by Royal_jimmy » 10 Mar 2024 17:05
by Dirk Gently » 10 Mar 2024 18:22
The Prisoner Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.
If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.
HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.
Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.
You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.
If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).
There is a lot of protective legislation to prevent assets being raided.
by Greatwesternline » 10 Mar 2024 18:23
The Prisoner Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.
If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.
HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.
Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.
You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.
If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).
There is a lot of protective legislation to prevent assets being raided.
by rabidbee » 10 Mar 2024 19:19
WestYorksRoyal A couple of journos reporting that it's historical land with listed buildings, so not something a developer will buy on a whim.
by PieEater » 10 Mar 2024 20:05
The Prisoner Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.
If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.
HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.
Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.
You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.
If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).
There is a lot of protective legislation to prevent assets being raided.
by Pepe the Horseman » 10 Mar 2024 21:04
Stranded Hey maybe Madjeski was being shown around as he's about to buy it.
No? Me neither...
by WestYorksRoyal » 10 Mar 2024 21:09
PieEaterThe Prisoner Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.
If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.
HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.
Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.
You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.
If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).
There is a lot of protective legislation to prevent assets being raided.
He probably thinks they can't touch him in China.
by windermereROYAL » 10 Mar 2024 23:26
Royal_jimmy Dai just needs to sell the club and fcuk off. Need to get Bearwood as an asset of community value so Dai can't do much with that land at all.
by Snowflake Royal » 10 Mar 2024 23:38
by Stranded » 11 Mar 2024 08:55
Snowflake Royal The signs of doom keep on stacking up.
by Sutekh » 11 Mar 2024 09:15
StrandedSnowflake Royal The signs of doom keep on stacking up.
Yep, come to terms that the club is done unless I'm pleasantly surprised by something coming from left wing.
Just feels like the twat is "winning".
Coming to peace with the fact and looks like I may just take my boy to Eintracht games.
by under the tin » 11 Mar 2024 09:42
SutekhStrandedSnowflake Royal The signs of doom keep on stacking up.
Yep, come to terms that the club is done unless I'm pleasantly surprised by something coming from left wing.
Just feels like the twat is "winning".
Coming to peace with the fact and looks like I may just take my boy to Eintracht games.
Given Azeez's current form, glad nothing's being expected from the "far right" wing.
by under the tin » 11 Mar 2024 09:43
SutekhStrandedSnowflake Royal The signs of doom keep on stacking up.
Yep, come to terms that the club is done unless I'm pleasantly surprised by something coming from left wing.
Just feels like the twat is "winning".
Coming to peace with the fact and looks like I may just take my boy to Eintracht games.
Given Azeez's current form, glad nothing's being expected from the "far right" wing.
by WestYorksRoyal » 11 Mar 2024 09:56
by blythspartan » 11 Mar 2024 10:10
by windermereROYAL » 11 Mar 2024 10:20
by WestYorksRoyal » 11 Mar 2024 10:24
windermereROYAL All the players will become free agents, most of them won`t have too many problems finding new clubs, and quite frankly they will be happy to be released from this shit show.
by Orion1871 » 11 Mar 2024 10:31
windermereROYAL All the players will become free agents, most of them won`t have too many problems finding new clubs, and quite frankly they will be happy to be released from this shit show.
Just wonder what will happen to the stadium, it will still be there for quite a while and a reminder of what used to be.
by WestYorksRoyal » 11 Mar 2024 10:39
Orion1871windermereROYAL All the players will become free agents, most of them won`t have too many problems finding new clubs, and quite frankly they will be happy to be released from this shit show.
Just wonder what will happen to the stadium, it will still be there for quite a while and a reminder of what used to be.
The Thais will probably buy the land and use it to expand their development.
by RoyalBlue » 11 Mar 2024 10:40
Orion1871windermereROYAL All the players will become free agents, most of them won`t have too many problems finding new clubs, and quite frankly they will be happy to be released from this shit show.
Just wonder what will happen to the stadium, it will still be there for quite a while and a reminder of what used to be.
The Thais will probably buy the land and use it to expand their development.
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