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Post by kentrebel on Sept 19, 2023 21:16:03 GMT
Reportedly owe nPower £1m for leccy, case adjourned until 3rd October which is the day before their winding up order hearing brought by HMRC and others Jesus thats shocking, why were they not cut off and more so why has the league not chucked them out. And more odly they won tonight, every time they win it feels like a big fraud I wouldn't be surprised if NPower didn't want to be seen to "kill" a football club with all the resulting publicity. Re tonight's win, SUFC had to get in a 37yr old keeper and a utility midfielder so as to have a full team after they had 2 sent off and an injured keeper against York on Saturday. Personally I can't see them surviving beyond October 4th. They have admitted debts of £2.5m at least, no assets and the judge intimated that it would be a final hearing (and that was before todays hearing was even known about)
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Post by spennyfanchris on Sept 26, 2023 17:34:09 GMT
Southend United have had their appeal against a 10-point deduction rejected. The club was docked points in August after failing to clear an HM Revenue & Customs debt before a deadline imposed by the National League. Southend, who were founded in 1906, felt the punishment was unjust and lodged an appeal. However, the BBC understands it will stand, leaving Southend bottom of the table despite winning five of their 11 league matches so far this season. Southend are due back in the High Court on 4 October, having been warned during their last appearance that the club would be wound up if a £275,000 tax bill was not paid. Owner Ron Martin has been in talks with potential purchasers, although it is thought the timescale makes completion of a full sale highly unlikely before the court date. There has been speculation that Martin will put Southend into administration - triggering a further points deduction - if he cannot agree a deal to sell the club. Martin began negotiations with three interested parties following his announcement in March that he was putting the club up for sale. Earlier this month, two bids from a consortium involving Australian businessman Justin Rees were rejected. "We remain open to continued negotiations with Mr Martin," Rees said. "However, it now seems unlikely that any deal can be agreed prior to the 4 October court appearance date." Meanwhile, an energy company confirmed last week that it was taking legal action against Southend over unpaid bills. Article Here - www.bbc.co.uk/sport/football/66923011
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Post by jaguars on Sept 26, 2023 22:06:46 GMT
Southend United have had their appeal against a 10-point deduction rejected. The club was docked points in August after failing to clear an HM Revenue & Customs debt before a deadline imposed by the National League. Southend, who were founded in 1906, felt the punishment was unjust and lodged an appeal. However, the BBC understands it will stand, leaving Southend bottom of the table despite winning five of their 11 league matches so far this season. Southend are due back in the High Court on 4 October, having been warned during their last appearance that the club would be wound up if a £275,000 tax bill was not paid. Owner Ron Martin has been in talks with potential purchasers, although it is thought the timescale makes completion of a full sale highly unlikely before the court date. There has been speculation that Martin will put Southend into administration - triggering a further points deduction - if he cannot agree a deal to sell the club. Martin began negotiations with three interested parties following his announcement in March that he was putting the club up for sale. Earlier this month, two bids from a consortium involving Australian businessman Justin Rees were rejected. "We remain open to continued negotiations with Mr Martin," Rees said. "However, it now seems unlikely that any deal can be agreed prior to the 4 October court appearance date." Meanwhile, an energy company confirmed last week that it was taking legal action against Southend over unpaid bills. Article Here - www.bbc.co.uk/sport/football/66923011Sadly, can't see them surviving now. There needs to be a way of saving clubs from owners who run their clubs down like this.
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Post by sikirk on Sept 27, 2023 5:43:51 GMT
Southend United have had their appeal against a 10-point deduction rejected. The club was docked points in August after failing to clear an HM Revenue & Customs debt before a deadline imposed by the National League. Southend, who were founded in 1906, felt the punishment was unjust and lodged an appeal. However, the BBC understands it will stand, leaving Southend bottom of the table despite winning five of their 11 league matches so far this season. Southend are due back in the High Court on 4 October, having been warned during their last appearance that the club would be wound up if a £275,000 tax bill was not paid. Owner Ron Martin has been in talks with potential purchasers, although it is thought the timescale makes completion of a full sale highly unlikely before the court date. There has been speculation that Martin will put Southend into administration - triggering a further points deduction - if he cannot agree a deal to sell the club. Martin began negotiations with three interested parties following his announcement in March that he was putting the club up for sale. Earlier this month, two bids from a consortium involving Australian businessman Justin Rees were rejected. "We remain open to continued negotiations with Mr Martin," Rees said. "However, it now seems unlikely that any deal can be agreed prior to the 4 October court appearance date." Meanwhile, an energy company confirmed last week that it was taking legal action against Southend over unpaid bills. Article Here - www.bbc.co.uk/sport/football/66923011Sadly, can't see them surviving now. There needs to be a way of saving clubs from owners who run their clubs down like this. Never say never, the club have survived numerous winding up petitions before im sure the chairman has something up his sleeve
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Post by jaguars on Sept 28, 2023 23:27:06 GMT
youtu.be/jfV6iTSAAqA?si=4WJdmSae76tlCoVq here's a LWT news bulletin from 1988, there's a short item where Southend were refused planning permission for a new 12,000 capacity ground, would've been funded by selling Roots HALL. Artist impression looked quite smart.
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Post by kentrebel on Sept 29, 2023 0:14:20 GMT
There' a lot of positivity on the Shrimpers Zone forum but I can only see another 10 pt deduction on the horizon as there are so many legal and financial steps to resolve. There's also the small matter of the "Fit and Proper" test and that can take months in itself
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Post by spennyfanchris on Oct 3, 2023 12:08:55 GMT
National League crisis club Southend United are close to being rescued. The Shrimpers are due to face a winding-up petition in the High Court on Wednesday, having been warned by the judge that he will put them out of business if their debts are not paid. However, BBC Sport understands the consortium led by Australian businessman Justin Rees is increasingly optimistic of completing a deal that would be greeted with euphoria by fans, who have campaigned for owner Ron Martin's removal. Talks are continuing with creditors and while a chance of administration remains, an announcement could come later on Tuesday. It was felt Martin was ready to put Southend into administration to avoid the club being wound up, even though that would incur a second hefty points deduction. Southend have already been docked 10 points for failing to clear an estimated £275,000 of tax debts, and their appeal against that deduction was rejected last week. They sit second from bottom of the National League table, despite winning five and drawing three of their 13 matches this season. Article Here - www.bbc.co.uk/sport/football/66992758
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Post by spennyfanchris on Oct 4, 2023 11:34:46 GMT
We can confirm that an agreement for the sale of the Club has been reached with a consortium led by Justin Rees. Everyone is working towards a completion date of 1 November 2023, that is when the consortium will formally take control of the Club. The collaborative approach to agreeing this deal would not have been possible without the support of creditors and the assistance from the Leader of Southend City Council. We recognise that this has been a stressful time for all associated with the Club. We would like to thank our staff for their incredible loyalty and also thank all our stakeholders for their patience. Statement Here - www.southendunited.co.uk/news/2023/october/03/club-statement--sale-of-the-club/
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Post by spennyfanchris on Oct 4, 2023 11:35:33 GMT
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Post by spennyfanchris on Dec 28, 2023 15:58:32 GMT
The National League can today confirm Southend United’s long-standing transfer embargo has been lifted. The club have been unable to sign new players since September 2022 with a consortium headed by Australian Justin Rees now poised to take over. Parallel discussions with the National League and HMRC have taken place over Christmas, reaching a satisfactory conclusion. Mark Ives, General Manager of the Vanarama National League, confirms that the club are now free to sign players. He said: “The embargo, which has been in place for around 16 months, has now been lifted following the significant developments that has satisfied both HMRC and the National League. “We are pleased that the positive work has enabled the club to move forward following a difficult period for Southend United, its staff and of course supporters.” www.thenationalleague.org.uk/national-league-statement-on-southend-united-79683
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Post by sikirk on Dec 28, 2023 16:04:15 GMT
Excellent news for southend, manager deserves a medal
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Post by kentrebel on Jun 24, 2024 19:31:41 GMT
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Post by sikirk on Jun 25, 2024 4:26:39 GMT
We’ve been here before where the winding up petition is deemed the final one and its been adjourned. This has gone on way too long now and clubs have been wound up over far less money and ejected from the league for far less. The bond could well be the tipping point, whos going to pay that
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Post by kentrebel on Jun 25, 2024 18:13:15 GMT
We’ve been here before where the winding up petition is deemed the final one and its been adjourned. This has gone on way too long now and clubs have been wound up over far less money and ejected from the league for far less. The bond could well be the tipping point, whos going to pay that It has got a bit more positive today. The main petitioner for the WUP has said they have come to an arrangement with SUFC and the consortium trying to buy the club say they are going ahead without waiting for the guarantees they were seeking from the current owner and the council. They're not out of the woods yet but if the takeover does happen then the bond may not be enforced. I presume the consortium will have to go through due diligence and who knows how long that may take or just how many other debts there are. Existing creditors may see what has happened and feel they should seek an order so as to get paid sooner rather than later.
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Post by kentrebel on Jul 5, 2024 20:35:03 GMT
Transfer embargo lifted by the National League tonight. Progress seems to be being made on the takeover
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