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The Derby saga part XXIV


ANDY
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1 hour ago, yeadonowl said:

Can’t see HMRC writing off such a large amount

 

Would set such a dangerous legal precedent 

Think I read somewhere maybe around the time we were in a situation like that with HMRC that they can't write it off even if they wanted to. Like you say it would set a dangerous precedent with other clubs saying if it's good enough for Derby.

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4 minutes ago, Adem Poric said:

There prospective owner, Chris Kirchner, is allegedly a billionaire. He's obviously trying to get the best deal possible but if he's serious then he will likely find a way to get the repayment delayed. 

 

 

If he is serious he will pay it. Give Morris a quid, or the club goes. 

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It’s all good and well those saying “Shut them down” but if that was the case then none of that 29M is getting paid back.

 

It’s a fine line of allowing the club to continue, whilst at the same time making sure that HMRC get back what’s owed.

 

Mel Morris is the one who should be targeted here. He’s the one responsible for this mess. He clearly had no regard of the possible consequences which, let’s never forget, would include many decent hard working folk, from ticket office staff to groundsmen being put on the dole queue, not to mention the various suppliers who have relied on the club over time.

 

Once again, it’s those for whom no blame can be attached who feel the brunt the most.

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Don’t know what the precedents are here. Maybe some of the more business savvy posters can explain, but surely if HMRC accept say 50p in the pound, then everyone will say hang on derby only paid half. Will they cause themselves a massive promble if they do?

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1 hour ago, ANDY said:

Didn’t Macclesfield go under for owing 600k to HMRC 

 

 

On 9 September 2020, the High Court granted Macclesfield a seven-day extension (effectively a 12th adjournment) to a winding-up petition over unpaid tax to give time for a possible takeover of the club by Robert Benwell (previously linked with a move to buy Bury F.C.). If the takeover – said to be at "an advanced stage" – fell through, current owner Amar Alkadhi said outstanding debts would be paid (HMRC was owed £188,721.09, with eight creditors owed £592,000).

On 16 September 2020, the High Court made a winding-up order against the club, pushing the club into liquidation. Judge Sebastian Prentis made the order after receiving no evidence relating to the club's sale or satisfactory evidence of the club's ability to pay creditors, saying "nothing gives me comfort that the club can pay its debts in a reasonable period".

The Silkmen Supporters' Trust were reported to be exploring what actions they could take to save the club, and to be seeking a meeting with the receiver. However, on 29 September 2020, the club was suspended by the National League and its first three scheduled games were postponed, pending a notice of expulsion taking effect from 12 October 2020.

The club's final match was a 2–1 victory in a friendly match at Cheshire neighbours Witton Albion on 15 September 2020.

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Is this a case of 'if you owe the bank 500 quid it's your problem, if you owe the bank 5 million quid it's their problem'. Derby owe an eye watering amount purely to HMRC, before any other creditors are involved. If they're wound up nobody gets owt do they? Or at most they get a pittance. This has the hallmarks of a precedent setting decision. 

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32 minutes ago, latemodelchild said:

Is this a case of 'if you owe the bank 500 quid it's your problem, if you owe the bank 5 million quid it's their problem'. Derby owe an eye watering amount purely to HMRC, before any other creditors are involved. If they're wound up nobody gets owt do they? Or at most they get a pittance. This has the hallmarks of a precedent setting decision. 

Suppose at the moment HMRC are owed £20m

 

If Derby get wound up they loose £20m

 

If they accept £10m then I suppose initially they loose £10m but in real terms it opens up the floodgates for every business in the land to use the Derby decision as a form of defence and therefore HMRC would loose potentially billions in the long term

 

Unfortunately for Derby most of the money appears to be due to preferential creditors, which I’d be suprised if they are negotiated down. The secured loan on the ground might be the only one they can negotiate a bit

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Derby County and connected firms owe £29m to HM Revenue and Customs.

 

Derby's six connected companies have all updated their records with Companies House, showing a combined overall total of £29.3m owed to HMRC. They also show a £20m loan received from US investment group MSD Holdings, which was already known about.

 

https://www.google.com/amp/s/www.bbc.com/sport/football/59358676.amp

Edited by helmut_rooster
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