HMRC Winding up petition/order

[Delboy]

Tax is monthly in arrears , could be we have paid the old outstanding , other would be paid later in this month!

[Winston Biscuit]

Twitter folk outraged that we have only paid half the tax bill right now, while also not knowing why its been paid like that and when the other half will be paid

[South Coast Royal]

I wish as part of “sell before we Dai” campaign someone could organise a crowd fund to help the football club. I would happily pay £500.00.

Save it until you need it for buying. Dai will just piss it up the wall.

Yes, odd that a business that is clearly struggling with cash flow can afford to splash out on a week in Spain (presumably for warm weather training) when ironically the weather here has been little different and where we have a state of the art training facility.

It's not as if it can be a bonding exercise to integrate new players, we haven't got any.

[blythspartan]

I think it’s been mentioned on here before but someone is tweeting that Dai can no longer get money out of China.

I guess if that’s the case he’ll be looking for a new buyer/investment or we go into administration. Probably more crap to come before it gets better.

[Elm Park Kid]

I think it’s been mentioned on here before but someone is tweeting that Dai can no longer get money out of China.

I guess if that’s the case he’ll be looking for a new buyer/investment or we go into administration. Probably more crap to come before it gets better.

Occam's razor - the simplest answer is often the correct one. When a club owned by a billionaire isn't playing it's bills on time then the simplest reason is that the owner is now unwilling or unable to do so. Despite relegation, I can't see why Dai would choose to stop putting in sums of money that are relatively small to him. So, it more likely the latter.

[Orion1871]

Strange given he got £6m out of China very recently.

[Elm Park Kid]

Strange given he got £6m out of China very recently.

He issued himself £6m of shares. Unless i missed something, it's not known whether he paid for them or wrote off £6m of debt to him.

The latter might have been used to get round FFP rules that say that deficits have to be funded from owner investment, rather than debt.

[blythspartan]

If Dai is unable to move money from China anymore then we won’t be signing Walcott or Knibbs. I was told a while ago not to get too excited about any new signings and that looks to be the case. I think Walcott will most probably go to a team in the Championship. Also, given the lack of communication from the club how could anyone possibly know whether either player has agreed to join us.

[Lower West]

Strange given he got £6m out of China very recently.

Sold a property in Australia a few months ago. Not all his money, nor his sisters for that matter, will be held in China.

[From Despair To Where?]

His sister also has British citizenship. Don't know if that would make it any easier to get money out of China.

[Lower West]

His sister also has British citizenship. Don't know if that would make it any easier to get money out of China.

China Dili Group's shares have been suspended since the end of last October. Around the turn of the year external forensic accountants were appointed to investigate £132 million of loans obtained by subsidiary companies within the group. Been no public announcements since. Though Dai was personally named as one of the parties involved in obtaining the loans. The longer this drags on, the greater my feeling is that this is fraudulent activity. Dai's apparent lack of inactivity is down to deep mire he's created for himself. The worry obviously is how this then unwinds in what is most likely a complex web of international corporate transactional activity. With a British football club the least of anyone's concerns back in China,

[blythspartan]

I can see this all going like it did for Bolton and Pompey a few years ago. We’ll be sending out kids to get battered each week possibly picking up the odd win or draw.

[tmesis]

I can see this all going like it did for Bolton and Pompey a few years ago. We’ll be sending out kids to get battered each week possibly picking up the odd win or draw.

If we have 7000 season tickets sold, you'd think we'd be getting at least 8000 to each game, which ought to give us a better budget than quite a few League One clubs, even without any extra money from Dai.

[Royal_jimmy]

We should get 10k+ crowds but we still will struggle as we have a lot of costs like stadium rent to Renhe Commercial Holdings and funding the academy. Other clubs won't have those liabilities that we do.

[Franchise FC]

Tax is monthly in arrears , could be we have paid the old outstanding , other would be paid later in this month!

Depends on which tax
PAYE/NI … following month
VAT … quarterly in following month, but with large payers rules
Corporation tax … not really relevant, is it ?

[Stranded]

BBC Man Lewis Coombes reports that the Winding Up hearing set for 9th August @ 10.30am.

As I understand it, even if we have paid the whole amount the hearing has to occur once the petition has been served, anyone know differently?

Question would be, if we pay are we free to trade from that moment or only once the petition is dismissed? If the latter, we are royally screwed.

[Snowflake Royal]

That seems unlikely... I thought legal functions were skewed heavily to reaching settlements without having to go through the full process.

[Stranded]

That seems unlikely... I thought legal functions were skewed heavily to reaching settlements without having to go through the full process.

Everything I have read suggests the formal process is as follows:

Petition filed for by creditor
Company issues a response which may be payment in full, or via agreed plan.
Court hearing has to occur for court to review the petition and the company response. If the court then grants the petition based on the facts presented, it becomes an order.

A petition is the course of last resort to get payment so is only used if absolutely necessary, the nature of the petition means it has to go to court to be cleared even if the company pays up and as other creditors could also support the petition - so in theory, we could reach agreement with HMRC but be wound up as another creditor sees it as the only way to get paid.

[windermereROYAL]

BBC Man Lewis Coombes reports that the Winding Up hearing set for 9th August @ 10.30am.

As I understand it, even if we have paid the whole amount the hearing has to occur once the petition has been served, anyone know differently?

Question would be, if we pay are we free to trade from that moment or only once the petition is dismissed? If the latter, we are royally screwed.

And they have approached the club for a comment without success, no surprise there.

[RoyalBlue]

That seems unlikely... I thought legal functions were skewed heavily to reaching settlements without having to go through the full process.

Everything I have read suggests the formal process is as follows:

Petition filed for by creditor
Company issues a response which may be payment in full, or via agreed plan.
Court hearing has to occur for court to review the petition and the company response. If the court then grants the petition based on the facts presented, it becomes an order.

A petition is the course of last resort to get payment so is only used if absolutely necessary, the nature of the petition means it has to go to court to be cleared even if the company pays up and as other creditors could also support the petition - so in theory, we could reach agreement with HMRC but be wound up as another creditor sees it as the only way to get paid.

The law isn't quite that big an ass. A winding up petition can be withdrawn by the petitioner (in this case HMRC) with the permission of the court.

https://windinguppetitionsolicitors.co.uk/withdrawing-a-winding-up-petition/#:~:text=How%20to%20withdraw%20a%20winding,the%20permission%20of%20the%20court.