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Meeting in high court called off

Posted: 16:03 05 Feb 2011
by lostinleeds
According to R5

Posted: 16:04 05 Feb 2011
by Misco
Also mentioned on Final Score. As confirmed by Peter Ridsdale.

Posted: 16:07 05 Feb 2011
by PL2 3DQ
Have they got it confused with being dismissed? In which case the petition still has to be heard in court.
The tax debt has been settled so it's been reported for a while that the date in court is just a formality.

Posted: 16:18 05 Feb 2011
by Misco
Apparently Ridsdale has confirmed that the tax debt has been paid and plans to stand down on Tuesday. The court date remains, but it will be dismissed.

Posted: 16:38 05 Feb 2011
by Ottawa Green
Does this mean the embargo will be lifted?

Posted: 16:40 05 Feb 2011
by PL2 3DQ
Ottawa Green wrote: Does this mean the embargo will be lifted?


I doubt it, the Football League imposed the embargo because of unpaid football debts, like not paying the players.

Posted: 16:42 05 Feb 2011
by lostinleeds
Ottawa Green wrote: Does this mean the embargo will be lifted?



I doubt it unless we have also paid the players up to date.

So when will d-day arrive? Apparently we have paid HMRC but do we have money to continue running the club, without further input from Japan? If not when does the plug get pulled, given the court date is off?

Posted: 16:53 05 Feb 2011
by blenks
LostinLeeds wrote:
Ottawa Green wrote: Does this mean the embargo will be lifted?



I doubt it unless we have also paid the players up to date.

So when will d-day arrive? Apparently we have paid HMRC but do we have money to continue running the club, without further input from Japan? If not when does the plug get pulled, given the court date is off?


If the Directors know that the club is trading insolvently and they do not have a plan going forward i.e. Japanese/other boardroom investment, in serious, immediate and urgent talks with other investors etc then they have a fiduciary responsibilty to place the club into administration. Failure to do this and rack up trading expenses with creditors they do not intend to pay is a very serious offence.

Directors cannot and must not prefer any creditor.

Any outstanding creditor can issue a winding-up petition against the club.

Posted: 17:18 05 Feb 2011
by grovehill
Very unlikely that a normal creditor i.e not the taxman or Bank, will take proceedings against PAFC because it costs money and will most likely result in the Creditor not being paid anyway (because it could force the club into Administration)

Posted: 17:18 05 Feb 2011
by Iggy
Looking at the s not scoring another goal this season then relegation seems almost inevitable, lets go into admin. now and take the 10 point hit.

Posted: 17:24 05 Feb 2011
by blenks
grovehill wrote: Very unlikely that a normal creditor i.e not the taxman or Bank, will take proceedings against PAFC because it costs money and will most likely result in the Creditor not being paid anyway (because it could force the club into Administration)


Agreed

Posted: 17:24 05 Feb 2011
by Mat
Get the feeling we'll go into administration (not being able to pay other creditors), deducted points, relegated, sold off for a pittance. This might be the best we can hope for actually.

Posted: 17:28 05 Feb 2011
by X Isle
argyleiggy wrote: Looking at the s not scoring another goal this season then relegation seems almost inevitable, lets go into admin. now and take the 10 point hit.


Agreed, it'd hasten the departure of the NWO too which we need ASAP. If you think what we've got left now are poor, can you imagine the players we'd be able to sign on the back of the pitiful ST sales this summer, who in their right mind would give the present regime a seasons worth of ticket money with their track record of non investment?.

They need to go, we need to move on, write this season off, we need to stabilise BEFORE the summer or we're putting NEXT season in jeopardy too. To limp through, one crisis after another each month as bills don't get paid will see us in the conference in 2012.

It's reached the time to stop giving them money and starve them out. Take the hit, get rid of the sh1t :twisted:.