Echo News Southend United given go-ahead to pay £300,000 to football creditors

[damien]

How’s that then ?

Why else would he bother. A little belief can go a long way sometimes. We will be in the play off spots come November MBG.

 

[Maidstone Shrimper]

I don't quite get this. The court has allowed money to be released from our accounts - which means there is money in our accounts. I'd have thought that if a court was releasing money, they'd prioritise HMRC (who have petitioned against us)?

The reason for going to the specialist court was to get special permission to release funds to pay football creditors ahead of HMRC. Up until today's court appearance it would have been as you said ... HMRC would have taken priority.

 

[ColinMorrisWalksOnWater]

At last a bit of positivity, all dropping into place to be able to start the season. l am hopeful of some positive news by this time next week now, more than l was before this news.

 

[nick12]

I genuinely thought we were done and I was finished with football as there is absolutely no way I could ever support another team but this seems like a glimmer of hope at least and I can sleep tonight.

RM you sure have a lot to answer for and I hope you are telling us (or the court) the truth for once when you say "it's nearly over" what an f'd up mess you have created, badly run doesn't even begin to cover it and yet you still somehow believe you have done the best by the club and the supporters, how on earth do you justify that arrogant belief?

If you had sold 3 years ago you could have left with a shred of respect and dignity and maybe sold a league club, now every football supporter, owners and boards of directors in England and probably beyond that have anything to do with the beautiful game know your name and what you have done and some are even generously donating money to pay your staff, hang your head in shame and get out of our club...

 

[Linda Loan Shark]

Where did we find £300k from?

I never thought I would say this but i am so glad we can start the non league season now. Proves the deadline must have been this week otherwise we would have waited to pay.

 

[Mr Browns Ghost]

So the money has been released he could have paid them yesterday but alas he didn’t bother why would you ? Three can all wait 72 hours until Monday

 

[bigmolt]

So the money has been released he could have paid them yesterday but alas he didn’t bother why would you ? Three can all wait 72 hours until Monday

I hear he is off in his helicopter this afternoon to the Curragh in Ireland. Allegedly he owns a share in a horse called Blue Stocking. It’s running in the Irish oaks at 3.45pm. He’s apparently having the £300,000 on it to win @5/1. Then he will pay staff on Monday evening!!!!
#MartinOut

 

[Jasrod]

So the money has been released he could have paid them yesterday but alas he didn’t bother why would you ? Three can all wait 72 hours until Monday

If the decision was made on Friday I believe that a payroll would then submit a BACS file which instructs payment to be made normally the next working day which would mean Monday. There is an option for a faster payment method, same day, but there would be an additional cost for that.

 

[cerbera45]

Surely this is the logical way forward.

HMRC need SUFC to survive to get paid, for the club to survive we need to maintain our League presence, need to retain the players. So paying creditors will facilitate this process…

Next steps?

Lift the embargo, meaning the club is a sustainable (as possible) asset. This will drive a potential sale, but in the interim the squad need to be strengthened.

Hopefully so common sense will prevail, the club is sold. Salary’s are are then the responsibility of the new owners, potentially back dated.

Stumbling block is the value of the club and what goes with it? RH? B&L? FF development? Surely the former two must form part of the transfer of assets?

Mind boggling

with Ron Martin? ;-)

 

[Boreham Blue]

Would be good if any on here connected to staff know if they've been told when they will be paid and when they actually have.

 

[rlb999]

The reason for going to the specialist court was to get special permission to release funds to pay football creditors ahead of HMRC. Up until today's court appearance it would have been as you said ... HMRC would have taken priority.

So have staff not been paid because HMRC are seen as the priority?

 

[Strykr]

Im missing a trick here. someone enlighten me,

1. Our accounts were frozen due to not paying people, how do you pay people if your accounts are frozen?

2. there is in excess of 300k waitingg to pay people but we have to get permission to do it?

3. 300k shelled out and loyal employees arent the ones paid?

 

[ColinMorrisWalksOnWater]

Very simplisticly, Being under a WUP, accounts are frozen to protect funds for the petitioners of the WUP.

HMRC take priority, so a case has to be made in a specialist court to unfreeze the account to use funds appropriately for fellow creditor's, ahead of HMRC.

 

[Blue Yonder]

It’s a bit difficult to follow some of this. Special permission required to pay salaries ? HMRC ahead of wages payments ? Hard to believe but you learn every day.

 

[Strykr]

it suggests theres loads of money in the frozen account. that cant be right surely?

 

[Strykr]

Very simplisticly, Being under a WUP, accounts are frozen to protect funds for the petitioners of the WUP.

HMRC take priority, so a case has to be made in a specialist court to unfreeze the account to use funds appropriately for fellow creditor's, ahead of HMRC.

so essentially, HMRC takes precedence over any other creditor including unpaid loyal employees?

If there is this mythical frozen account with X amount in, cant they seize it rather then freeze it?

 

[bigmolt]

I hear he is off in his helicopter this afternoon to the Curragh in Ireland. Allegedly he owns a share in a horse called Blue Stocking. It’s running in the Irish oaks at 3.45pm. He’s apparently having the £300,000 on it to win @5/1. Then he will pay staff on Monday evening!!!!
#MartinOut

 

[bigmolt]

Oh well let’s hope he took the 5/1 and backed it each way!!!!
#MartinOut

 

[Jai]

it suggests theres loads of money in the frozen account. that cant be right surely?

It's possible someone put some money in. Perhaps someone who was expecting someone else to pay it for him but eventually had to yield or see a club kicked out of its league.

 

[Kat_r]

So have staff not been paid because HMRC are seen as the priority?

Staff need to be paid to start the season.

Hmrc for embargo

Bl will be getting an email if wages aren’t paid