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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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fbm said:
I spoke with a colleague earlier today who has a lot more experience of insolvency hearings and there is something he pointed out that made me feel a little more relaxed about the whole situation.

Re the "Final" hearing; As long as Ron can demonstrate that the money will be on it's way, it will be adjourned. It doesn't matter whether or not a judge has marked it "Final", They are all final until they are adjourned. If Ron can provide evidence that at some point the money will come through - and there has been a part completion on the training ground which will ultimately release funds - then even if the bridging loan is not in by March 1st, it will be adjourned. If the judge ignores that evidence and winds the company up, there will be an immediate appeal and then an adjournment pending that appeal. So all in all, it is unlikely that anything disastrous will happen on that day.
Click to expand...

Thanks. That was my suspicion, that final may not be final. I did ask the question on here and the response was final means final. But then I don't know the credentials of any posters so difficult to know what to believe and a small amount of research wasn't conclusive.
 
fbm said:
I spoke with a colleague earlier today who has a lot more experience of insolvency hearings and there is something he pointed out that made me feel a little more relaxed about the whole situation.

Re the "Final" hearing; As long as Ron can demonstrate that the money will be on it's way, it will be adjourned. It doesn't matter whether or not a judge has marked it "Final", They are all final until they are adjourned. If Ron can provide evidence that at some point the money will come through - and there has been a part completion on the training ground which will ultimately release funds - then even if the bridging loan is not in by March 1st, it will be adjourned. If the judge ignores that evidence and winds the company up, there will be an immediate appeal and then an adjournment pending that appeal. So all in all, it is unlikely that anything disastrous will happen on that day.

Further, Ron is not a stupid man. He will have a contingency plan. He will not allow the club to be wound up; he would put it into administration first and he isn't going to do that, I'm sure he will have a plan B. There will be plenty of people that will lend him money (contrary to popular belief) and their money won't be at risk as it can be secured on the land.

It has been said that his statement last week said nothing, but it did say we could look forward to a good second half of the season.

All this is a game to him I'm sure. I doubt he has the interests of the club at heart other than the fact that if we go under so does he. Similarly, if we actively try and force him out as well, we will collapse. It would be the ultimate "cutting your nose off to spite your face" tactic, only more drastic.

Whilst his handling of the day to day stuff is obviously of huge concern, I do think that not only will we still have a club on March 2nd, but it could mark the beginning of a new chapter and phase in our history, regardless of whether he stays in the long term or not.

(By the way, no I'm not Ron and no-one can claim their £5).
Click to expand...

Whether or not it's actually "final" I am fed up of Ron calling HMRC and the judges bluff.

It needs to be paid, along with outstanding staff wages well ahead of 1st March.

No more can kicking.
No more mugging staff off.
No more undoing the hard work of Kev and the football dept.
No more leaving Tom with an impossible job.
No more court appearances.
No more embargoes.
No more lies.
No more treating the fans like idiots.

It has to end. Now. Even if it means he has to begrudgingly give up a slice of his retirement pot.
 
Smiffy said:
Whether or not it's actually "final" I am fed up of Ron calling HMRC and the judges bluff.

It needs to be paid, along with outstanding staff wages well ahead of 1st March.

No more can kicking.
No more mugging staff off.
No more undoing the hard work of Kev and the football dept.
No more leaving Tom with an impossible job.
No more court appearances.
No more embargoes.
No more lies.
No more treating the fans like idiots.
Click to expand...
No more robbing Peter to pay Paul
 
No more scrimping on Roots Hall maintenance and upkeep.
No more late company accounts
No more cloak and dagger inter company transactions
No more hiding who actually owns the club and RH and FF
No more refusing to even discuss potential additional investment by third parties.
No more refusing to even discuss potential new owners by third parties.
No more late payments of employee wages and bonuses.
No more late payments of suppliers and contractors.
No more refusing to appoint supporter nominated board member.
 
kentblues said:
The whole point about bridging loans is that they are for a short term only. They are not even medium term finance. Nonetheless your maths shows why you would draw down until the last moment.
A three month facility including fees is still like to cost circa £300k.
Click to expand...
Thats a fair point, but providing we can clear all debt to the point that we can run for a decent period, allowing for any further delays in anticipated income, without being in major difficulty again, hopefully potential delays on income has been factored in

I admit to being unclear what flexibility may exist in bridging loan terms if any, as usually you have to state the time period for the loan and in the main they are not noted for generosity

Also would many loanees happily continue with the loan convinced it would all be paid back in 3 months and if it isnt then the interest would mount up
 
fbm said:
I spoke with a colleague earlier today who has a lot more experience of insolvency hearings and there is something he pointed out that made me feel a little more relaxed about the whole situation.

Re the "Final" hearing; As long as Ron can demonstrate that the money will be on it's way, it will be adjourned. It doesn't matter whether or not a judge has marked it "Final", They are all final until they are adjourned. If Ron can provide evidence that at some point the money will come through - and there has been a part completion on the training ground which will ultimately release funds - then even if the bridging loan is not in by March 1st, it will be adjourned. If the judge ignores that evidence and winds the company up, there will be an immediate appeal and then an adjournment pending that appeal. So all in all, it is unlikely that anything disastrous will happen on that day.

Further, Ron is not a stupid man. He will have a contingency plan. He will not allow the club to be wound up; he would put it into administration first and he isn't going to do that, I'm sure he will have a plan B. There will be plenty of people that will lend him money (contrary to popular belief) and their money won't be at risk as it can be secured on the land.

It has been said that his statement last week said nothing, but it did say we could look forward to a good second half of the season.

All this is a game to him I'm sure. I doubt he has the interests of the club at heart other than the fact that if we go under so does he. Similarly, if we actively try and force him out as well, we will collapse. It would be the ultimate "cutting your nose off to spite your face" tactic, only more drastic.

Whilst his handling of the day to day stuff is obviously of huge concern, I do think that not only will we still have a club on March 2nd, but it could mark the beginning of a new chapter and phase in our history, regardless of whether he stays in the long term or not.

(By the way, no I'm not Ron and no-one can claim their £5).
Click to expand...
You are not Ron, can I have my fiver now.
 
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