What if HMRC say we want our money now?

what do you think the club will do? assuming Borley isnt back with waving a cheque?

what do you think the club will do? assuming Borley isnt back with waving a cheque?

Go for an Administration Order.

We'll cry, go for administration, HMRC will say no, we'll be wound up, and it'll all be the Riddler's fault. (Pessimism)

what do you think the club will do? assuming Borley isnt back with waving a cheque?

Go for an Administration Order.

lets hope Borley pulls this off then.

what do you think the club will do? assuming Borley isnt back with waving a cheque?

Go for an Administration Order.

lets hope Borley pulls this off then.

I very much doubt the Malaysians are giving money, talks probably more about the aftermath of a CVA / administration. It's fiolly to go there asking for money what 3 days before the event!

Go for an Administration Order.

lets hope Borley pulls this off then.

I very much doubt the Malaysians are giving money, talks probably more about the aftermath of a CVA / administration. It's fiolly to go there asking for money what 3 days before the event!

I belive if he doesnt comeback with some sort of cash injection then players wont get paid end of March.We will be very much up the creak.

why would the Malaysians put good money after bad?

Pay to tide club over, debts remain or get club far cheaper after CVA / administration.

I'd assume the Malaysians would prefer administration rather than a CVA - to remove Ridsdale.

There won't be money. I think the club has the money somewhere, they're just being very reluctant with it because the directors would rather it be in their back pockets.

If HMRC wants the money now, which I doubt they will, we will go into administration for sure.

Surely if there was a problem satisfying HMRC tomorrow, we would already be in admin as of today? I appreciate "appeasing" them for now is only delaying the inevitable, but to me it looks like they have a stay of execution, clinging to the hope the Malaysians, or anyone else for that matter, are stupid enough to save them. To my mind it is a forlorn hope and the sooner we go into admin and start the recovery process, the better and I do not say that lightly as I appreciate the severity of admin.

Whilst there is some hope of full payment HMRC will hold off. Their responsibility is obtain as large a proportion of the monies owed as possible. If they wind up the club or the club opts for Administration then they face only recovering a fraction of their money.

One thing is for sure, if they do wind us up tomorrow then the situation is even worse than we think, it's not something they do lightly. If they hold off then that would seem to indicate that there is a possibility of money arriving from somewhere which would be a positive sign.

It seems the smart money is on part payment and around a 2 week deferal. If anything bad was likely to happen tomorrow, we would already know today. If it is deferred as seems likely, the pressure will increase tenfold. To my mind, I fail to see how we can ride this out and is just a case of HMRC eeking what they can out of the club, ie part payment tomorrow, after which I would be amazed if there was any money in the pot for them (or anyone for that matter) hence HMRC taking no prisoners. It will then be up to the club to enter admin, CVA, or be liquidated. To my crude knowledge of how a CVA & admin works, under a CVA the board would still be in control, which I would suggest is very dangerous for us, or under admin they would not be in control and could be released from their contracts with no pay-off. Please correct me if I'm wrong on that as not 100%, but that is my understanding and why I would rather take our chances in admin rather than give these incompetent fools more rope with which to hang our club, not themselves of course.

Whilst there is some hope of full payment HMRC will hold off. Their responsibility is obtain as large a proportion of the monies owed as possible. If they wind up the club or the club opts for Administration then they face only recovering a fraction of their money.

One thing is for sure, if they do wind us up tomorrow then the situation is even worse than we think, it's not something they do lightly. If they hold off then that would seem to indicate that there is a possibility of money arriving from somewhere which would be a positive sign.

HMRC have been getting more aggressive of late, especially with football clubs. With our recent history with them, reports of large numbers of creditors, HMRC would have to weigh up the prospect of a percentage vs our board's word they'd be paid in full.

If a company cannot meet its short term liabilities and creditors it is technically insolvent.

That is the bottom line in all this. CCFC is insolvent but only preventing the final nail in the coffin by telling creditors they'll be sorted when we get promotion. (Cannot believe they fall for that one!) I think they will offer a sum to HMRC and just enough to keep the wolf from the door, but that will literally be the pot emptied. March's wages still have to be paid and we accrue a £600k bill for NI etc each and every month.

Lets face it the immediate radical solution is to have large scale redundancies across the club and huge cuts in salaries. But will turkeys vote for Christmas? Will they f*ck!

This is my belief. I think HMRC will demand all the monies outstanding, whatever that may be, if that is not forthcoming they will likely ask for a current statement of affairs to determine if we are insolvent as they did with Portsmouth. The court will likely order an adjournment for the club to provide that current statement of affairs. This will give us time to negotiate a deal with the Malaysians. If that doesn't work out and we are deemed to be insolvent in the eyes of the court, HMRC will probably go ahead with the winding up order but we will likely beat them to it by going into voluntary admin and step in the Malaysians or some other mystery buyer, who will get us for beans .