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Guest Sheff Owl
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I read no such thing into the Co-op's statement.

I am not sure that having the bank onside would carry much weight with the Inland Revenue anyhow - they want payment by the date stated, its as simple as that.

Edited by Spookone
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Guest aj_owl

It's great where building a community club.........that can't pay it's debts and tax.

Hasn't harmed Leeds, Southampton and this year Crystal Palace.

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Even if we don't enter admin now - then what? Next year, the year after that? I guess club 9 will really want to get in now just in case Admin does occur in the near future which would leave the club open to all kinds of competition from all kinds of bidders looking to get it on the cheap - and as a result many more unsavory of course (always the danger with admin). Suddenly £3m from C9 is looking very attractive - and honestly its not bad considering its equity into a 3rd tier club ridden with debt. When can we stop saying that all these people trying to buy us aren't good enough for the club? I mean the current regime aren't good enough (in my view) yet they've had years and years on the board unlike anyone else. What have we got to lose anymore? I can only see that we've got everything to gain given that any change in ownership will mean getting rid of this old regime once of for all. I know a lot of fans that are very happy with this mornings news - simply because it offers the best chance of change in a long long time.

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It is, but the bank have got the most to lose if it all goes boobies up. Surely they're going to get involved.

How much money do we currently owe the bank?? I'd say they're involved already. How much money will they keep letting us borrow?

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Guest oliver666

How much money do we currently owe the bank?? I'd say they're involved already. How much money will they keep letting us borrow?

20m I understand.

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Am I missing something here?

Didn't the Co-op recently extend our borrowings by £3m (to an accompanying fanfare from the club and local media), or was this to cover/legitimise an existing, unauthorised liability?

Perhaps we wouldn't be talking about High Court petitions if the cash was sitting in the account to pay off our HMRC bill.

Edited by Wise_Owl
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Am I missing something here?

Didn't the Co-op recently extend our borrowings by £3m (to an accompanying fanfare from the club and local media), or was this to cover/legitimise an existing, unauthorised liability?

Perhaps we wouldn't be talking about High Court petitions if the cash was sitting in the account to pay off our HMRC bill.

I so wish I could say more about this but if I do I may get into trouble.

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This is a winding up PETITION not a winding up ORDER......

An order has to be granted by the High Court for the club to be wound up and these are only granted in extreme cases......it's only when the winding up ORDER is granted do bank accounts and assets etc get frozen :excl:

says 'ORDER' on official statement !!!

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all i know is that any business model that includes weeing of HMRC purposely is a very risky model and doomed to fail

SWFC will now be firmly under the HMRC magnifying glass for years to come

another very negative thing that will scare off any investors

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says 'ORDER' on official statement !!!

It says the HMRC have presented a winding up order, which means they have petitioned the High Court to issue a winding up order. This petition is what will be heard on the 11th.

HMRC cannot issue winding up orders.

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