Sale of Southend United to Justin Rees and his consortium

[Tampa Blue]

And we wil see the back of Ron for good .

God that sounds so good

 

[bazzashrimper]

But even with that, the sale wouldn't be concluded correct?

Am I also correct in thinking that a payment plan isn't paying the debt, therefore the embargo will stay in place?

I’m not an ITK. Just pieced the info together and saving them rekeying.

 

[West Stand]

That's my fear. It's too late for a CVA too, so it would be straight-up admin. Hopefully if it happens, the club can be bought almost straight back out of it.

RM has been playing a game of Brinkmanship and get away with it for so long there really are limited options.

I think a CVA could be ordered by the court but doubt that would happen there was an opportunity to propose one some while ago , which I think would have been a good option in the overall scheme of things but …..

There are four possible outcomes from here:

1) WUO paid / creditors withdraw and dismissed.
2) Adjourned
3) Insolvency
4) Administration


Only 1) will possibly lead to the Embargo being lifted and then it’s not a given. HMRC debt within the WUO is one thing but debt outside has to be the subject of a TTP agreement. Similarly any football creditor debt will be a factor .

If there are still sums outstanding under the WUP unless it was guaranteed that an adjournment would be granted then the call will be RMs

Whilst it’s clear things are moving on it sounds still a mountain of work to be done and who knows what side of the bed the judge will get out of. Once the judge has made the call too late of that call isn’t an adjournment

Insovency is still a real possibility. HMRC almost certainly won’t be agreeing to anything if RM is calling the shots and to be honest would you blame them.

But the key indicator will be Tuesday and if N Power still get and possibly execute the warrant then it’s almost a given that they, NPower will have not been satisfied, agreed to a TTP. My guess would be that they probably are looking for a huge payment on account and extremely large payments

 

[Leeboy]

I’m still positive something is / will be happening- as others including @fbm alluded to if it’s all going to end on Wednesday why are people still here and new faces arriving?
Tom - would’ve walked by now
Kev, Benno, Daz - would’ve walked by now
Ralph and Bridge - both could’ve left on free transfers, and let’s not forget Bridge has already turned down Eastleigh
Vilhete - yes dual registration but Maher said he’s also playing in the hope he can be offered something - why bother if we’re doomed?
Brooklyn - left Billericay to come here - why bother if we’re doomed?

Just my thoughts

 

[West Stand]

That's my fear. It's too late for a CVA too, so it would be straight-up admin. Hopefully if it happens, the club can be bought almost straight back out of it.

If it were a pre - pack the process could be accelerated but I am far from sure RM has left himself enough time to apply for Administration.


“

Appointment​

The first step is to appoint an Administrator. Directors of the company can appoint an administrator- in this situation, a court order isn’t required and the appropriate forms are simply completed and submitted to Court. If the company has secured creditors holding the benefit of floating charges, 5 days’ notice of the administration must be served.”

 

[hlane17]

I’m still positive something is / will be happening- as others including @fbm alluded to if it’s all going to end on Wednesday why are people still here and new faces arriving?
Tom - would’ve walked by now
Kev, Benno, Daz - would’ve walked by now
Ralph and Bridge - both could’ve left on free transfers, and let’s not forget Bridge has already turned down Eastleigh
Vilhete - yes dual registration but Maher said he’s also playing in the hope he can be offered something - why bother if we’re doomed?
Brooklyn - left Billericay to come here - why bother if we’re doomed?

Just my thoughts

I can see what you mean, but equally all of those you mention would get a job/contract somewhere if SUFC went bust. Nothing particularly to lose in sticking around until the end.

 

[annie1954]

Why does TL need to be in the country?

So the sale is happening and the new guys have made a good impression on all , they have had meetings with the management , players and TL to the point where it’s gone far beyond what was expected .
Funds have been made available to pay off some debts and wages and players have been sign subject to the announcement.
However TL is not in the country right now and the expectation is for the takeover announcement to be later next week rather than Tuesday

Reading your post you must have heard similar to me the midnight oil was burning late on Friday and a great deal of work was achieved it has been said for a few weeks the deal might not happen before the 3rd and it now seems that way so we keep everything crossed for next week

 

[Cricko]

 

[Medway Blue]

RM has been playing a game of Brinkmanship and get away with it for so long there really are limited options.

I think a CVA could be ordered by the court but doubt that would happen there was an opportunity to propose one some while ago , which I think would have been a good option in the overall scheme of things but …..

There are four possible outcomes from here:

1) WUO paid / creditors withdraw and dismissed.
2) Adjourned
3) Insolvency
4) Administration


Only 1) will possibly lead to the Embargo being lifted and then it’s not a given. HMRC debt within the WUO is one thing but debt outside has to be the subject of a TTP agreement. Similarly any football creditor debt will be a factor .

If there are still sums outstanding under the WUP unless it was guaranteed that an adjournment would be granted then the call will be RMs

Whilst it’s clear things are moving on it sounds still a mountain of work to be done and who knows what side of the bed the judge will get out of. Once the judge has made the call too late of that call isn’t an adjournment

Insovency is still a real possibility. HMRC almost certainly won’t be agreeing to anything if RM is calling the shots and to be honest would you blame them.

But the key indicator will be Tuesday and if N Power still get and possibly execute the warrant then it’s almost a given that they, NPower will have not been satisfied, agreed to a TTP. My guess would be that they probably are looking for a huge payment on account and extremely large payments

If it were a pre - pack the process could be accelerated but I am far from sure RM has left himself enough time to apply for Administration.


“

Appointment​

The first step is to appoint an Administrator. Directors of the company can appoint an administrator- in this situation, a court order isn’t required and the appropriate forms are simply completed and submitted to Court. If the company has secured creditors holding the benefit of floating charges, 5 days’ notice of the administration must be served.”

Indeed. Its so fluid and there has always been an ebb and flow to the situation, but my reading is that number 1 is marginally leading the way as it stands, but that is hugely subject to change on a day-to-day basis.

If the additional HMRC arrears beyond the live petition are not paid or subject to a TTP agreement then the embargo will stay in place. That wouldn't be a great start to the new era, and I think the coaching team are under the impression that the embargo will be lifted.

We spoke to an Insolvency Practitioner the other day to get some advice. He explained the difference between CVA and Admin and said CVA would have been the best route but the admin side of it takes several weeks, so he felt it was too late to do that and that Administration would be the likely route.

You'd think it would need to be applied for tomorrow at the latest if that were to be the way forward.

 

[Shrimperjohn]

So the sale is happening and the new guys have made a good impression on all , they have had meetings with the management , players and TL to the point where it’s gone far beyond what was expected .
Funds have been made available to pay off some debts and wages and players have been sign subject to the announcement.
However TL is not in the country right now and the expectation is for the takeover announcement to be later next week rather than Tuesday

Erm that’s no good then when the court hearings are Tuesday and Wednesday .. ?

 

[JD]

Erm that’s no good then when the court hearings are Tuesday and Wednesday .. ?

It’s fine if HMRC and the other petitioners (under the WUP) are paid off in full (unlikely), or if HMRC are paid in full and the other petitioners agree to a payment plan and step down from the petition (more likely).

 

[Jon h]

So the best hope we have is the other creditors agree to a payment plan, then we pay the winding up order. then agree a time to pay agreement with the rest of the money owed to hmrc, then a sale goes through not to long after.

 

[JD]

So the best hope we have is the other creditors agree to a payment plan, then we pay the winding up order. then agree a time to pay agreement with the rest of the money owed to hmrc, then a sale goes through not to long after.

To remove the embargo ALL HMRC debt, and ALL football creditors have to be bang up to date. We cannot be behind on any payments if we want to be able to sign players.
so it all goes hand in hand.

 

[Holy Joe]

We spoke to an Insolvency Practitioner the other day to get some advice. He explained the difference between CVA and Admin and said CVA would have been the best route but the admin side of it takes several weeks, so he felt it was too late to do that and that Administration would be the likely route.

Is it possible Ron has been working on the CVA paperwork for a while and its all ready to go - or is it time after an application that is needed?

 

[Floval Flyer]

Got this ear worm in my head at the moment…

It really really could happen!

 

[Tinks]

View attachment 29139

I read that this morning and thought it was a really good article

 

[Bearded Shrimper]

given our situation, get the winding up petition sorted. if the umbongo has to wait, it must wait. just make sure we still exist come Thursday

 

[Mr Browns Ghost]

If it were a pre - pack the process could be accelerated but I am far from sure RM has left himself enough time to apply for Administration.


“

Appointment​

The first step is to appoint an Administrator. Directors of the company can appoint an administrator- in this situation, a court order isn’t required and the appropriate forms are simply completed and submitted to Court. If the company has secured creditors holding the benefit of floating charges, 5 days’ notice of the administration must be served.”

I’m under the impression Ron has appointed an administrator ( as a precaution I assume)

 

[annie1954]

I’m under the impression Ron has appointed an administrator ( as a precaution I assume)

does that mean possible 10 point deduction if this happens ??

 

[Mr Browns Ghost]

Only if we went into administration I thought it was more than 10 points im not suggesting we are going into administration, I just believe he had appointed an administrator