Leathes Prior have just confirmed that they now hold cleared funds of £53,900. there are one or two pledges which are believed to be definitely on their way and the solicitor is in discussions with two other potential lenders this afternoon and evening.
Total sum we need including HMRC legal costs is £60211.75 so we still need to find £6311.75
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YOUTH are the future
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"The worst thing you can do is make a committment and not meet it and I understand that." Barrie Hobbins 14 August 2010
So definitely no room for complacency or premature congratulations. The contributions have slowed down and time is getting short. If you've still not put your money into the account then you need to do it tomorrow. We have achieved so much in some ways but at the moment we've achieved nothing because Welling still face being wound up next week.
Any idea on the value of cheques that have not cleared? There was also £2k in the main WSU account; has this been handed over or are they waiting for the rest of the money to be raised first? We need a couple more pledges now!
Surely the revenue will give a bit of leeway even if the total number isn't raised?? I'm bringing the new generation of wings fan in my 5 year old son and couldn't just stand by and see our local team go to the wall.
I am sure that with £50,000+ on offer and a few thousand due to the club from Sunday's game HMRC would choose to take that sum and give you an extra fortnight to find the rest. They may wish to finalise arrangements for repayment of the other £20,000 as a condition of the extension. I do not believe this is not due for payment until May 2011. Better to pay off the petition debt preferably before Wednesday to avoid the court appearance altogether.
I'm sure there is quite a few people that would wish to donate smaller sums, there is still the band night, the supporters meeting on saturday and the match at luton on sunday, could the smaller amounts be collected at these and handed over on monday?
I wouldn't count on the HRMC being generous - we have had an adjournment to get the full amount. You would think that common sense would kick in and 53k is better than nothing but they may take the view that we will be in the same postion in 6 months and go for us to be wound up now.
This will be especially the case if we are behind in this year's tax. John has said above that he does not believe that this is due in May 2011. I thought it was due to be paid monthly too, but I am not expert.
Loans of less than 500 quid are being taken by Dan Chapman Don't let the amounts quoted on the loan agreement put you off. I guess in theory you could loan any amount.
The money in the Solicitors' account would be a take it or leave it opportunity for the tax man. Would £57,000 out of £80,000 be a better return than his share of the realised assets (minus the £57,000 which would have been returned to the lenders) in the case of a liquidation? I know what I'd take but then it is HMRC we are talking about.
It would be 53k from 60k - they haven't included the 20k and I don't think that they could suddenly move the goal posts at the last minute. I was only saying that if they are concerned that we are falling behind in the present year they may feel that we are not able to get ourselves in order and go for us to be wound up.
However this is very premature - we still have some days to go and let's hope we raise the money and we can progress. If we can get the case dismissed then it will mean the embargo will be lifted, we can pursue the commercial side of thing and the team can kick on.
-- Edited by chelwing on Friday 10th of December 2010 10:40:48 AM
The point I was making was that if the HMRC wound up the Club then all the assets (which would not include most of the money in the Solicitors' account) would be liquidated and the resulting sum, less the Official Receiver's expenses, shared out among all the creditors. The HMRC debt would then include the other £20,000 making £80,000 in total.
