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Council Deadline

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Author Topic: Council Deadline  (Read 9297 times)
Shoemaker
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« Reply #60 on: October 14, 2015, 23:03:05 pm »

Well according to a post on this forum yesterday barry ward is a shareholder.
IF true he should definitely have an interest.
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« Reply #61 on: October 15, 2015, 00:12:50 am »

An alternative outcome is NBC go after the personal guarantees made by Cardoza. The ideal situation for us all is that as much as possible of this loan money is recouped and he is ousted and replaced by a local consortium and Cardoza gets not a penny more than a nominal £1.

At the same time Buckingham get their money back from CDNL.

I would then hope that the Saints show some neighbourly love and share some tips with us. Above all it is important that there is a Barry Ward style figure in the background to keep the club run in a prudent manner.  Prudent does not mean no progress just look at Burton

I agree with the majority you say, but given the seeming inability of David Cardoza to speak an honest word, I have serious reservations as to exactly what these 'personal guarantees' may involve.
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« Reply #62 on: October 15, 2015, 07:23:05 am »

Well, as D day dawns, the Chron is reporting they have no firm offer from the club/DC but have been introduced to a group of people by him and they are now waiting to hear back from said group. This seems an odd way forward but adds credence to the fact that there are new people looking to get involved. It ain't going to happen today though, is it!

If DC has put these guys forward to talk to the council on his behalf and they are negotiating on how the loan would be met then I'd say it is now crystal clear that the 10m has either gone altogether or DC has no intention of giving it back, despite his statement in the immediate wake of the council demanding the loan repayed.
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« Reply #63 on: October 15, 2015, 10:26:53 am »

Now the HMRC are taking legal action.  I've posted this in two threads as i have no idea which is the more appropriate thread.
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« Reply #64 on: October 15, 2015, 15:44:43 pm »

Anyone spotted DC queuing at the bank?
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« Reply #65 on: October 15, 2015, 15:48:55 pm »

Anyone spotted DC queuing at the bank?
Or the airport?
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Cobbler1991
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« Reply #66 on: October 15, 2015, 21:12:30 pm »

Just out of interest and I don't know if its been addressed on here somewhere, but if HMRC have frozen our accounts, does that mean that the deadline as of yet has been rendered invalid? Probably a stupid question but if so, might be the only good thing about today.
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« Reply #67 on: October 15, 2015, 21:17:56 pm »

As far as I'm aware NBC are holding a meeting with HMRC asap to find out as much information as possible from them. Then they are going to get legal advice on the best way forward.

But yes for now I don't think much is happening with the loan. I'm guessing David's potential buyers are in discussion with NBC but I can't see anyone coming in at this stage, surely
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« Reply #68 on: October 15, 2015, 21:19:47 pm »

I also read somewhere that any takeover can't take place whilst accounts are frozen, as they can't buy 'Northampton Town Football Club Ltd' for some reason.

Will have to try and find the article.
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« Reply #69 on: October 15, 2015, 21:21:54 pm »

From the latest chron article:

http://www.northamptonchron.co.uk/news/local/insolvency-expert-warns-northampton-town-fans-of-challenges-faced-by-club-1-7014146


Mr Thomas, who also spoke to the BBC Radio Northampton earlier today, said the winding up petition also complicates any possible takeover plan as corporate law prevents the club from being sold as “Northampton Town Football Club Limited”.

However he said it is possible for investors to buy shares in the club.
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« Reply #70 on: October 15, 2015, 21:24:09 pm »

I've heard the same although there was something on the Redev thread (think it was there) that apparently it is still possible to sell it but I can't remember the in's and out's of it. It was a lengthy comment but very informative it must be said.
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« Reply #71 on: October 15, 2015, 21:43:06 pm »

From the latest chron article:

http://www.northamptonchron.co.uk/news/local/insolvency-expert-warns-northampton-town-fans-of-challenges-faced-by-club-1-7014146


Mr Thomas, who also spoke to the BBC Radio Northampton earlier today, said the winding up petition also complicates any possible takeover plan as corporate law prevents the club from being sold as “Northampton Town Football Club Limited”.

However he said it is possible for investors to buy shares in the club.


Another quote from the article is as follows:

"The HMRC claims to be owed a five-figure sum in unpaid taxes from Cobblers and will take the club to the High Court on November 16 unless payment is received"

Does that mean that if DC does pay the circa £100k before 16th November the WUP is void?
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« Reply #72 on: October 15, 2015, 21:48:45 pm »

A 5 figure fee could be anything between 10 and 99k
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« Reply #73 on: October 15, 2015, 21:49:53 pm »

Another quote from the article is as follows:

"The HMRC claims to be owed a five-figure sum in unpaid taxes from Cobblers and will take the club to the High Court on November 16 unless payment is received"

Does that mean that if DC does pay the circa £100k before 16th November the WUP is void?

The intersting thing for me is that he seems to be "making offers" to everyone....making an offer of repayment to HMRC is not the same as paying it! Making an offer to the Council after saying he'd pay the loan off, its plainly obvious the money isn't there. I bet that CDNL made an offer to pay off Buckingham too, as well as the offer they made to the administrators of 1st Land to pay off the creditors.

Plenty of offers, no proof anyone is being paid!
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« Reply #74 on: October 15, 2015, 21:51:42 pm »

The intersting thing for me is that he seems to be "making offers" to everyone....making an offer of repayment to HMRC is not the same as paying it! Making an offer to the Council after saying he'd pay the loan off, its plainly obvious the money isn't there. I bet that CDNL made an offer to pay off Buckingham too, as well as the offer they made to the administrators of 1st Land to pay off the creditors.

Plenty of offers, no proof anyone is being paid!
He has a history of "making offers", remember when he used to "make offers" for players knowing they'd get turned down for being derisory but at least he could say "We were in for player xxx"
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« Reply #75 on: October 15, 2015, 21:52:54 pm »

The intersting thing for me is that he seems to be "making offers" to everyone....making an offer of repayment to HMRC is not the same as paying it! Making an offer to the Council after saying he'd pay the loan off, its plainly obvious the money isn't there. I bet that CDNL made an offer to pay off Buckingham too, as well as the offer they made to the administrators of 1st Land to pay off the creditors.

Plenty of offers, no proof anyone is being paid!

While I agree with what you say, let's say he does stump up the tax money...does that mean the WUP is void?
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« Reply #76 on: October 15, 2015, 21:56:24 pm »

@Nelza82: Just spoke to DC on email and he says HMRC will be dealt with. 'Next week will be a good week, keep the faith a little longer' #ntfc

Latest update  Grin Grin
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« Reply #77 on: October 15, 2015, 22:23:35 pm »

@Nelza82: Just spoke to DC on email and he says HMRC will be dealt with. 'Next week will be a good week, keep the faith a little longer' #ntfc

Latest update  Grin Grin

Phew!! I was starting to get worried. It sounds as though he is planning to have the HMRC 'taken out'.
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« Reply #78 on: October 15, 2015, 22:46:35 pm »

I've heard the same although there was something on the Redev thread (think it was there) that apparently it is still possible to sell it but I can't remember the in's and out's of it. It was a lengthy comment but very informative it must be said.

I posted that (lengthy!) comment following a call I had with a hugely experienced insolvency specialist who I know and who i trust the professional view of implicitly. [page 681 if needed]

He reassured that the club ('company') can still be sold during the period leading up to the High Court hearing, but that it is now more complex than before, not least as the new owners would have to take on the risk of that hearing (it effectively stays with the company regardless of a change in ownership).

(I see the Chron reported otherwise which, judging my he many factual errors I've read there over the past weeks, is I suspect a case of the journalist misunderstanding what they were being told!)
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« Reply #79 on: October 15, 2015, 22:51:13 pm »

If somebody was to buy now, they'd surely be aware of this issue and have the money to settle it I'd have thought? So it shouldn't be too much of a problem, as long as they're prepared to cover somebody elses tax bill of course
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