Derby / HMRC

Discussion in 'Bulletin Board' started by Andy Mac, Dec 2, 2021.

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  1. Andy Mac

    Andy Mac Well-Known Member

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    Derby saying survival depends on HMRC writing off a TWENTY MILLION pound debt.
    Otherwise liquidation.

    Will the HMRC make WRDCFC and example, or will they crumble?
     
    Andy Mac, Dec 2, 2021
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  2. Deafening Silence

    Deafening Silence Well-Known Member

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    If they write off 20 million quid it should be another 20 point deduction. For the next 3 years.
     
    Deafening Silence, Dec 2, 2021
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  3. Father Benny Cake

    Father Benny Cake Well-Known Member

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    My local club, King’s Lynn FC, were wound up because of a £70,000 tax bill, why should WRDCFC get treated any differently?
     
    Father Benny Cake, Dec 2, 2021
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  4. pompey_red

    pompey_red Well-Known Member

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    Derby should be made to sell assets to pay. However I suspect a deal will be done, if the club liquidate HMRC get naff all so as much as they play hardball they’ll know what’s what
     
    pompey_red, Dec 2, 2021
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  5. Andy Mac

    Andy Mac Well-Known Member

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    What I always fail to understand ............ and I get that my business is tiny compared to a top football club and probably operates a different model ......... is why, if I fail to pay a quarterly VAT bill, or an annual corporation tax bill, or God-forbid my PAYE, do HMRC chase me down and threaten me with repossession, fines, directorship bans, and do so within weeks, yet a big organisation can accumulate that amount of debt over a long period of time?
    Surely there has to be a mechanism in place to prevent it getting to that point. Even a club like Bury, who would stuggle to pay a £1m debt .......... how does it even get to that stage?
     
    Andy Mac, Dec 2, 2021
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  6. ronnieGlavinsB@stardSon

    ronnieGlavinsB@stardSon Well-Known Member

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    Hector has history in these matters. Liquidation beckons.
     
    ronnieGlavinsB@stardSon, Dec 2, 2021
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  7. Andy Mac

    Andy Mac Well-Known Member

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    They reckon they have no assets to sell. Morris had already bought the ground (a la Chansiri model) and that would have easily been the biggest asset.

    Derby fans screaming at Morris to pay the bill, as he is reputedly worth half a billion, and he engineered the mess.
     
    Andy Mac, Dec 2, 2021
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  8. lk3

    lk311 Well-Known Member

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    Earlier in year, we just plain forgot to pay our quarterly VAT bill and paid it at 9am the next day(as we remembered about 11 at night).
    We got a letter through telling us we had been naughty but would let us off but if we did it again etc.
    In all our years trading we had never missed a deadline prior.

    One rule for one
     
    lk311, Dec 2, 2021
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  9. Bak

    Baka Well-Known Member

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    Hope they go bust, meh dook. The cvnts.
     
    Baka, Dec 2, 2021
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  10. Redhelen

    Redhelen Well-Known Member

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    But why should they wipe it out entirely?
     
    Redhelen, Dec 2, 2021
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  11. Mr C

    Mr C Well-Known Member

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    Yet Bury went under for £150k?
     
    Mr C, Dec 2, 2021
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  12. pompey_red

    pompey_red Well-Known Member

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    belik and Lawrence might bring in 5 million quid.
    I’m reading if a deal with HMRC is done then a 12 point penalty is imposed, dangerous ground here as a mid table club could take this option to save cash!
     
    pompey_red, Dec 2, 2021
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  13. lk3

    lk311 Well-Known Member

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    Also a pointless penalty(no pun intended), unless it goes onto next year as it won’t have an impact on Derby
     
    lk311, Dec 2, 2021
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  14. Sopwith Camel

    Sopwith Camel Well-Known Member

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    Liquidate.. no problem.

    Or why would anyone else pay a bill ever again.
     
    Sopwith Camel, Dec 2, 2021
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  15. Cod Eye

    Cod Eye Well-Known Member

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    There is a really dangerous precedent that could be set here. Any reduction is just going to give free rein for clubs who are safe from relegation(and can eat the points deduction) to use the admin process as a way to clear any debt they owe to HMRC.

    I'd have no issue if they came to an agreement of knocking off say, 10% then agreeing on a payment plan for the rest(but only if they can show HMRC that there is a clear plan in place to operate well within their own means going forward, and the HMRC have the ability to call the full balance in at any point if it looks like Derby are throwing money around again). But under no circumstances should any debt(owed to anyone really, not just HMRC) be slashed massively...
     
    Cod Eye, Dec 2, 2021
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  16. Sco

    Scoff Well-Known Member

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    There is the old observation about banks that probably applies. If you owe the bank (HMRC) £1, you've got a problem. If you owe the bank £1m, they've got a problem.
     
    Scoff, Dec 2, 2021
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  17. arabian_ian

    arabian_ian Well-Known Member

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    There is a club here in Scotland who were liquidated but the ground was never sold to help write off the huge debts. HMRC bottled doing the right thing. They still survive with the word The in their new name.
    They still have a mountain of debt.
    I feel Derby will survive unlike many small clubs, Bury being a prime example who just did not matter.
     
    arabian_ian, Dec 2, 2021
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  18. Dar

    Darfield138 Well-Known Member

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    It would be my experience that HMRC won't do a deal. They will issue a 28-day statutory demand then petition to wind up in the High Court. At that point the club can and probably will file for administration. A Company Voluntary Arrangement would then follow where HMRC will take a share of their debt from a pre-packed or third-party buyout. Football debts will be paid in full to ensure the place n the league is returned, otherwise, there will be no buyout. Rinse and repeat with Derby. The football authorities will welcome the next shyster ready to keep the over-inflated football merry-go-round spinning.
     
    Darfield138, Dec 2, 2021
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  19. Dar

    Darfield138 Well-Known Member

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    Yes, I recall this, they play in blue. The only time I can think of that HMRC actually pressed liquidation.
     
    Darfield138, Dec 2, 2021
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  20. Old Goat

    Old Goat Well-Known Member

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    Liquidate Derby.
    Scrap the EFL.
    Abolish HMRC.

    All equally guilty in letting the inmates take over the asylum.
     
    Old Goat, Dec 2, 2021
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