth (?). There were also a few other club representatives scattered about.

The ‘prosecution’ asked for us to be wound-up bearing in mind the size of the debt and previous adjournments.

Our ‘defence’ started off with the excuse that our cash flow was affected by Covid (flaky to say the least). Some late documentation concerning a finance deal had been provided only that morning, but the judge had not seen it and the ‘prosecution’ had not had time to read it (last minute Joe’s again). A sum of £5m was mentioned (and the name of the company providing it) but I think the pivotal thing in our favour was that two local MP’s were in attendance (the aforementioned Firth) and the Rochford one. They, along with Southend Council, had declared how important we, and subsequent projects, were to the community. This seemed to sway the judge.

The ‘prosecution’ guy quite rightly contested an adjournment saying that SUFC had ‘a history of non-compliance’, but we were granted until the 1st March to pay in full, and that was FINAL.

I’m sure I’ll remember a couple more facts later.

I didn’t come out of that building pleased, nor relieved. More embarrassed.
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So a couple of Tory's and some last minute bits of paperwork saved us this time. Shambles.
 
Dubai said:
Great news on the £5m due, that’ll pay the debt and keep us going for a while until we get the work underway.

Great work Tom & team.

#inronwetrust
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A loan for £5m isn't great news (even if it has been agreed already, it was supposed to be agreed months ago so I'm not convinced it actually has been agreed no matter what Ron is claiming). You don't get loans for that much without needing to pay back interest, we're kicking the can down the road.
 
Murkey_Mouse said:
Oh shut up 🤦🏻‍♂️
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Murkey you have been warned about this several times before.

You are well within your rights to counter something you don't agree with. But telling fellow posters to "shut up" is not the way to go about it. Either counter it or put the poster on ignore if he rattles you that much.

The judge has made it clear that the next hearing is "final" in other words pay what's owed or that is it.
 
southendkid said:
A loan for £5m isn't great news (even if it has been agreed already, it was supposed to be agreed months ago so I'm not convinced it actually has been agreed no matter what Ron is claiming). You don't get loans for that much without needing to pay back interest, we're kicking the can down the road.
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How else to you expect them to magic up £5m to keep out club afloat without a loan?

Even investors wants a return.

Interest isn’t a bad thing, it’s part of running a big business
 
So if anyone still has any lingering doubts, we are in the last chance saloon and clearly the knowledge that HMRC went for winding up as opposed to the previously anticipated adjournment, proves that point.
We need to see what is brought to the table over the next 6 weeks in terms of Finance but I would think the outlook is more precarious than its ever been.
 
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Always a Shrimper said:
How has it come to this. Ground was built by the fans themselves in the 1950s.
When we got into the hands of a property developer I was always concerned.
O DEAR, what a mess.
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Can someone explain the ground situation to me? I feel like I’ve never fully understood it.

Roots Hall was built and owned by the fans. Who were the fans who owned it and how did it end up in RM’s hands? If it was purchased, did that include all the land too and if so, how much was it and where did the money go?
 
Well I think that we can expect RM to not attend any matches until after 1/3, not that he attends many now in any case.

Please, please can we not have any pitch invasions, negative chants etc as these will not be heard/seen from Benfleet.

The Team on the pitch and the Management Team need 100% of our support as their performances in this toxic environment have been nothing short of miraculous.

RM is so undeserving of the effort and commitment that his employees continue to display for OUR CLUB.
 
The document the judge had not seen and HMRC had, but had not read, is an important one. If it was indeed an "Indicative Terms Sheet" this is typically an offer made to the borrower from the provider setting out the key terms of the offer.

Of course Ron would need to accept those terms? Possibly try and negotiate them? But if this is the case it would indicate an offer of finance nonetheless.
 
It seems to me that High Court Judges are not stupid, nor are they easily duped. Because of that Ron and the Club are still in the game and we move on to 1st March 23. Totally buggers any thoughts of incoming newbie players but at least the squad is still more than capable of holding it's own. It's always possible that funds to sort out this mess may not appear, but it is just as possible that they will. That's the dilemma we are all still faced with.

For now I'll just watch everything rumble on till March, knowing that there is little/nothing I can do to alter the circumstances apart from support my team and get behind the lads when they need it most (now).
 
Worked in bridging brokering for a period. Done 7m in 4 days before for a hotel revamp, for someone who was pretty cash poor and not a great record. Basically if it’s taken this long he’s getting absolutely filthy terms and has been blacklisted by every bank in town. Usually a bank would bite your hand off for a loan like this secured on such a big development.

Taking his name off a lot of the companies associated the development when he was called up to court on charges of tax evasion, as per Homes Englands requirement, wouldn’t have helped, as this is what he would be ideally securing the loan on.
 
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