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Worcester winding up order |
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Red over White
World Cup Winner Otley Joined: 22 May 2007 Location: Baildon Status: Offline Points: 340 |
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As you say, how long would you be prepared to wait for a debt to be settled. One assumes that over the year the debt was coming down, so one marvels at what it might have been when the agreement was first made. Or it could be they weren't paying new liabilities as they arose, so the overall debt wasn't coming down as fast as HMRC would have expected. Who knows. |
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castleparknight
World Cup Winner Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 2975 |
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R&O I suspect you are right - worrying times for the fans.
Bet nothing happens before the season starts, at which point a points deduction etc etc is applied but as no relegation what will happen? I suspect we won’t see a London Welsh (although justified), could a two season penalty be applied?
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Onward and Upwards C'mon Donny!
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FHLH
World Cup Winner Cambridge Joined: 19 Apr 2009 Location: Cambridge Status: Offline Points: 5256 |
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I see that the Sports Council have a charge over the company assrts
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"My father told me big men fall just as quick as little ones, if you put a sword through their hearts."
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Runitback
World Cup Winner Joined: 22 Sep 2014 Location: North Status: Offline Points: 1210 |
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Its quite amazing the Premiership allows clubs to consistently to make huge losses but then wont approve a hugely well backed club, Ealing, into its league as it does not have enough seats but has a business plan that will increase capacity as its success grows!!! Farce . .
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Run with it
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Count Ford
World Cup Winner Joined: 20 May 2017 Location: WA4 Status: Offline Points: 412 |
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Just saw an article about a proposed exemption to the salary cap to potentially allow players leaving Worcester to join other clubs. Seems very suspect legally without a new agreement and shows Worcester really are in dire straits
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dropout22
World Cup Winner Joined: 03 Jul 2017 Location: UK Status: Offline Points: 516 |
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Makes a mess of the whole salary cap and of the league if 1 or even 2 premiership sides go bust this season.... |
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islander
World Cup Winner Joined: 17 Mar 2010 Location: jersey Status: Offline Points: 7355 |
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TRP reports on Wuss and Wasps today, nothing much new. Also mention of 'at least 2 more clubs, one at the North + another in the SW, who are being looked at very closely' [by HMRC]
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Robb
World Cup Winner Joined: 24 Jan 2017 Location: South East Status: Offline Points: 1484 |
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https://www.bbc.co.uk/sport/rugby-union/62630861
Reading this does not look good. Looks like the directors might be asset stripping before administration by the fact their other companies are now magically buying up Worcester's money making assets like the car park.
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4150 |
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Exactly my thoughts when I read the piece in the BBC just now. Strip the income-generating assets, increase the rent to the Rugby Club, force it into administration, pay creditors a small proportion of what they are owed and restart with no debt. Isn't that how it goes? Except that HMRC may have cottoned on and, hopefully, the RFU won't allow it. Not holding my breath over the latter .....
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4150 |
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One For The Ditch
British and Irish Lion Joined: 13 Jul 2018 Location: Newport Status: Offline Points: 231 |
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Looking at Companies House these individuals have formed a number of companies in the past that have then been subject to compulsory strike-off. Of those that continue to trade, with a few exceptions, they have been subject to late submission of accounts and confirmation statements. Read into this what you may.........
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castleparknight
World Cup Winner Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 2975 |
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As someone pointed out on Twitter this clause came into effect for the 2022/23 season is it backwards compatible? And as a chunk of this debt arose pre-pandemic what is the excuse then?
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Onward and Upwards C'mon Donny!
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4150 |
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To be frank it is how a lot of entrepreneurs operate these days. Just read Private Eye's coverage of the Pandemic Profits.
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One For The Ditch
British and Irish Lion Joined: 13 Jul 2018 Location: Newport Status: Offline Points: 231 |
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I suggest that in this case they think that they are entrepreneurs......pair of rogues more like!
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Robb
World Cup Winner Joined: 24 Jan 2017 Location: South East Status: Offline Points: 1484 |
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If a layman like you and me can see it, then no doubt HMRC can see it too. The problem is what can the RFU do about it? Worcester are an individual club who just hold membership, its not like the American franchises where the league can directly intervene if the people running it are doing something shady with the inner workings. And as for HMRc, if they flog off all the assets before going into administration, do the administrators have any jurisdiction over that which was sold ex post facto?
Edited by Robb - 22 Aug 2022 at 14:07 |
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Pistacio
World Cup Winner Joined: 01 Aug 2013 Location: London/Lisbon Status: Offline Points: 312 |
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i keep getting a message saying the article has been taken down?
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KnightsBoy
World Cup Winner Joined: 31 Oct 2010 Location: Doncaster Status: Offline Points: 2731 |
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https://www.bbc.co.uk/sport/rugby-union/62630861
Edited by KnightsBoy - 22 Aug 2022 at 18:01 |
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KnightsBoy
World Cup Winner Joined: 31 Oct 2010 Location: Doncaster Status: Offline Points: 2731 |
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It's still available on the BBC, linking working
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11150 |
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The link has a trailing %20 - this is a space. Trim that off and it finds the correct page |
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Sweeney Delenda Est
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Pistacio
World Cup Winner Joined: 01 Aug 2013 Location: London/Lisbon Status: Offline Points: 312 |
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thank you
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