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Sale of Southend United to Justin Rees and his consortium

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Firestorm said:
Ron could still go for administration , he must apply to the court for the winding up petition to be adjourned before it can consider whether an administration order would be in the best interests of the creditors and the petitioner. I don't know if the current adjournment will count though.
www.aabrs.com

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.
www.aabrs.com www.aabrs.com

However once a winding up order is issued by the court then there is no turning back and its receivership and curtains.

Dont rule out a RM pre pack administration just yet
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Ok we are getting into re “what if territory” here but if a WUO is made it can be appealed against although the only grounds I could think of that may sway things would be paying all creditors and not just those included in the petition.

As I said don’t rule out anything in terms of how the WUO plays out but you can be 100% assured that short of SUFC being wound up or paid every single £ owed to them HMRC will object to any type of rescue attempt launched by RM.

The charges taken out in March by RM over the clubs assets ( what there is left of them ) smacks of a creditor trying to ensure preferential treatment but it’s the non compliance with a company’s statutory obligations such as filing accounts, having AGMs etc etc that all point to a delinquent Company entity and as the judge was 100% correct when he stated that if it wasn’t a football club he would have issued the WUO.

The problem in all this is the clock is ticking incredibly quickly 7 days in and … well nothing other than the inevitable 10 point deduction.

So 35 days left and a lot of hoops still to be jumped through based on what we know ( and that’s not much ) it seems that any application to suspend the WUO would be laughed out of court without any objections being made from HMRC.

I know the Torquay poster was WUM and I know that most supporters at every club feels for Shrimpers the contempt that RM has shown to everyone from players and other employees , to supporters. From the league to HMRC. From suppliers to supporters is it really any surprise that at some point the final deadline has been set?
 
Has anyone heard any comments from Anna firth as to how their meeting went with the Aussie guy at Bromley? Just wondered if they are fully confident in him buying the club or are there doubts about him
 
Not sure about anyone else but I'm at the end of my tether with the rumours and false hope. Whenever anything has looked nearly done or close to going through, RM has a real knack for snatching defeat from the jaws of victory. The optimist in me says something has to happen purely based on the backlash he will receive as a result etc but the realist in me says he'll let us die and use the land he owns to develop property. One way or another just want this whole ordeal over with.
 
Paddypel said:
Not sure about anyone else but I'm at the end of my tether with the rumours and false hope. Whenever anything has looked nearly done or close to going through, RM has a real knack for snatching defeat from the jaws of victory. The optimist in me says something has to happen purely based on the backlash he will receive as a result etc but the realist in me says he'll let us die and use the land he owns to develop property. One way or another just want this whole ordeal over with.
Click to expand...


If he doesn’t cough up tomorrow it probably will be all over but I think many share your concerns and worries.
 
According to designs for Roots Hall by CZWG there would be 502 bright shiny homes. I guess that number could be added to the current plans for FF if no stadium is built. What's that in sales terms, £150-200m plus? I expect RM can take an immediate knock or two with that kind of carrot dangling. Question is, why has he held on so long, spending more and more dosh when he could have shut us down yonks ago and got on with the house building project? SBC will be having orgasms over the prospect of more houses and not give a fig about the club
 
Barling Magna said:
Well on the face of it nothing. But on the other hand would the airport bother to work with the club unless they were confident it would still exist in a couple of months time? Although they may well have been smooth talked by Ronald the Unready of course......
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Airport doesn't really lose anything if the club goes apart from what is agreed under the partnership, which seems like SUFC will promote SEN and vice versa.

Not a huge element of risk in taking up such a deal/agreement. Forgive me if I'm sceptical, but I don't think this is a sign of anything other than a great commercial team at the club securing another deal.
 
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