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

[TJC]

Can you imagine the interest changes for a bridging loan with our (lack of) credit rating? I bet its been very hard to find someone prepared to take the risk. Surely must be backed by assetts such as Fossetts? Would imagine the legal paperwork would have to be absolutely watertight and would take a while to draft. Presumably would only be expected to be in place until March to May time when funds will be released?
Fingers crossed it comes through though.

 

[Crowstone Crevette]

Can you imagine the interest changes for a bridging loan with our (lack of) credit rating? I bet its been very hard to find someone prepared to take the risk. Surely must be backed by assetts such as Fossetts? Would imagine the legal paperwork would have to be absolutely watertight and would take a while to draft. Presumably would only be expected to be in place until March to May time when funds will be released?
Fingers crossed it comes through though.

See #78 which explains how and why bridging loans and the paying of interest on them are structured as they are.

 

[kentblues]

Can you imagine the interest changes for a bridging loan with our (lack of) credit rating? I bet its been very hard to find someone prepared to take the risk. Surely must be backed by assetts such as Fossetts? Would imagine the legal paperwork would have to be absolutely watertight and would take a while to draft. Presumably would only be expected to be in place until March to May time when funds will be released?
Fingers crossed it comes through though.

Probably at least around 1.75-2% per month. Every month a bridging loan is not drawn probably saves around £40k assuming enough to pay off HMRC and fully fund us to Stadium Build start date and settle certain outstanding loans/debts.

Would I entirely rule out Ron having the loan ready to draw down but push for an adjournment to see if he can save on interest costs - no…

I believe looking it up current HMRC interest rates on late payment are 6% (0.5% per month). Very reasonable (or competitive if they were a bank)…

Could he draw down part of the loan having got the adjournment on the HMRC piece to cover running costs? Surely not ….

Anyway not long to find out..

 

[ALW]

Some of you really need to give your heads a wobble. We will not be wound up. HMRC will never wind up a company owing so much money to them when it is blatantly obvious they will end up getting this in the near future. Seriously you are all doom mongers. HMRC will happily extend for 56 days in the knowledge they will be getting this money. They are not in the business of closing companies down for the fun of it they are there to get every penny they possibly can by whatever means necessary. If they wind us up they get nothing. If they extend the case by another 56 days they will more than likely get their money or they will extend again based on the evidence. You have all been told that there will be a large amount of money released in the coming months and you can all see the progress with the training ground it is just a shame we have to wait a few months to start using these pitches as that is what is stopping the build beginning and funds becoming available. This is also stopping us becoming more self sufficient and therefore allowing us to pay wages on time etc.

HMRC are responsible for more winding up orders than anybody else. They tend to take a tough stance with defaulters, This is as much to send a signal to other companies which they believe will prevent other defaults. For some reason football clubs seem to get more leeway than other companies through the courts. Normally a winding up petition is only ever adjourned for three months.

I think a lot will depend upon whether current payments are up to date. If they are, the debt is not getting any larger. If since the last petition hearing the current PAYS/NIC and VAT have not been paid, HMRC will be reluctant to see another adjournment.

 

[rlb999]

So embargo carries on?

I don't understand why the embargo features as highly in some people's minds as it clearly does. Surely it's almost irrelevant in comparison to the other issues we face?

 

[sufc4life21]

Rinse and repeat every year with Southend. Probably why iv lost the enthusiasm for Southend to be honest. National League, HMRC issues, late wages, doesn't really give me that buzz! In actual fact I find it embarrassing. Rather watch premier league and serie a than Southend now days.

 

[Tangled up in Blue]

I don't understand why the embargo features as highly in some people's minds as it clearly does. Surely it's almost irrelevant in comparison to the other issues we face?

Not really.If HMRC aren't paid in full and the embargo stays in place we won't be able to get any players in to consolidate our play off push and there's a risk that some of our better players might leave.

 

[flangejackrabbit]

Will @The Big Dady be doing a live match thread?

 

[rlb999]

Some of you really need to give your heads a wobble. We will not be wound up. HMRC will never wind up a company owing so much money to them when it is blatantly obvious they will end up getting this in the near future. Seriously you are all doom mongers. HMRC will happily extend for 56 days in the knowledge they will be getting this money. They are not in the business of closing companies down for the fun of it they are there to get every penny they possibly can by whatever means necessary. If they wind us up they get nothing. If they extend the case by another 56 days they will more than likely get their money or they will extend again based on the evidence. You have all been told that there will be a large amount of money released in the coming months and you can all see the progress with the training ground it is just a shame we have to wait a few months to start using these pitches as that is what is stopping the build beginning and funds becoming available. This is also stopping us becoming more self sufficient and therefore allowing us to pay wages on time etc.

I'm not quite as bullish as you, but I do agree with the sentiment that the general hysteria isn't helpful. I don't think we'll get closed down tomorrow, for the simple reason that if we go bust, Ron goes bust - and for that reason he'll raid his grandchildren's piggy banks if he has to. I'd be far more concerned for Scunthorpe whose chairman doesn't have the 'track record' that ours does in his dealings with HMRC.

 

[TrevorFitzpatrickHattrick]

Rinse and repeat every year with Southend. Probably why iv lost the enthusiasm for Southend to be honest. National League, HMRC issues, late wages, doesn't really give me that buzz! In actual fact I find it embarrassing. Rather watch premier league and serie a than Southend now days.

Really sad that you feel that way. Personally, I'm really enjoying the football side of things at the moment if you can force the behind-the-scenes shambles to the back of your mind for 90 minutes. We have a squad and management team that cares, play some decent football and are competitive for the first time in years (albeit at a level that none of want to be at). Personally I can't imagine swapping Southend United for the Premier League or Serie A as I'd never feel remotely as passionate about the outcomes of the games.

Seeing stuff like this from long time supporters just shows how the off-field issues have had such a deep impact.

 

[rlb999]

Not really.If HMRC aren't paid in full and the embargo stays in place we won't be able to get any players in to consolidate our play off push and there's a risk that some of our better players might leave.

Very few teams in this league with a better squad than us. If a couple of our better players do get poached - and that WILL happen if they get decent offers from higher up - we've got plenty who could come in to replace them. Don't be scared of losing Hobson - many fans want him gone anyway. See the potential in Louis Lomas.

 

[Danshrimper]

Not really.If HMRC aren't paid in full and the embargo stays in place we won't be able to get any players in to consolidate our play off push and there's a risk that some of our better players might leave.

We don’t need any new players, we have enough already. Unnecessarily spending money on players is part of the reason we’re in this mess in the first place.

If players leave then that’s a different story, but we can worry about that if and when it happens.

 

[tommy tucker]

It seems as Scunthope are in a worse position than us at present . Also oweing the HMRC a shed load of money .Rock bottom of our leauge .With supporters just as irate ar ours with a chirman like owes .Who can not pay and it seems wont pay either .

 

[Murkey_Mouse]

Rinse and repeat every year with Southend. Probably why iv lost the enthusiasm for Southend to be honest. National League, HMRC issues, late wages, doesn't really give me that buzz! In actual fact I find it embarrassing. Rather watch premier league and serie a than Southend now days.

Sufc4life as a name, my arse, not a real fans to say that.

 

[sufc4life21]

Really sad that you feel that way. Personally, I'm really enjoying the football side of things at the moment if you can force the behind-the-scenes shambles to the back of your mind for 90 minutes. We have a squad and management team that cares, play some decent football and are competitive for the first time in years (albeit at a level that none of want to be at). Personally I can't imagine swapping Southend United for the Premier League or Serie A as I'd never feel remotely as passionate about the outcomes of the games.

Seeing stuff like this from long time supporters just shows how the off-field issues have had such a deep impact.

The way sufc have declined and same crap which appears every year has taken the enthusiasm I once had for going to watch sufc.

 

[sufc4life21]

Sufc4life as a name, my arse, not a real fans to say that.

Your probably right I'm not real fan anymore as I once was. All this new stadium/off field crap has knocked the love I once had for Southend.

 

[The Big Dady]

Will @The Big Dady be doing a live match thread?

The Official Match Thread brought to you by ShrimperZone.com


The club are up before Judge Mullen on Weds 18th Jan 2023 at 10.30.am, it is 15th on the list. The Venue is Rolls Building. Court 1.​

Link to full list

Business and Property Courts of England and Wales cause list 13 May 2024

www.gov.uk

Current Form Head to Head (last 10 shown)

HM Revenue & Customs L L L L L L L L L L
Southend United W W W W W W W W W W​

 

[Shrimpergonzo]

The club are up before Judge Mullen on Weds 18th Jan 2023 at 10.30.am, it is 15th on the list. The Venue is Rolls Building. Court 1.

View attachment 24329

Business and Property Courts of England and Wales cause list 13 May 2024

www.gov.uk

Will @Mick be doing a "refwatch" on Judge Mullen? Has he been the man in the middle for any of our previous matches against HMRC?

 

[JAL]

Remember when Kev said everyone needs to pull their weight and that includes the chairman? Yeah well.

 

[danbowen]

Rinse and repeat every year with Southend. Probably why iv lost the enthusiasm for Southend to be honest. National League, HMRC issues, late wages, doesn't really give me that buzz! In actual fact I find it embarrassing. Rather watch premier league and serie a than Southend now days.

I understand your first point however rather watch the Premier League. Really? The VAR decisions are awful and take any enjoyment out of the game, the refs are arguably worse that the NL refs, the football isnt as entertaining, its full of day trippers. Playing NL football is nothing for us to be proud of but if I am being honest being part of 1000+ Southend fans at Barnet for example is something you cannot say isnt a proud moment. Our support is so much better than most clubs especially when you factor in what we have had to deal with over recent years. Keep the faith, we will be back and we will be back stronger. We have a great chance of getting to Wembley this season (possibly twice). There are tons of negatives and no one at all is backing Ron but there are also positives as I have said before - training ground will be unreal, stadium will be great, our squad is exciting to watch, great management team and so much potential. Have some tough times to get through but we will come out the other side so much stronger.