LATEST NEWS>>>>>>>>>>RE CVA

[BlueGate Alan]

Taken from the Club website:

 

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 there 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.

 

[Ian_Sanderson]

HM Revenue and Customs, dont you just hate them, so Petty

[BlueGate Alan]

Very petty Ian, but hard to budge them.

[I am Spartacus]

Is it no wonder that I got fed up with the revenue years ago and my buisness is now registered abroad away from those faggots.

 

 

[Frankie100]

The last act as Chancellor by Gordon [****!!****] Brown.

 

God help us now he is PM

[styx45]

this all sounds pretty bad but i cant see how the IR have a leg to stand on if everything has been done correctly.hopefully they are not trying to make an example of the club

[Stokesie1]

I think there is alot more to this than meets the eye. I can't imagine IR would do this just to make an example over a supposedly lost cheque? The club must know that the post is never always on time? Surely they realise a cheque needs time to clear? I'm hoping they know when their bills have to be paid? Is it me, am i just being daft?!

But hey, like you say Cookie IR are only doing their job?!

[ooh!!bodyform]

i dont think your being daft i also think there is more to this than meets the eye too lets just hope that not too much s hit hits the fan(or fans)lol

[differentgame]

I think the IR&C have a procedure to follow as a matter of course to cover themselves, a red letter to us. Having read all the threads and posts and now Margate’s response I can not see any professional body sticking their neck out for MFC unless they where completely sure of their ground.

Although things look bad on paper I have every confidence that we will be watching football at HDP come August.

Like most, I have been watching footy at HDP on and off for many years, good and bad. We have seen many things come and go in this town. Whilst I know there is no sentiment in business Margate without football can not be allowed to happen.

I have faith!

[MFC Forever]

First post on this matter, since I have been offline since Monday when rumours first surfaced, you certainly miss a lot being absent from this forum for just a day or two!

Firstly, I cannot believe we find ourselves in this situation. I hope that things will be sorted out for the better soon and that this will not have a major effect on the playing side of the Club.

Also, once this has all been sorted I hope the club officially looks into what has gone wrong to ensure that this sort of thing cannot happen again.

[Tony_T]

So what happens if they wind up the club - they get nothing. At least they will still get paid if they leave us alone surely?

[differentgame]

That`s about it Tony T, that`s why, unless there is far more to this,we will be watching MFC at Hartsdown in...............what is it 6 weeks.

[bigtw]

The idea of the club going on a CVA in the first place was to avoid going bankrupt the way a CVA works is very similar to going bankrupt but being able to carry on the buisness with a set payment to the administrater usually monthly to satify the creditors over a set period usually 5 years. This is agreed and the dept is reduced to between 20-50% of the origanal figure so the creditors will usually get more back than sending them bankrupt straight away..

 

It is then the job of the administrate to apportion the money to the creditors at set intervals laid down by the court at the start of the CVA if any payments are late the Cva fails and you have no other option but bankruptcy if the payments were late to the administrater and inturn to the IR then they would by law cancel the CVA and ask for the company to be wound up. I don't agree with it but it looks like everyone has given them enough chances why should we as tax payers except anything other than the IR to do their job.

[Chris1]

Originally Posted By: Tony_T

So what happens if they wind up the club - they get nothing. At least they will still get paid if they leave us alone surely?

No, the taxman gets paid first as a preferential creditor. It is the other (non-preferential) creditors who would lose out.

[Pagey]

Its not the payments to the adminstrator, its the monthly PAYE Payments to the Revenue that were late

 

When a company enters a CVA it has to give an undertaking that it will make all future payments on time and not get into any further debt

 

Because the Revenue were not paid on time, they have informed the administators who therefore must end the CVA

 

It is very frustrating as in a normal CVA the creditors only get so much in the pound, the CVA for MFC was arranged so that every Creditor gets 100%

[Dutch_Mike]

More to this than meets the eye IMO. As I read it, a winding up order has been served because of ONE delayed payment (which has supposedly just gone missing in the post). Now, granted, I know very little about the Inland Revenue, but surely such a winding up order would not be issued immediately after one delayed payment; a warning would surely come first?

[Porka]

Mike, it would be nice if a warning did come first but it's all far more serious than that unfortunately. There's no warnings once in a CVA. If something is not fulfilled as laid down at the start then a winding up order has to be issued. HM Revenue & Customs set this in stone as they were peeved with clubs not abiding by terms of CVAs, so I understand.

[Gumps]

can a winding up order be recinded once it has been issued?

[michael]

As per Porka-you only get one chance.

 

The fear here is that as the HMRC have lost most recent battles with football clubs, they will be wanting a scalp to show their muscle,and as a small club we would be ideal for them to target as a threat to other clubs in similar circumstances.

 

what a f...... mess.

[Brazilian Don]

As an AFC Wimbledon supporter I would like to lend you all my support. Every post on our Guest Book has been 100% in support of Margate, its Board and specially its Supporters.

 

We all hope that this "administrative error" can be overcame and that we continue to play your Club for many years to come (of course higher up the pyramid).

 

The "administrative error" is only a joke - but a good spirited one - being that Margate was one of the only Clubs in the Ryman League to show support for our "administrative error" last season.

 

Up the Gate!!!

 

Good luck for the season and hope you follow us up to the BlueSq South.