I'd imagine we could have found the money to pay that debt (or at least enough of it to keep IR happy) if we'd have needed to, but with the new debt that had 'appeared' it gave us the excuse to go into Administration. I think we've have had debt to IR for years, which i suspect we have been paying off in installments. I'd imagine they would only issue a winding up order if we were not being helpful in talking to them about how we'd pay it. IR got their fingers burned a bit with football when Exeter won a court challenge that football debts were preferential to other debts, so i think they are quite reluctant to force clubs into administration as they may well not get anything. Matt Mark Humphries <[EMAIL PROTECTED]> wrote: Harvey seems rather insistent that the Inland Revenue were about to issue a winding up order. And that also shows that it doesnt matter how much debt there is, any of your creditors at any time can issue a winding up order, the IR were going to do it over 'just' a £5mil debt.
You go into administration precisely to protect your business from such an action if you want your business to continue, if left to a winding up order everything would be sold off to pay the creditors and there would be no business/club left. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Simon Hart Sent: 09 May 2007 23:04 To: 'John Boocock'; [email protected] Subject: Re: [LU] 32 Million My A*rse Hmmm, anybody would think the debt had been manufactured in order to take us in to admin. Did I say that out loud? Si. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of John Boocock Sent: 09 May 2007 22:32 To: [email protected] Subject: [LU] 32 Million My A*rse And just in case you are worrying about 32 million pounds worth of debt: here's what Ken The Truth Bates said in September 2006 in his programme notes: =============================================================== So, at the end of the Kevin Blackwell era, where are we? A lot has been achieved since 2004. Of our 24 strong squad (excluding 2 goalkeepers who dont count for this calculation) 16 are under 30, some are very young. The Academy is one of the best in the country (Chelsea can testify to that). We have greatly reduced our costs and improved the efficiency of the Clubs administration, we have taken the programme and Leeds Leeds Leeds back in house. We now run our official website and have our own Radio Station, the Merchandising has improved both in quality and choice which reflects in our increased sales and we have successfully launched Leeds Members Club. We have spent nearly £5m on the Stadium which was falling apart and greatly improved facilities for fans. At 30th September our old debt will have been reduced to £6.581m as detailed below and we are owed money from Chelsea for stealing Woods and Taiwo. Next season our wage bill will halve. We have achieved a great deal and have much to be proud of. £m PAYE/VAT 3.2 Ex Players 2.61 £5.81m Surely administration should never have been on the cards or do improvement, efficiency and achievement mean something else to a tax exile? Betty _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..." _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..." _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..." _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..."
