Tuesday - a vital day

Not only have we got a vital game with Peterborough where nothing less than 3 points will be good enough but the financial position of the club will need to have been sorted or we may have to go into administration on that day to stop us being wound up the next day just like Palace did.

I don't understand how we are going to have the money to pay the Revenue by Wednesday.

The land deal with the Council needs to be ratified by EGM before getting the final go ahead. That EGM is not due to take place until later this month so I can't see how we can get the money from the Council by Wednesday.

The general feeling is that having been pissed about by Ridsdale previously ( we know how they feel) the Revenue will not agree to anything other than full repayment of the amount they are owed. Where is this money suddenly going to appear from?

If has been suggested on this board the money is not there and the club are banking all on the Revenue agreeing a further partial repayment scheme then the club cannot go beyond Tuesday without a formal agreement with the Revenue in case they lose the case on Wednesday ( which they surely would do), leaving the club wound up.

Are the club now hoping that the land deal in itself will persuade the Revenue to back down or has there suddenly appeared a large sum of money to pay off the debt. Even after this land deal nowhere has there been any suggestion that the club are in a position to settle the tax liability by Wednesday of next week.

Can anyone enlighten a confused and worried city fan?

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

We will see if Borley is a man of his word

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

We will see if Borley is a man of his word

Yes it really is D Day This week and It is going to go down to the wire, but Borley seems confident, I am 40% Confident it will be Sorted in time.

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

We will see if Borley is a man of his word

I have no doubt he is an honourable fella. Does he have £2.7 million? There has been talk of trying to negotiate with the Revenue, however we apparently failed to meet a previous payment plan with them. If that is true, having had experience with the Revenue as a Company Secretary myself in the past I would be amazed if they were willing to accept anything but payment in full, especially as they have lost their preferential creditor status in the event of insolvency.

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

We will see if Borley is a man of his word

I have no doubt he is an honourable fella. Does he have £2.7 million? There has been talk of trying to negotiate with the Revenue, however we apparently failed to meet a previous payment plan with them. If that is true, having had experience with the Revenue as a Company Secretary myself in the past I would be amazed if they were willing to accept anything but payment in full, especially as they have lost their preferential creditor status in the vent of insolvency.

My point is he said he wouldn't let us go into administration .

Not long to wait now. Things are coming to a head.

It should be an interesting week anyway!

Why has the land deal got to be ratified by the EGM.When PLC companies sell land i.e Swalec I dont recall them having an EGM
to ratiefy such deals
This board makes things up as it goes.
e.g Ledley having his op on the NHS. along

Paul guy as the secured credior could do a ken bates

http://news.bbc.co.uk/1/hi/business/6292746.stm

according to this info a secured creditor would need to put us into adminstration.That would be PMG.
HRMC HAVE LOST THEIR SECURED CREDITOR STATUS.

http://customs.hmrc.gov.uk/channelsPort ... e=document

I don't profess to have any inside knowledge but I concur with what you say and so Tuesday/Wednesday are going to be vital to our clubs future. Allegedly It's a game of Russian Roulette between Ridsdale in one corner and Borley and Guy in the other - who blinks first? not long to wait we will soon find out.

We will see if Borley is a man of his word

Yes it really is D Day This week and It is going to go down to the wire, but Borley seems confident, I am 40% Confident it will be Sorted in time.

ONLY 40%

Thats what i was thinking Tom, doesn`t look good does it?

according to this info a secured creditor would need to put us into adminstration.That would be PMG.
HRMC HAVE LOST THEIR SECURED CREDITOR STATUS.

http://customs.hmrc.gov.uk/channelsPort ... e=document

PMG have securities over just about everything at the club which includes the players, stadium, fixtures/fittings, Premier Club and 'debentures'

Now what falls under 'debentures' is quite a lot, but it would include advanced season ticket sales. Just think for a moment, if our £3m is sat in a bank account somewhere and we enter administration on Wednesday guess who would have first calls on that cash?

i wouldnt worry tax man being nice to every company in the world at the moment since the goverment fooked everything up they will take a deal if there is a sniff of getting paid up