Can I just stop to say thanks to anyone who has posted threads like this. i.e. A simple, informative, un-opinionated detail of what's been going on and any obvious open questions that this whole affair may throw up. RickD and Betty have both posted a couple of these over the past few days and they are very much appreciated (By me anyway). Further more, I'd also apologise to Rick for my bit of schoolyard namecalling last week but that arose because there are people who know more about this than most, and yes reading up on the issue is fairly key, but I think occasionaly there is an air of piousness that needs to be nipped in the bud. There are people (and I include myself here) who aren't as close to the internal wranglings but do try and keep a hold on them, sometimes we (certainly I) simply don't understand some of the technicalities of the whole affair! All it needs is some simple pointers and we are all better for it IMHO and in a better position to argu ... sorry debate :-) I'd also be a bit cautious of Redbus and Franks, but that's probably because of what we've had to go through over the last 6 years or so and I for one am wary of any company or individual who arrives on a wave of good publicity as I don't trust any of them anymore!!
Toodle Pip StigOfTheSlightlySavvierDUmp > Sean Emmott wrote: > ================== >> Before the HMRC winding up order, Astor contacted the club's directors >> saying they would wind up the club unless they gave them a secured share >> in the club. >> >> The directors did this at the same time as telling HMRC they needed a >> holiday from the £200,000 a month payments to them. > > Sean I think the time line is more like this: > > In March Leeds United missed a payment to HMRC. Leeds United have said > that they were in negotiation with HMRC about this. > > On April 4th it is recorded on a document lodged with Companies House (a > form 395) that a charge was created over Leeds United assets in favour > of Astor Investments. This form is signed by solicitors Walker Morris > and dated 4th April 2007. This decison would have to be agreed by a > meeting of the directors of the company. > > A second payment to HMRC was missed by Leeds United which on or around > the 9th of April will have resulted in HMRC writing to the club telling > them that they intended to serve a winding up petition on the 17th April. > > Nothing was forthcoming from Leeds United (they were now £400,000 in > arrears) and accordingly the writ was served in the High Court in > Bristol on the morning of the 17th. A date for a hearing was set for the > 27th of June. > > The suggestion therefore is that after failing one payment Leeds > United's assets were all placed in one pot - Astor so that in the event > of a CVA the assets and therefore the voting would be in favour of only > one creditor: Astor. > > HMRC after several years of negotiations with the various owners of > Leeds United played it by the book. Whether or not they were aware of > the debenture on the 17th of April is open to conjecture as the document > was registered at Companies house on the 18th of April and the > certificate of registration is dated 24th April 2007. > > HMRC are aware of this timeline and I wouldn't be surprised if it was a > material consideration as regards their CVA challenge. > > If directors of a company have attempted to put assets out of the reach > of (say) HMRC in these sort of circumstances I'm convinced it could be > deemed an illegal act and all those directors present and voting in > favour of this would be guilty of an offence. > > What do the lawyers and taxmen on the list (LATOTL) think? > > Betty > > > > > _______________________________________________ > the Leeds List is an unmoderated mailing list and the list administrators > accept no liability for the personal views and opinions of contributors. > Leedslist mailing list > [email protected] > http://list.zetnet.co.uk/mailman/listinfo/leedslist > Join The Leeds United Supporters Trust at www.lufctrust.org > _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org
