Embargos, HMRC Payment defaults, non payment of wages, the usual under Dai Wrongge

[Lower West]

Some Sky journo now reporting that the HMRC winding up petition could lead to administration, and that this suits most buyers.

The ignorance and incompetence of journos is staggering. HMRC can't place us in administration. A creditor with a charge can (Dai), shareholders can (Dai) or directors can (Dai's nodding dogs). The only way administration happens is if Dai chooses it. It's liquidation or nothing from HMRC.

Seems clear to me. Could lead to. Doesn't mean the HMRC will. If the Directors are backed into a corner with no alternative. Then it's the way forward. Otherwise the Company is entering into fraudulent trading territory. Dai's sister isn't going want to end up personally liable.

True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.

Financial survival comes first. Teams can always be rebuilt over time. Luton have shown how sensible management ultimately pays off.

[tmesis]

Some Sky journo now reporting that the HMRC winding up petition could lead to administration, and that this suits most buyers.

The ignorance and incompetence of journos is staggering. HMRC can't place us in administration. A creditor with a charge can (Dai), shareholders can (Dai) or directors can (Dai's nodding dogs). The only way administration happens is if Dai chooses it. It's liquidation or nothing from HMRC.

Seems clear to me. Could lead to. Doesn't mean the HMRC will. If the Directors are backed into a corner with no alternative. Then it's the way forward. Otherwise the Company is entering into fraudulent trading territory. Dai's sister isn't going want to end up personally liable.

True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.

What it really means is a process lasting several months where talent is sold, operations are systematically stripped back and then we may have a further 15 points deducted if we don't agree to pay 25p to £1, presumably in L2. So it's a pretty terrible outcome.

We would probably have sell the training ground if Dai wants his money back.

Even if he didn't, the academy would probably either be closed down or stripped right back.

Considering that Dai is the main creditor, liquidation might see him get more than administration.

[Brogue]

Seems clear to me. Could lead to. Doesn't mean the HMRC will. If the Directors are backed into a corner with no alternative. Then it's the way forward. Otherwise the Company is entering into fraudulent trading territory. Dai's sister isn't going want to end up personally liable.

True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.

Financial survival comes first. Teams can always be rebuilt over time. Luton have shown how sensible management ultimately pays off.

Yeah Luton are us when we went up first time round. their ‘sensible management’ is because they have a sensible owner, currently. Any club, and I mean any, is just one bat shit crazy owner away from doom. It’s a roulette wheel depending on who the next owner is.

[blythspartan]

It would be interesting to know who paid all of the staff wages today. I have no idea what the monthly net wage bill is, but I doubt gate receipts etc. would cover the cost.

I don’t believe Dai is still covering the wages, but who knows. I can’t help thinking this will all eventually end with the club going into administration. I just hope we can find a credible buyer this season so that all potential points deductions are done and dusted before next season.

[Mid Sussex Royal]

The only good thing about the club atm is the academy; 4th in a league where the top 10 is made of of 7 top end premier league clubs and 2 from the championship, and us, bottom of L1.

As previously stated the good work will be put back years if we go into administration.

[Vision]

Roeselaire were liquidated over a £20k debt.

Roeselaire were liquidated so he could focus on his folly of being a Premier League owner. Likewise his Chinese team.

This has been at the forefront of everything from day 1. We can blame Gourlay, Kia and every manager appointed but the bottom line is it’s all been about Dai owning a Premier League football club.

[blythspartan]

I have read an article which suggests that HMRC can take the club out of Dai’s hands and put us into administration. Is that correct as I thought only Dai could do that?

[WestYorksRoyal]

I have read an article which suggests that HMRC can take the club out of Dai’s hands and put us into administration. Is that correct as I thought only Dai could do that?

You are correct. The article is not.

[Sutekh]

Roeselaire were liquidated over a £20k debt.

Roeselaire were liquidated so he could focus on his folly of being a Premier League owner. Likewise his Chinese team.

This has been at the forefront of everything from day 1. We can blame Gourlay, Kia and every manager appointed but the bottom line is it’s all been about Dai owning a Premier League football club.

This. It's all because of the utterly stupid advice he listens to in taking decisions and then just repeating the same stupid mistakes over and over. I mean look at the cast of colossal failures he's appointed as managers since Stam, look at the stupid advice taken on signings made (but then something might have been made of them if it weren't for the afoementioned cast of colossal failures). And then there's the refusal to talk (even through an interpreter) to, supposedly, most of the club staff, the media or fanbase about things or seemingly even empower the right people at the club. On the upside he has invested in the Academy and done the right things there and has financed very occasional away travel for supporters.

However he might now make a right decision and sell the the right party who may do the right things and get the club back in order and if he manages that it'll be something that SJM or the Thai's never managed.

[windermereROYAL]

The charge against Dai is still ongoing, what can the EFL do if he doesn`t answer them? I suspect they will ban him from owning another EFL club.
But can they force him to sell?

[Sutekh]

The charge against Dai is still ongoing, what can the EFL do if he doesn`t answer them? I suspect they will ban him from owning another EFL club.
But can they force him to sell?

Don't think so, it's not as if they grant an annual licence to owners so can't control what they do really, they're only recourse of action takes it out on the club, staff and fans which usually has the effect of making it harder for the owner to sell the club.

[Stranded]

The charge against Dai is still ongoing, what can the EFL do if he doesn`t answer them? I suspect they will ban him from owning another EFL club.
But can they force him to sell?

Don't think they can force him but imagine they can exert massive pressure i.e. if you haven't sold by X then the following charges will be laid against the club which may well lead to expulsion - yadda, yadda, yadda.

Doubt it would make the blindest bit of difference though.

[windermereROYAL]

Storey has pulled out, no longer interested

[WestYorksRoyal]

Storey has pulled out

If only his father had done the same.

[Stranded]

Man with no money realises he can't afford expensive thing.

So we can take him off the list of people who may have paid the wages yesterday.

Have to assume it was Dai until we find out otherwise.

[Norfolk Royal]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

[Winston Biscuit]

Has the news of this been Brogued yet?

[Brogue]

Has the news of this been Brogued yet?

i can confirm this is true

[Royalwaster]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

This guy really is a fantasist ... no way did he sign 'exclusivity'!

[Norfolk Royal]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

This guy really is a fantasist ... no way did he sign 'exclusivity'!

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.