' Aston Villa Winding Up Order? '

Aston Villa suspend chief executive Keith Wyness amid reported threat of winding-up order over missed tax payment
The club’s owner and chairman Tony Xia has assumed Wyness’s responsibilities

The Independent

05/06/18

Aston Villa have suspended their chief executive Keith Wyness amid reports that the club have been told they will be served a winding-up order by HMRC should they not rectify a missed tax payment within the next week.

Villa, who lost to Fulham in the Championship play-off final at Wembley last month, missed a tax payment, according to Sky News city editor Mark Kleinman.

He tweeted: “Exclusive: Aston Villa Football Club suspends CEO Keith Wyness less than a fortnight after Championship play-off final defeat and amid suggestions that HMRC has served a winding-up order against Villa, one of England’s oldest professional football clubs, for missing tax payment.


Aston Villa left counting the cost of failed promotion bid


“Some more clarity on Aston Villa FC situation: the club missed a tax payment last Friday, and has been given a period (which I understand to be a week) by HMRC to make the payment or face a winding-up order.”

The club’s owner and chairman Tony Xia has assumed Wyness’s responsibilities, and Villa have said they will not comment further.

HMRC has been contacted for comment.

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Let's all laugh at AV3

again

Great season.

Bet AV4 is livid lol joke of a club

Not that I like to see clubs in trouble but sometimes they all need to come down a peg or 2. Villa are certainly one of those teams. If they went up they would have thrown millions into it so in some ways its good to have another club being brought back down to reality.

They haven't said how much but on sky sports stated villa wanted to pay by instalments!

Big bid coming in from a yank to buy the club apparently.

As much as some of there fans are right up their own arses it’s still
Not nice to seee a great club like villa going threw this tbh.. maybe another case of th FA letting some idiot buy a football club who they shouldn’t have let in.. I hope they pull through tbh for their fans sake

If you read the article carefully , there is no winding up order and not even a winding up petition as yet against the club or its parent company Recon Group Limited (see my detailed post on Mike Morris`board- feel free to copy and paste it on here if you like) but just a risk that such action may well follow in the near future if a debt due to HMRC is not cleared. I understand that it will be cleared before such further action takes place.


My understanding is that the delay in filing the accounts is due to agreeing the technical treatment of an item in the accounts with the auditors and nothing to do with any financial difficulties

Keith


Aston Villa are though in financial difficulties - again see my full post elsewhere.

Keith

They haven't said how much but on sky sports stated villa wanted to pay by instalments!

Read somewhere it is £4m to £6m.

They haven't said how much but on sky sports stated villa wanted to pay by instalments!

Read somewhere it is £4m to £6m.

Yes plus 8m in wages plus other debts if Ssn are to be believed tonight!!

If you read the article carefully , there is no winding up order and not even a winding up petition as yet against the club or its parent company Recon Group Limited (see my detailed post on Mike Morris`board- feel free to copy and paste it on here if you like) but just a risk that such action may well follow in the near future if a debt due to HMRC is not cleared. I understand that it will be cleared before such further action takes place.


My understanding is that the delay in filing the accounts is due to agreeing the technical treatment of an item in the accounts with the auditors and nothing to do with any financial difficulties

Keith


Aston Villa are though in financial difficulties - again see my full post elsewhere.

Keith

Just to clarify the position , which is mentioned in several threads on a number of football messageboards.

There is NO winding up order against Aston Villa or its parent company Recon Group UK Ltd.
A winding up order is a court decision which places a company into liquidation and follows a (formal legally drafted) petition by a creditor who is owed money by a company.

Searches of the London Gazette , which is a paper where all petitions made have to be published , shows no petition lodged against either Aston Villa FC or Recon Group Ltd.

I think the media have referred to the risk of HMRC taking the above actions (as they are entitled to over an unpaid debt ) rather than such action has taken place yet. The reference to the money having to be paid within a week may have been leaked from within the club but is likely to be in relation to correspondence from HMRC pointing out that they will start proceedings if the debt due isn`t cleared by a certain date. HMRC may also have got a Statutory Demand out which is a formal legal notice giving the club 21 days to pay an undisputed debt (hence a specific date referral?) failing which they can proceed to the next stage of a winding up petition.

With regard to Aston Villa`s financial position in general , they undoubtedly have problems.

The accounts of Recon Group Limited show a huge loss of £81.2m in the year to 31 May 2016 , even after making a profit on player sales of £34.8m. In my opinion this is astounding as they were in the Premier League that season with all the income that enjoyed (total income was £108.8m). In the year to 31 May 2017 a further , but much reduced, loss of £14.5m after player sales profits of £26.6m was incurred (income was down to £73.8m). Because of their wages structure and continued reduced income levels , I expect their 2018 accounts to show a further loss.

The 2017 accounts also reveal that between 31 May 2017 and 12 February 2018 (the date the accounts were signed off by the board) the club sold players for £22.4m and bought players for £2.9m. In a similar period the previous year they had sold players for £21.0m and bought players for £60.5m.

Sky Sports News understands Aston Villa have reached an agreement with the tax authorities to stave off the immediate threat of administration.

We’ve been told HMRC are content with an arrangement whereby the club pays £1.2m by the end of this week - around half of the money it owes in unpaid tax - after an immediate payment of £500,000 was made earlier today.

As a result, HMRC has shelved its plans to issue legal proceedings against Villa, via a winding up order in the High Court.

Certainly no gloating from me on this - sad to see a big club like Villa in such a mess.

Reminds me of the state we were in at the end of Sam's reign. It's not nice.

Sky Sports News understands Aston Villa have reached an agreement with the tax authorities to stave off the immediate threat of administration.

We’ve been told HMRC are content with an arrangement whereby the club pays £1.2m by the end of this week - around half of the money it owes in unpaid tax - after an immediate payment of £500,000 was made earlier today.

As a result, HMRC has shelved its plans to issue legal proceedings against Villa, via a winding up order in the High Court.

That may get the PAYE due on the 19th May settled. The problem is the next payment is due on the 19th June. Big gamble gone very badly wrong. They simply couldn't afford not to go up this year.

They need to get the riddler in

Let's all laugh at AV3

bye bye av4 mind the gap

Rochdale board for you soon