Monday's Winding Up Orders

[Muzzle]

DAILY CAUSE LIST

BANKRUPTCY & COMPANIES COURT

COURT 5

FIRST FLOOR

THE ROLLS BUILDING

Before

MR REGISTRAR JONES

MONDAY 22nd FEBRUARY 2016

ROBED

At 10:30am
CR-2015-009322 Bolton Wanderers Football & Athletic Company Limited (The)
CR-2016-000003 Ipswich Town Football Club Company Limited

What are Ipswich in for?

 

[KevinMcallister]

Ipswich owe the Tractor Association of Suffolk (or TAS) for 16 Tractors

 

[Veggie Legs]

I have no idea what that's about, can't find any info.

 

[Muzzle]

https://www.justice.gov.uk/courts/court-lists/list-companies-winding-up

 

[Tom_ITFC]

And the mystery of our hidden owner goes on..

 

[PrestonCha]

I'm looking forward to the mother of all piss ups on March 12th......Bolton better not go bust, the inconsiderate twats.

 

[Rammy]

A week where Forest haven't been given one?

 

[Ciderup]

A week where Forest haven't been given one?

There are 4 more days Rammy!
Best of luck to the Trotters for tomorrow.

That Ipswich one is a strange one. What's going on there?

 

[Veggie Legs]

"[Ipswich Town] Managing director Ian Milne says a winding up order which appears on a Ministry of Justice list relates to a debt which was paid before Christmas."

I guess that's nothing to worry about, we'll see if anything more comes of it later.

 

[M Dogg]

A week where Forest haven't been given one?

We are beginning to resemble a legitimate operation.

Fawaz hasn't abused anyone in a while (though he laughed at someone being bald on twitter recently), our manager has been in charge for a massive THIRTEEN months and doesn't appear to be in any immediate danger of the chop, whilst results are generally on an upward trajectory. New contracts handed to Cohen and Burke, with Vaughan's extension about to kick in, whilst a couple of bigger earners will be let go in the summer. Embargo should be lifted and we should be in for a good season next year.

It's the best it's been for a while.

 

[T.A]

Bolton given 2 extra weeks.

 

[JJH]

Bolton given 2 extra weeks.

Two weeks for what? Have they not sorted their new owner then?

 

[T.A]

It's all getting checked by the football league. Hence the 2 weeks

However...

HMRC wasn't happy with witness statement as new owner funding didn't match BWFC outstanding debt & asked for immediate wind up order
HMRC stated that £7.5M not enough to cover agreed outstanding debts & said club insoluble

HMRC brought up the 'Emerson Group' sale p-ointing out that it didn't actually take place and that car parks not sold. Bit weird that one

Judge was explicit in court that ALL secured and unsecured debt, in particular HMRC must be paid off with sale or club will be wound up.

Judge concerned with Witness
Statement being vague over unsecured creditors and HMRC not debt not being settled.

 

[Walkley_Owl]

Insolvent not insoluble

 

[Tom_ITFC]

So ours was issued by HMRC but was settled a month ago.

I don't know which is more alarming; that the debt was THAT late that it warranted a winding up order from HMRC or that our MD tried to cover it up by calling HMRC a "service provider".

 

[mossypne]

As long as bolton don't go under before 12th March i'll be happy.

 

[T.A]

They won't go under. The takeover deal will go through as long as the rest of the tax bill is paid as well.

 

[TomPNE94]

Yet another adjournment for Bolton. Third time now. Judge has said this is the last time. 14 days to get FL Approval or bye bye Bolton.

 

[roversfan2001]

I wish they'd hurry up and decide so I can go there...not wasting a trip ticking them off my list for them to go under.

 

[TomPNE94]

I'd prefer them not to be liquidated obviously but I can't say I'd be too fussed if they were. Utterly piss poor running of the club while they were in the Prem and the fans didn't care until they got relegated and lost all the money for being in the Prem. Also, would be karma for when Gartside tried to get rid of relegation.

 

[roversfan2001]

I'd prefer them not to be liquidated obviously but I can't say I'd be too fussed if they were. Utterly piss poor running of the club while they were in the Prem and the fans didn't care until they got relegated and lost all the money for being in the Prem. Also, would be karma for when Gartside tried to get rid of relegation.

You'll be saying different if they beat you - all the teams around you will lose more points

 

[JJH]

Judge bottled it and gave 'em another 14 days apparently, seems the tax collectors have a strong case.

Worrying times.

 

[Super_horns]

What happened to that take over Dean Holdsworth was leading?

 

[T.A]

Someone has to pay the tax bill and neither side are budging at the moment I believe.

 

[TomPNE94]

What happened to that take over Dean Holdsworth was leading?

Have a read through this, quite interesting!

http://lionofviennasuite.sbnation.com/

 

[Rammy]

Forest are due in again next week. Fawaz will no doubt pay it the day before, keep getting the extra interest and continue getting away with doing so.

http://www.nottinghampost.com/Notti...visit-unpaid/story-28869545-detail/story.html

 

[Muzzle]

and the fans didn't care until they got relegated

What a load of crap, there was nowt we could do about it and the club kept saying don't worry we are tightening our belts, we always have one eye on relegation etc etc. The club have been far from transparent

 

[TomPNE94]

What a load of crap, there was nowt we could do about it and the club kept saying don't worry we are tightening our belts, we always have one eye on relegation etc etc. The club have been far from transparent

Fair enough, but from the outside looking in, it appears that everything was fine until it all went tits up on the field.

 

[Kim Mitten]

Judge bottled it and gave 'em another 14 days apparently, seems the tax collectors have a strong case.

Worrying times.

Judge didn't bottle it, not when they are in the middle of a possible takeover. £7.5M + just being wiped off the public purse if he winds them up is a bit of a risk as it's clear the takeover is real and HMRC has a chance of being paid back, not like they are in the dock for £200K.
I will be interested to see what happens if the parties that be can't agree to a payment plan, or full payment, this is by far the largest public tax debt a football club has owed and if they do go under and the government lose such a sum maybe we will finally see the ridiculous loophole clubs have that HMRC is not a primary creditor closed.

 

[Muzzle]

Fair enough, but from the outside looking in, it appears that everything was fine until it all went tits up on the field.

Sorry Tom, a slight overreaction from me there....not really, we always queried these losses that got reported but were pacified with mistruths and to ne honest, we over performed most of the seasons we were up there, the board at any club is never really the fans friend, and the errors that were made in the prem were shown up to be unmitigated disasters when we couldn't regain promotion. It will only get worse, and Holdsworth group are a bunch of venture capital people, they only invest when they know they will get a good return on their money over a certain amount of time. We still have assets worth approximately £40m IIF you ignore the football side of things) as we own lots of prime retail land, so i can see where this is going