The Serious Torquay Thread

[SaintJames]

That’s a respectable crowd for tier 6.

It is but is around the same level as the gates before so indicates a general malaise that imo doesn't bode well

 

[malcolms]

I feel there is a chance for Torquay. Assuming the owner realises he’s going to have to walk away with little or nothing, there is enough interest to be cautiously optimistic…

 

[DB9]

I feel there is a chance for Torquay. Assuming the owner realises he’s going to have to walk away with little or nothing, there is enough interest to be cautiously optimistic…

Do you reckon Malc there's the "Right" sort of interest to move them forward? Would someone come in and clear those debts (Especially when most are loans from Osborne) then buy the club, then invest what's needed to run it/stable-lies it or wait for a "fire sale"?

 

[malcolms]

Do you reckon Malc there's the "Right" sort of interest to move them forward? Would someone come in and clear those debts (Especially when most are loans from Osborne) then buy the club, then invest what's needed to run it/stable-lies it or wait for a "fire sale"?

As I said, Osborne is going to have walk away with little or nothing..600k to the bank can be managed. However, if there is HM revenue debt it might become tricky..Also depends if the council wants or can help..

 

[DB9]

As I said, Osborne is going to have walk away with little or nothing..600k to the bank can be managed. However, if there is HM revenue debt it might become tricky..Also depends if the council wants or can help..

Yep, Not sure how much the HMRC are in for, As for the Council, It seems every Council in the land is in debt themselves and need to increase Council Tax by the maximum they're allowed to, Not sure if the people of Torbay are willing or would like their increases to go to a football club, Not the best time to ask i think. Osborne imo still thinks he can get a wedge back.

 

[Mid Devon Grecian]

Yep, Not sure how much the HMRC are in for, As for the Council, It seems every Council in the land is in debt themselves and need to increase Council Tax by the maximum they're allowed to, Not sure if the people of Torbay are willing or would like their increases to go to a football club, Not the best time to ask i think. Osborne imo still thinks he can get a wedge back.

If HMRC haven’t been paid and they’re not getting any guarantees they will be, they would have issued a winding up petition by now.

 

[DB9]

If HMRC haven’t been paid and they’re not getting any guarantees they will be, they would have issued a winding up petition by now.

It might be that a HMRC bill is not due yet but is a decent size and have the club the funds to pay it?

 

[andrew p long]

If HMRC haven’t been paid and they’re not getting any guarantees they will be, they would have issued a winding up petition by now.

HMRC can't currently issue a winding up petition. That's the reason for Torquay's 'notice of intention to enter into administration' It prevents HMRC or other creditors from issuing a winding up petition or taking other enforcement action to recover the money they are owed.

That moratorium only lasts a fortnight, but can be extended by the court. Cue lots of talk about 'interested parties' 'in discussions' 'undisclosed bidders' 'close to a deal' etc enabling Osborne to play for time.

What Is A Notice Of Intention To Appoint An Administrator? (NOI) • Top Service

What is a Notice of Intention and What Does it Mean for Creditors? Due to rising inflation rates, interest rates and considerable uncertainty within the construction industry, insolvency rates have increased. Specifically within the construction industry we have seen an increase in the...

www.top-service.co.uk

.

 

[andrew p long]

It might be that a HMRC bill is not due yet but is a decent size and have the club the funds to pay it?

Future HMRC payments are a big issue. There will be continuing and regular payments due -

each month - the tax and national insurance shown on payroll, especially that 'deducted' from wages
each quarter - the VAT

Football debtors often try to misrepresent these as 'surprise' bills coming out of nowhere to their shock and dismay. In fact the amounts are calculated by the company itself on the regular (monthly and quarterly) returns also made by the company itself.

 

[Mid Devon Grecian]

HMRC can't currently issue a winding up petition. That's the reason for Torquay's 'notice of intention to enter into administration' It prevents HMRC or other creditors from issuing a winding up petition or taking other enforcement action to recover the money they are owed.

That moratorium only lasts a fortnight, but can be extended by the court. Cue lots of talk about 'interested parties' 'in discussions' 'undisclosed bidders' 'close to a deal' etc enabling Osborne to play for time.

What Is A Notice Of Intention To Appoint An Administrator? (NOI) • Top Service

What is a Notice of Intention and What Does it Mean for Creditors? Due to rising inflation rates, interest rates and considerable uncertainty within the construction industry, insolvency rates have increased. Specifically within the construction industry we have seen an increase in the...

www.top-service.co.uk

.

He’s playing games. They must have been up to date with HMRC as they don’t hang around if they’re owed money.