Margate?

[ronin]

Rumours have been going around today that they are about to wound up by the court due to non-payment of money owed to the Inland Revenue, these rumours had been laughed off earlier but it now seems there may be some truth behind it.

 

Very sad to see another club go under if true.

 

http://www.nonleague.co.uk/forums/ubbthreads.php/ubb/showflat/Number/1155861/Main/104649/#Post1155861

 

http://www.dovorian.co.uk/phpBB2/viewtopic.php?t=4519

 

 

[YELLOW]

Seems to be alot of clubs having financial difficulties at the moment. All rather sad.

[ronin]

Maybe not all doom and gloom at Margate

 

A shareholder called the Club on Saturday morning advising us that he had received a letter from the Club’s Administrators, Langley Group LLP. This letter stated that the Club was in breach of its CVA agreement and as such a petition was to be ordered for the winding up of the Company. The breach was not in relation to keeping up with the CVA payments but to a modification of the agreement requiring all future payments to HM Revenue and Customs be made on time.

 

The Directors have been representing themselves to both the Administrators and HM Revenue & Customs but have not yet reached a resolution. They are, however, hopeful that a resolution can be reached.

 

Any further developments will be announced here.

 

Up the Gate!

26 Jun 2007

http://www.margate-fc.com/

[YELLOW]

That does seem a bit more hopeful.

[ronin]

Update

We can now confirm that the petition requested by HM Revenue and Customs for the winding up of Margate Football Club Limited is in relation to late payment of PAYE contributions. Despite all amounts due being paid in full, the Revenue wish for the Club to be liquidated as payment was not received on time.

 

All monthly payments due under the CVA have been made in full and as per the agreement.

 

Our Development Partner has been informed of the above and intends to instruct lawyers to defend our position. He remains fully on board with the Club.

 

Our Chairman met with officers and members of Thanet District Council this morning to keep them abreast of the situation.

 

The Club have also contacted the Isthmian League to explain the position and they have offered their support and assistance, they have also offered to contact the FA on our behalf.

 

Two of the Clubs directors will be attending the MISA AGM tomorrow evening to answer questions concerned fans may have.

 

All further developments will be announced here.

 

Up the Gate!

27 Jun 2007

http://www.margate-fc.com/

[YELLOW]

The Inland Revenue really are a bunch of pricks. What does it matter if they didn't pay the money on time? As long as they pay the money that is all that matters.

 

Bureaucracy gone mad!!

[ronin]

There has been a few cases recently were the IR have been taken for a ride by football clubs and i believe their policy now is to get what`s owed no matter what.

[Eastside Urchin]

they won't wind margate up because they were late.They will make it hard for them and probably spend tax payers money doing so but if they(margate) done it again that would be the end.

[Steph]

Hold up everyone.

 

"is in relation to late payment of PAYE contributions."

 

PAYE is not Margate's money. It is money deducted from their employees pay packet. It is totally irresponsible for any employer to pay PAYE payments late and Margate should be fined accordingly.

 

 

[Eastside Urchin]

ZZZZZZZZZZZzzzzz

[ronin]

Nothing to do with Margate but the Inland Revenue are after more money from Leeds Utd.

 

HM Revenue to challenge Leeds Utd

 

Ken Bates' proposed buyback of Leeds United is to be challenged by HM Revenue & Customs, the BBC has learned.

The announcement comes a day after the news that the administrators at the football club had persuaded Mr Bates to raise his offer to creditors.

 

Mr Bates is now offering creditors 8p in the pound instead of his initial proposal of just a penny.

 

Leeds went into administration on 4 May, before Mr Bates won backing to buy it back on 4 June.

 

The club has debts of £35m.

 

http://news.bbc.co.uk/1/hi/business/6266508.stm