From the KM about the meeting last night

[Pagey]

Originally Posted By: thespursfan

sticking my nose in, I know but the revenue could close a company and pursue the directors, or shareholders for the money, assuming margate is a ltd co.

No they cant, thats the point of being a ltd company

[Jeff Hamnett TSF]

you can, to the extent of your investment, and if youve been trading without hope of achieving solvency beyond that too.

[Wellsie]

If memory servs me correctly, liability is limited to the value of the shares. So assuming all the shares are paid for, then individuals are in the clear.

[Pagey]

its very rare for a director to be held personally responsible. But here is some info for those that are interested ( so at least MM then

 

Your duties as a company director

If you have decided to incorporate your business the chances are that you will have appointed yourself a director of the company. In simple terms, your duty as a director is to ensure the company is well run. Part of that involves making sure that the company remains solvent.

There is a legal test for solvency of a company, namely:

1. The company is able to pay its debts as they fall due in the normal course of its business; and

2. The company

[TonyM]

Originally Posted By: Frankie100

What you mean tearing it down when he thought he could force the councils hand then bugga off when it did not work.


Should have changed his name to Jimmy!!!!!!!!!!!

Your right in what you say Frankie,IMO the name parmentor will go down in MFC history..as SLIME.

[Rick the Dick]

Quote:

The law says that directors can be personally liable where they allow their business to trade in circumstances which could create a substantial risk of serious loss to its creditors (otherwise known as reckless trading) or if directors enter into obligations which the director believes the company will not be able to perform

.

So the word "substantial" refers to the size of the risk, not the size of the potential loss?

The risk of the money not being available, eventually, seems quite small from what I've read? So it would seem acceptance of a CVA by HMRC would be a more responsible course of action than persuing the Directors, I'd have thought.

[StuyRandall]

Originally Posted By: Frankie100

Margate set for points deduction
"A few years ago, when we travelled away under our ground share arrangement,we racked up a

[vic pain lives!]

the 650000 is to help pay the wages and run the club,nothing to do with the inland revenue.

[StuyRandall]

oh yeah! i should have known that! lol...

thanks vic

[Jeff Hamnett TSF]

i should clarify i am not suggesting anyone's done anything naughty, illegal or immoral at margate fc.

 

 

please remember when you search the internet for answers you might find its not current uk law being quoted.

 

 

 

[margateshot]

This is all very depressing, and unable to attend last nights meeting, it is hard to judge the mood. However lets look at the positives and maybe there is hope. If this goes before a judge there are a number of things to consider. Firstly

[Iris's Tea Hut]

Ha ha! I wondered how long, Frankie....

[michael]

Great post MS.

 

Like yourself-having discovered that the 'only' creditor is HRMC (which still astounds me)with the facts as you present; unless they are purely looking to make an example of a football club;HRMC have nothing to losae and everything to gain bt gving a 4-6 month extention.

I would expect the MFC solicitors to be able to negotiate that through unless there are other factors we are unaware of;so i'm feeling pretty chippa about it all this morning.

 

Just the small issue of 10 point deduction to overcome then-over to you then Mr Yorath.

Be my hero

 

Up the 'Gate

[Sonny1]

Having recently read the latest government legislation it would appear the the HMRC can not wind up a company without first giving them a "reasonable" amount of time to pay off the debt, this is generally 6 months.

[BlueGate Alan]

Thanks for that Sonny, I hope that is right then.

[michael]

Agree-but when does it start from.

There may be an arguement that we have already had 3 years !!

 

Still feeling optimistic about things today though regardless

[Paul H]

Well I suppose I agree with Margateshot's post and reading that the Piper family will put in 65k makes me possibly see KP in a slightly different light. However being in this position again is unacceptable. What makes it worse for me is that I've just bought Setanta and have just got it working. Who is on? Crawley v Ebbsfleet. A constant reminder of the demise of MFC whilst watching Conference football on TV.

[Number6]

I dont understand how Mr Piper says "My family have agreed to pay

[michael]

My understanding is that

[Number6]

When nobody is clear about the figures it is really difficult to put trust in anybody running the club.

 

It just seems to be one disaster after another for the last few seasons. How can such a small business as Margate FC run up such huge debts, does nobody have any financial control?