Case adjourned till 31st July

[HeroPie1862]

Fair, I've just checked the live feed and it now states...

"10:56
It was revealed during the hearing that the FA have said the potential new owners of the club are fit and proper."

[Old_pie]

Notts had originally applied for a two-week extension...

So why did we get three? I'm honestly getting sick of all this push further back - as to do with the F&P persons test I wasn't able to find a single thing about it looking over Twitter.

Presumably to try and help prevent the court from wasting any more time. They are showing an extraordinary amount of patience given the history and broken undertakings from the previous court appearances.

On the other hand if they liquidate no-one gets anything so whilst there is some chance of something happening it may be seen that there is no harm in allowing the possibilities to be explored.

I'd have liquidated. There is still a "get out" procedure if things can be done in 10 days (I think) otherwise THE END.

How long before another consortium are photographed being shown around the Lane?

[HAPPYMAGPIEHAPPY]

[cher1]

Think this was always going to be today's outcome. We'd be worth nothing to HMRC if we'd been liquidated. Giving us 3 weeks to - finally - get a deal over the line means at least they have a chance of getting their money. And let's face it, if we still aren't sorted by then, we'll be in no position to start the season anyway.

[countygump]

Presumably to try and help prevent the court from wasting any more time. They are showing an extraordinary amount of patience given the history and broken undertakings from the previous court appearances.

On the other hand if they liquidate no-one gets anything so whilst there is some chance of something happening it may be seen that there is no harm in allowing the possibilities to be explored.

I'd have liquidated. There is still a "get out" procedure if things can be done in 10 days (I think) otherwise THE END

Could be 7 days?


A creditor will ask their solicitor or legal team to apply for a compulsory winding up order. The winding up ‘petition’ is the name given to the application sent to court. It is reviewed by the court, and if passed, sent to the insolvent company.

It generally takes around 28 days in total for a winding up order to take effect.

Once you are in receipt of a winding up petition, you need to act quickly to save your company. There is a seven day time limit in which to take one of the following courses of action. It is advisable to seek the advice of a licensed Insolvency Practitioner at this time.

Pay all monies due to the creditor
Propose a Company Voluntary Arrangement – this is a formal insolvency procedure which provides extended payment terms, sometimes up to five years. It also allows the company to escape liquidation, and provides an opportunity for business recovery.
Place the company into Administration via an Administration Order. If the Order is granted, you will need to appoint an Insolvency Practitioner to value and sell company assets, with the intention of paying off the debt. Putting the company into Administration halts all legal action, including the winding up petition.
Dispute the existence or amount of the debt. You must be sure of your facts however, as you may be seen to be accusing the creditor of abusing the court system.
If you are unable to take any of these steps or have simply run out of time, once the court approves the application for a winding up order, the matter will be taken out of your hands and the liquidation process will begin.

The winding up petition is advertised in the London Gazette, where it will be seen by the banks and HMRC. This often results in the bank taking action to freeze company bank accounts in order to safeguard their money.

The Official Receiver will be appointed to sell business assets, liquidate the company and investigate directors for signs of misconduct or insolvent trading.

Can a winding up order be reversed once issued?
It is possible to reverse a winding up order already issued by the court. There are two ways in which legal proceedings can be stopped:

Anyone can apply to have the order rescinded within seven days on the grounds that the court did not have all the relevant facts when making their decision to pass the order.
An application to ‘stay’ liquidation proceedings can be made by the Official Receiver, an appointed liquidator, a shareholder of the company, or a creditor. This can be at any stage after the winding up order has been made, and includes both temporary and permanent staying of proceedings.
It is important to remember that the earlier you act to prevent a winding up order, the better your chances of success. Intervening at the Statutory Demand stage could significantly influence the outcome – your IP may suggest a Company Voluntary Arrangement or other insolvency procedure that would alleviate the creditor’s fear of non-payment.

[MagpieMike]

Hopefully complete a sale now with the interested consortium !

Just want this mess sorted, but that's great news.

[Frigiliana Pie 1]

And quickly. The squad is threadbare and needs reinforcements. Their will be players who won’t fancy it too. We can’t drift through the next 3 weeks and get to D-Day mk4.

Spot on. There are now two deadlines- 31 July to get the money to HMRC and a few days from now to get the deal done, get the transfer embargo lifted and get new players signed in time to allow proper preparation (as far as is now possible) for the new season. It’ll be no good leaving it until 30 July to complete the takeover.

[LilCrazyKim]

Finally feels like there might be some light at the end of the tunnel.

[countygump]

If no takeover, then at our next court hearing, it will surely be admin. We are trading insolvent as it is. Though Gawd knows how we will even be able to compete in this League with the few players we will have left and a tranny embargo.

[upthemaggies]

Crazy that it's still being dragged on.... and on, but very relieved it's not bad news today. That we can still hope to start next season on zero points is a massive bonus.