Question HMRC Winding Up Order

[North Wales Shrimper]

Hyde United (Blue Sq North) have been wound up by HMRC this afternoon after a final adjournment was denied (see link)

Together with Accrington Stanley also struggling (also subject to a Winding Up Order) it would appear that HMRC are getting tough with Football Clubs who can't pay their tax bills.

We are now a little over a month away from the High Court hearing which unless Uncle Ron gets his finger out will result in the end of SUFC.

All we hear is "It's not an issue and it will be paid...". Well that's what the board at Hyde (and to a lesser extent Accrington) have said and lets not forget Hyde are not the first club to be wound up by HMRC this year... :nope:

 

[Davros]

Muddy Mildred!

 

[Beefy]

If HMRC wind us up they don't get their money. Obviously, that's the case with all winding up petitions, BUT if we've got proof that the money from Sainsburys is coming, even if it's going to be delayed again, then it really isn't in HMRC's interests to oppose another adjournment.

I don't know much about the Hyde case, but I don't think there's much in the way of direct comparison.

 

[The Flying Scotsman]

I think we'll pay it somehow, after all we just turned down £200k for Macca, and if we really needed the money we would have taken it.

 

[Bramble'sGoalieGloves]

Accrington owed hundreds of thousands (what I saw quoted in region of £300,000) we're a bigger club and how I understood it only owe bit over £60k...plus haven't seen King and Martin begging down the highstreet recently so can't see it being a problem

 

[The Flying Scotsman]

Accrington owed hundreds of thousands (what I saw quoted in region of £300,000) we're a bigger club and how I understood it only owe bit over £60k...plus haven't seen King and Martin begging down the highstreet recently so can't see it being a problem

I thought it was in the region of 600k.

 

[Beefy]

Yeah it's over £660k. We'll owe more than Accrington or Hyde. I don't think that makes us any more likely to be wound up though. Probably the opposite as long as we can show that we will be able to pay it off soon-ish.

 

[Reg Martin]

Stand by for month of increasing hysteria on here as we get nearer and nearer our court date.
Not long before we start getting posts from people who have been told by a reliable source inside the club that we haven't got the funds to pay the HMRC.
Happy days.

 

[OldBlueLady]

Stand by for month of increasing hysteria on here as we get nearer and nearer our court date.
Not long before we start getting posts from people who have been told by a reliable source inside the club that we haven't got the funds to pay the HMRC.
Happy days.

And berating the Echo for their coverage again too no doubt.

 

[GodblessArthurRowley]

Stand by for month of increasing hysteria on here as we get nearer and nearer our court date.
Not long before we start getting posts from people who have been told by a reliable source inside the club that we haven't got the funds to pay the HMRC.
Happy days.

Funny you should say that as I have a very reliable source within the club(golf pal of Tillys) who reckons that the HMRC do indeed intend to wind-up SUFC.

 

[Rayleigh Weir]

I wouldn't let yourself get wound up by it...

 

[The Big Shrimp]

If HMRC wind us up they don't get their money. Obviously, that's the case with all winding up petitions, BUT if we've got proof that the money from Sainsburys is coming, even if it's going to be delayed again, then it really isn't in HMRC's interests to oppose another adjournment.

I don't know much about the Hyde case, but I don't think there's much in the way of direct comparison.

HMRC are not very friendly at the mo & I have lost customers who have thought that they would agree to payment plans & have been surprisingly stuffed. I have one I'm waiting to hear about that will be resolved either way by mid-October. For whatever relevance it has, I will report back when I hear back!

That said, I don't expect RM to let the club be wound up, so this is all pointless speculation!

 

[yogi bear up the cagire]

If Southend United get wound up, then Ron Martin would be wound up as well, as it is totally unconceivable that he would let the club fold.........he has FAR too much riding on it.
Anyway, I am just starting to enjoy my football and I seriously don't think I want to get diverted by another month of speculation about our off the field future.

 

[Southminster_Shrimper]

Stand by for month of increasing hysteria on here as we get nearer and nearer our court date.
Not long before we start getting posts from people who have been told by a reliable source inside the club that we haven't got the funds to pay the HMRC.
Happy days.

we havent....Sainsburys have. They just need to give it to the club......hopefully they arent paying in Nectar points else we will be in the poop

 

[Cricko]

As said before many many many many times, Sainsbury's will not release any monies until after the 7th of October when the altered plans hopefully get rubber stamped by Southend Council,so to me that is the squeaky bum day.

 

[Lord Football]

HMRC are not in the habit of winding businesses up, they would prefer they got back on their feet and paid the debt to the Exchequer.

Southend United are clearly a going concern, with assets. Therefore, a winding up order is unlikely as HMRC will hang out to get money owed to them. If they are wound up, then they stand to get a fraction of the debt. So it's not in the interest of the public purse.

Of course, if things are much worse than we are being told, then there may be trouble, but I'd be very surprised if that is the case.

 

[The Big Shrimp]

HMRC are not in the habit of winding businesses up, they would prefer they got back on their feet and paid the debt to the Exchequer.

Southend United are clearly a going concern, with assets. Therefore, a winding up order is unlikely as HMRC will hang out to get money owed to them. If they are wound up, then they stand to get a fraction of the debt. So it's not in the interest of the public purse.

Of course, if things are much worse than we are being told, then there may be trouble, but I'd be very surprised if that is the case.

So why do they do it? Even though they are no longer classed as preferential creditors, they still do it on a regular basis.

 

[Beefy]

They do it when they think there's no way that they will get the money back. They will get the money back from us so long as Sainsburys buy Roots Hall. It just might take some time.

If the sale of the ground doesn't go ahead then we're screwed though.

 

[fbm]

So why do they do it? Even though they are no longer classed as preferential creditors, they still do it on a regular basis.

Because otherwise they'd never get their money!

 

[Lord Football]

So why do they do it? Even though they are no longer classed as preferential creditors, they still do it on a regular basis.

They close down business who really cannot pay. Halifax Town being the prime example.

It's all to do with risk. If SUFC's books identify that at some point in the near future, they can pay, they wont close them down. They would rather take all the debt than just part. But they will take something as opposed to nothing, if that is needed.

They call it Debt Management as opposed to Debt Collection.