Wasps going into admin & the impact on CCFC (5 Viewers)

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Great_Expectations

Well-Known Member
Re the HMRC thing, seems like it should be a bigger issue than just being hidden in a paragraph within an article about us playing at Walsall?

So either it’s wrong, it’s not an issue or another shitstorm has just been unleashed.
 

hill83

Well-Known Member
The cork-popping, gloating and premature ejaculations on here when Wasps went into admin were embarrassing. I must confess I haven’t got a clue what most of the stuff written since then even means, but I fear we still have years of legals to come.

It was a laugh though to be fair. Beautiful time.
I did also say anyone thinking we end up with the ground needs their head testing.
 

wingy

Well-Known Member
Re the HMRC thing, seems like it should be a bigger issue than just being hidden in a paragraph within an article about us playing at Walsall?

So either it’s wrong, it’s not an issue or another shitstorm has just been unleashed.
Well where have they got that well concealed snippet from.
However it does demonstrate the ongoing difficulty of having a disrupted start to the season and frankly owner's who just do not possess the largesse to get us through problematic time's.
 

Balli001

Well-Known Member
Well where have they got that well concealed snippet from.
However it does demonstrate the ongoing difficulty of having a disrupted start to the season and frankly owner's who just do not possess the largesse to get us through problematic time's.
It's on the efl website
 

tisza

Well-Known Member
Where are the new wasps owners getting 35m from? They have no games for the rest of the season also and next season "relegated".

If ccc are involved they need to be outed.
do they even need 35m if debts are to be wiped?
 

robbiethemole

Well-Known Member
If this was allowed to happen then this is on the verge of criminal activity and the police would be watching bloody closely.

If those bastards retained the stadium by hook or crook what message does that send to the rest of sport and businesses in general just con your way to being given money and not pay it back and worm around ‘the system’ to be rewarded still?

The administrator will be watched very closely by everyone concerned and if there is a hint of wasps favouritism then he/she’s reputation should be in shatters.
That’s just what SISU/Otium did with the assistance of Appleton, so a precedent has been set, I’m sure Richardson is at least as devious as Seppala, setting up new firms recently.
The whole fucking lot stinks, and CCC will go along with any stitch-up of CCFC, using the ‘ nothing to do with us’ bullshit like they usually do.
 

Hobo

Well-Known Member
We are all in the dark and the parameters and potential parties involved make it potentially a very complex situation.

No point jumping to false conclusions or worrying about made up scenarios. We just have to let it all unravel.

If we have to play our games elsewhere in the intrim I will do my best to get there. It is not the clubs fault this situation has arisen.
 

Grendel

Well-Known Member
Re the HMRC thing, seems like it should be a bigger issue than just being hidden in a paragraph within an article about us playing at Walsall?

So either it’s wrong, it’s not an issue or another shitstorm has just been unleashed.

Christ

 

Nick

Administrator
Christ

Yep it's true.

What's regulation 17? Reporting seems more sinister than payment issues.

It doesn't say when added though that I can see

Best ring Appleton, I'm sure this will now prompt a club statement.
 

steve cooper

Well-Known Member
Re the HMRC thing, seems like it should be a bigger issue than just being hidden in a paragraph within an article about us playing at Walsall?

So either it’s wrong, it’s not an issue or another shitstorm has just been unleashed.
My thoughts exactly. The newspapers have been continually full of incorrect information throughout this saga, and in a lot of cases, just guesswork.
edit, just read post 6428
 

alexccfc99

Well-Known Member
If ACL are placed in administration tomorrow as opposed to being liquidated is Tuesday good to go?

There’s so much going on here I’m confused
 

Grendel

Well-Known Member
Yep it's true.

What's regulation 17? Reporting seems more sinister than payment issues.

It doesn't say when added though that I can see

Best ring Appleton, I'm sure this will now prompt a club statement.

We’ve been under several embargo’s haven’t we?
 

Bertola

Well-Known Member
Something similar happened last season, when the Covid breaks meant account could be filed a little later. We then submitted the accounts and all was lifted before the windo opened. Fingers crossed this is something similar
 

Grendel

Well-Known Member
Section 17 basically means we are late paying HMRC I assume PAYE - didn’t someone on here say we were late paying players recently?
 

Sky Blue Heaven

Well-Known Member
An extract from the EFL website re Regulation 17:


17.1 Current HMRC Debt. Any Club which has not within 28 (twenty-eight) days of the relevant Due Date paid to HMRC the amounts due to be paid to HMRC to discharge:

17.1.1 the Club’s full liability for PAYE & NIC due in respect of any and all employees or former employees of the Club for the immediately preceding payment period; and/or

17.1.2 the Club’s full liability for PAYE & NIC which becomes due as a result of an assessment issued by HMRC, subject to clause 17.8 below,

(each a ‘Default Event’) shall report the Default Event to The League within 2 working days of the Default Event.

17.2 Reporting Default Events. When a Club reports a Default Event to The League it shall at the same time provide to The League details of any and all amounts due to HMRC from the Club in respect of PAYE & NIC, together with the periods to which they relate.

17 .3 Consequences of a Default Event. Without prejudice to the general position (pursuant to Regulation 44 .4) that all registrations must be approved by The League and subject to Regulation 17.3A, a Club which is subject to a Default Event shall be subject to a registration embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of The League for the period that the Club is subject to a Default Event.
 

SkyBlueSam01

Well-Known Member
Surely actual sour, violent protests on the horizon if it turns out Richardson et al. have used the local community and bondholders to the tune of tens of millions + what could easily be the final nail for CCFC, and then end up with the stadium anyway?

That will be CCFC, CCC, local businesses, bondholders and original Wasps fans all fucked over for a duplicitous scheme that has probably been in the making for over a decade
 

MusicDating

Euro 2016 Prediction League Champion!!
Yep it's true.

What's regulation 17? Reporting seems more sinister than payment issues.

It doesn't say when added though that I can see

Best ring Appleton, I'm sure this will now prompt a club statement.

17 HMRC Reporting
17.1 Current HMRC Debt. Any Club which has not within 28 (twenty-eight) days of the relevant Due Date paid to HMRC the amounts due to be paid to HMRC to discharge:
17.1.1 the Club’s full liability for PAYE & NIC due in respect of any and all employees or former employees of the Club for the immediately preceding payment period; and/or
17.1.2 the Club's full liability for PAYE & NIC which becomes due as a result of an assessment issued by HMRC, subject to clause 17.8 below,
(each a ‘Default Event’) shall report the Default Event to The League within 2 working days of the Default Event.
17.2 Reporting Default Events. When a Club reports a Default Event to The League it shall at the same time provide to The League details of any and all amounts due to HMRC from the Club in respect of PAYE & NIC, together with the periods to which they relate.
17.3 Consequences of a Default Event. Without prejudice to the general position (pursuant to Regulation 43.4) that all registrations must be approved by The League and subject to Regulation 17.3A, a Club which is subject to a Default Event shall be subject to a registration
embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of The League for the period that the Club is subject to a Default Event.
17.3A Regulation 17.3 will not apply where a Club suffers a Default Event due to the failure to discharge a COVID PAYE Liability and has entered into a Time to Pay Agreement and is compliant with the terms of that Time To Pay Agreement. For the avoidance of doubt, where a
Club defaults on the terms of a Time to Pay Agreement, and such default results in all outstanding amounts becoming due to HMRC immediately, the Club shall remain subject to a Default Event until such time as the outstanding amounts are paid or included within any other Time to Pay Agreement.
17.4 Failure to Notify a Default Event. A Club which fails to report a Default Event shall be guilty of misconduct and shall be referred to a Disciplinary Commission in accordance with Section 7 of these Regulations.
17.5 Provision of Authority. Each Club shall provide to The League, not later than 31 May prior to the commencement of a Season, (and in any event within seven days of any request for a further authority from The League), an original, irrevocable authority (which shall not be time
constrained) in the form prescribed by The League and signed by a director and the company secretary of the Club, addressed to HMRC authorising HMRC to provide to The League information relating to amounts of PAYE & NIC payable, paid and overdue from the Club to
HMRC from time to time including, by way of example and without limitation, the amount of Arrears (if any), the existence of and current position in respect of any Time to Pay Agreement and if a Club suffers a Default Event (‘Authority’). The League shall be entitled to forward the
Authority to HMRC without having to seek the consent of the Club.
17.6 The Board shall have the power to suspend any Club which, not later than 31 May prior to the Commencement of the following Season (including, for the avoidance of doubt, those Clubs entering The League by way of promotion from the National League or relegation from the
Premier League for the following Season) or within seven days of a request, fails to provide to The League the Authority in the required form. A suspended Club shall not play in:
17.6.1 any League Match;
17.6.2 any Football Association Cup Match;
17.6.3 any EFL Cup Match;
17.6.4 any EFL Trophy Match; and/or
17.6.5 any other match conducted or controlled by The League and in which it would otherwise be eligible to compete.
17.7 For the purposes of the League Competition, the Board shall have the power to determine how the cancellation of a League Match caused by the suspension of one of the Clubs, which should have participated in it, shall be treated.
17.8 Disputed Amounts. Any amounts which HMRC claims to be due to it, for example by way of an assessment, but which have been formally contested by the Club shall not be considered as due to HMRC for the purposes of this Regulation 17 until such time as a final determination
is made on HMRC’s claim.
17.9 Information provided by a Club and/or HMRC in relation to any Arrears shall only be made available to senior members of The League’s staff and the independent Chairman (as described in Article 17.1.1) and shall not be disclosed to the Board generally, provided always that The League shall be entitled to report the happening of a Default Event to the Board for the purposes of enforcing Regulation 17.3 (Consequences of a Default Event).
 

hill83

Well-Known Member
Surely actual sour, violent protests on the horizon if it turns out Richardson et al. have used the local community and bondholders to the tune of tens of millions + what could easily be the final nail for CCFC, and then end up with the stadium anyway?

That will be CCFC, CCC, local businesses, bondholders and original Wasps fans all fucked over for a duplicitous scheme that has probably been in the making for over a decade

By who? Nobody gives enough of a shit. And suggesting violence is ridiculous.
 

clint van damme

Well-Known Member
Given, as Nick pointed out, that the non reporting seems more serious than non payment it makes you wonder why it wasn't.
Another Boddy fuck up?
 

Grendel

Well-Known Member
By who? Nobody gives enough of a shit. And suggesting violence is ridiculous.

The sad irony is they pulling a fast one is probably our easiest solution if keep playing in Coventry
 

wingy

Well-Known Member
The sad irony is they pulling a fast one is probably our easiest solution if keep playing in Coventry
I dunno I could see something like just stop oil happening.
Balaclavas on!!
Serious security fee's for whoever gets it.

Edit
Oops that was in response to hills post.🤔
 

duffer

Well-Known Member
The cork-popping, gloating and premature ejaculations on here when Wasps went into admin were embarrassing. I must confess I haven’t got a clue what most of the stuff written since then even means, but I fear we still have years of legals to come.

Not embarrassing mate, moving here was wrong from the very beginning and they deserved to fail for both that and their staggering hubris, imho.

I'm not celebrating a load of people losing their jobs, but if Wasps end up back in London as a championship club it'll feel like the right outcome to me.

The ACL stuff, well no one really knows how that will pan out yet, but all of this has offered us our best chance of getting our hands on the stadium in some form.

Anyone who really cared about the club and had some finance behind them could take proper advantage of this now. I'm not confident how our owners stack up on either count, but I guess we'll soon see.
 
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