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RoytonRoughyed

Another wind up

12 posts in this topic

ORLFC has been issed with a winding up petition again, how many is that now?

 

Luckily this is only for £6,000 and looks like being paid, but this club is in a bad way and it doesnt seem to be able to get any better.

 

Unless Johnny Millionaire comes in splashes buckets of cash on the club (which aint happening anytime soon) Roughyeds only hope of a future is for the fans or Rugby Oldham to take control of it.

 

This isnt a dig at Hamilton. I have said everything about him that i felt, This is about the future of Rugby in this Town, If there is to be any future then the rugby loving folk need to take a stand.

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From todays Chron:

 

Taxing times again for Roughyeds

Date published: 11 April 2013

OLDHAM RLFC chiefs have reassured fans the club’s short-term future remains secure - despite another winding-up petition by HM Revenue and Customs.

HMRC is owed over £6,000; a petition claim is due to be heard in the High Court on April 22, but it appears that arrears will be cleared well in advance.

Roughyeds say: "The club has worked hard to keep its payments to HMRC up to date and once this relatively small outstanding sum is paid in the next few days, the club's tax liabilities will be completely up to date.

The club said it had intended to pay off the money with funds owed the club that didn’t arrive on time.

"The current financial climate is undoubtedly having an adverse impact and our cash-flow wasn’t helped by a six-month close season — our longest ever.”

The club has also been paying the previous owner for the past three years, a debt finally cleared in December.

"In these very difficult economic times clubs need to do a financial balancing act and our club is no exception."

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Forgive me if I`m wrong, but wasnt Hamilton buying Bill Quinn`s shares from him?. If so, why has the Club been paying?. Something doesnt seem right to me!.

 

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It as you say Middlefordiddle that CH was buying Bill Quinn's share from him them he should have paid for them out of his own money.

 

If the monies paid to Bill Quinn for his shares have been paid for by the club itself they must be deemed to have been bought back by the club and are now cancelled shares. They cannot be re issued.

 

As the club is a Private limited Company it is governed by certain rules.

 

 I believe that In addition Companies House should have been informed that the club is taking this action and must state that the club will not become in danger of insolvency by spending money this way.

 

I believe also that the clubs creditors must be informed as well of the intended action as they might argue that they want paying before a club takes that action.

 

The clubs only issued shares must now be the ones held by the  other shareholders apart from Bill Quinn.

 

I believe that Bill Quinn held around 75% of the shares with the remaining 25% held by the other shareholders. As the original Share capital was some £50,000 , and those percentages of issued shares being correct the issued share capital of the club would be around £12500.

 

If that is so, the club is in a very bad situation. Shares of £12500, debts in excess of £200.00 according to the last set of accounts, who in their right mind would invest in the club  in that financial situation, with a ground that needs £0000,s spending on it to get it to a decent standard.

 

It his not much of a business proposition and doing it out of loyalty, or whatever you would not be left with much change out of a quarter of a million pounds.

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Maybe our super league partners will help us out !!!!!!!!!!!!!!!!!!!!!!!!!! (Not)

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Sounds like the fans have bought the club for him. This man needs to go offers the club nothing

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Read a tweet from Jim McMahon the other day saying no plans have been submitted regarding Whitebank.

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...debts in excess of £200.00 according to the last set of accounts...

 

Is the decimal point in the wrong place here, as £200 is neither here nor there?

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Thanks Jonty.

 

The figure should have been £200.000.

 

I also have it on good authority that the last payment to Bill Quinn was September not December and that the payments have not come direct from CH but from the club and development.

 

Also that as Bill Quinn paid for his shares by payments to CH and SW then to be bought back by an existing director or a new director they must be paid for out of their own personal monies and not out of any of the clubs accounts.

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Thanks Jonty.

 

The figure should have been £200.000.

 

I also have it on good authority that the last payment to Bill Quinn was September not December and that the payments have not come direct from CH but from the club and development.

 

Also that as Bill Quinn paid for his shares by payments to CH and SW then to be bought back by an existing director or a new director they must be paid for out of their own personal monies and not out of any of the clubs accounts.

 

The only way to find out if this is the case Harry if BQ produced copies of the cheques issued by CH. I know my Bank used to keep cheques for at least 2 years just in case of any queries.

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