SUFC: The Future SUFC up for sale

[Hadleigh-shrimper]

Prove it, if your “friend” is telling the truth or stirring the pot

Chill out mate. I have put what I was told maybe right maybe wrong hence me asking what the people more itk been told . Very aggressive reply helps no one

 

[danbowen]

Not sure if this is posted anywhere else but can anyone shed any light on what this means and how it went?

 

[Jmayhew32]

Not sure if this is posted anywhere else but can anyone shed any light on what this means and how it went?

Detail on this is on the winding up petition thread - essentially an application to have assets unfrozen from what I understand, but don't know enough about it to say for definite

 

[Callum]

I can feel a bad feeling about this if this sale collapse good night Southend Utd

 

[TrevorFitzpatrickHattrick]

Detail on this is on the winding up petition thread - essentially an application to have assets unfrozen from what I understand, but don't know enough about it to say for definite

It's exactly that. There's a good chance that SUFC's business bank accounts (with RBS?) were frozen shortly after the WUP became public knowledge. The bank does this to protect themselves from liability, though accounts can be "unfrozen" if the claimant successfully obtains a validation order.

The club will need to provide evidence to enable a positive outcome which could include cashflow projections, documentation detailing any securities/assets/liabilities and colour around any transactions that need validation (like wages for example). I'm not sure if any detailed information regarding a future takeover would suffice (maybe yes, maybe no).

 

[stewart]

It's exactly that. There's a good chance that SUFC's business bank accounts (with RBS?) were frozen shortly after the WUP became public knowledge. The bank does this to protect themselves from liability, though accounts can be "unfrozen" if the claimant successfully obtains a validation order.

The club will need to provide evidence to enable a positive outcome which could include cashflow projections, documentation detailing any securities/assets/liabilities and colour around any transactions that need validation (like wages for example). I'm not sure if any detailed information regarding a future takeover would suffice (maybe yes, maybe no).

Interesting , i think it means something is in the air, for sure negotiations are progressing i would guess. I wouldnt know ,just summising

 

[kentblues]

So what CP reported was mis information then, thats where i got the info from

No, in CPs case a misunderstanding (if that as he was the messenger). I hold him in high regard. On the companies house register new charges appeared. An assumption was made (prior to CP reporting) that this was new debt. CP was not the originator. In fact it was simply applying charges to existing debt.

Of course Ron could have put it be bed straight away by answering, but then he would have had to address the other questions...so...

 

[TrevorFitzpatrickHattrick]

Interesting , i think it means something is in the air, for sure negotiations are progressing i would guess. I wouldnt know ,just summising

I would guess that the club is closer to the edge than ever before and this is yet another sticking plaster to try and keep SUFC alive until a sale is concluded. The fact Ron has left it so late to appeal and re-secure access to accounts in order to pay the players at the club's accountants (to keep us in the NL) is very worrying indeed.

 

[Spaceman Spiff]

It’s looking like this is a crucial week, for good or ill.

I can’t see how all the salaries, HMRC and others can be paid without external funding - and as for the accounts, well they can probably be submitted but what nasties are in there that we don’t know about? There must be a reason for their lateness beyond simple incompetence.

The NL seem to be digging hard to find out the full picture ahead of a decision on our membership of the league.

Whatever happens, I think we will be quite a bit clearer on what the future holds by 5pm this Friday.

 

[Callum]

I would guess that the club is closer to the edge than ever before and this is yet another sticking plaster to try and keep SUFC alive until a sale is concluded. The fact Ron has left it so late to unfreeze accounts to pay the players at the club's accountants (to keep us in the NL) is very worrying indeed.

From reading one post the takeover could collapse someone put don’t know if that’s true or not

 

[TrevorFitzpatrickHattrick]

From reading one post the takeover could collapse someone put don’t know if that’s true or not

The club's barrister stated that the players are the club's only "asset" and that access to the club's banking was required essentially to pay them and stop them leaving. I think this has more to do just keeping the club afloat to allow negotiations to continue...

 

[kentblues]

Not sure if this is posted anywhere else but can anyone shed any light on what this means and how it went?

Very interesting. A validation order is normally a request to the court to allow certain essential business transactions to be made - normally I think if for example a company's bank account had been frozen. Such a reason would be payroll.

 

[fredheim_holm]

From the Independent article on the WUP thread, this bit is relevant here:

Ms Stonefrost apologised for the lateness of the club’s court application, saying management was “very occupied with putting the sale together”, including it being “marketed in America”.

I'm hoping that the "marketed in America" bit is over now and is in reference to the past couple of months, if Ron's still holding out hope for a new buyer to emerge we're well and truly screwed.

 

[kentblues]

It’s looking like this is a crucial week, for good or ill.

I can’t see how all the salaries, HMRC and others can be paid without external funding - and as for the accounts, well they can probably be submitted but what nasties are in there that we don’t know about? There must be a reason for their lateness beyond simple incompetence.

The NL seem to be digging hard to find out the full picture ahead of a decision on our membership of the league.

Whatever happens, I think we will be quite a bit clearer on what the future holds by 5pm this Friday.

Sorry I missed this. The NL are digging hard? Have they announced something or is there a post on this?

 

[fredheim_holm]

Sorry I missed this. The NL are digging hard? Have they announced something or is there a post on this?

See the WUP thread and this article referenced within it for details.

 

[Spaceman Spiff]

Sorry I missed this. The NL are digging hard? Have they announced something or is there a post on this?

It’s their deadline that we submit two years worth of late accounts today isn’t it? And their deadline (currently) that HMRC, Uncle Tom Cobbleigh and all are paid by the end of the day this Friday? That was what I thought I understood and what I was referring to.

 

[kentblues]

I would guess that the club is closer to the edge than ever before and this is yet another sticking plaster to try and keep SUFC alive until a sale is concluded. The fact Ron has left it so late to appeal and re-secure access to accounts in order to pay the players at the club's accountants (to keep us in the NL) is very worrying indeed.

Or maybe the clubs banking facilities weren't frozen (I don't think it is always the case) and the bank has just done so. We don't run an overdraft I believe so probably, if so, the bank is being nervous and wanting the comfort of a validation order to continue offering the facility. Guessing but it would fit the facts.

 

[Shrimper]

Is Close of Business 5pm?

 

[kentblues]

It’s their deadline that we submit two years worth of late accounts today isn’t it? And their deadline (currently) that HMRC, Uncle Tom Cobbleigh and all are paid by the end of the day this Friday? That was what I thought I understood and what I was referring to.

Not heard this. Does it come from NL, ITK or SM?

 

[dusterman]

Not heard this. Does it come from NL, ITK or SM?

The news article from the Independent.