winding up petition

Archive for January, 2010

23
Jan

Redworth Construction With Winding Up Petition

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AN AWARD-winning multi-million pound construction company is facing collapse.
 
Redworth Construction, run by Scarborough businessman Howard Rogers, is today ceasing trade following the launch of a compulsory winding-up petition. He started the company himself from scratch.

Around 50 jobs are facing the axe, with 500 sub-contractors on sites around the country hanging in the balance.

Mr Rogers said: "This is such a blow for us all. My first thought is for my staff and it has dismayed me that I have not been able to secure a better resolution of this problem despite all my best endeavours over the past weeks. My heart goes out to all of them."

The news comes just months after Redworth Construction, of Norton, near Malton, announced its most successful 12 months in its nine-year history as turnover increased by 25 per cent to £30 million in 2008.

However other recession-hit companies faced difficulties, which in turn led to a winding-up petition being launched against Redworth by unpaid creditors.

The case is due to go before the courts on February 10.
 

Category : Winding Up | Blog
22
Jan

Winding-up order against Portsmouth

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Portsmouth’s application to strike-out a winding-up petition from Her Majesty’s Revenue and Customs (HMRC) was rejected by a High Court judge today. According to the Guardian, the club’s position was that the GBP 7.5 million in the VAT portion of its bill is very high. Mr Justice Newey did not agree with this argument. A Judicial Communications Office spokesperson said: "At the High Court today Mr Justice Newey dismissed an application from Portsmouth City (sic) Football Club Limited for a winding up petition to be struck out. A further hearing to consider HMRC’s winding up petition will take place in due course."

This is a set back for Portsmouth and there are concerns that the February 10th hearing could result in the Premier League club being forced into administration. Mark Jacobs, the executive director of Portsmouth, indicated the club’s dissatisfaction with the Premier League yesterday when he said, "The Premier League are withholding the balance of monies they owe us because they believe that we still owe other football clubs money. We have now paid off the three UK clubs. We have agreed with Rennes and Lens to accept certain payments now and then defer a schedule of payments going forward. We are finalising the agreement with Udinese. The total amount that we directed the Premier League to discharge and pay these clubs is approximately GBP 5 million. So there is a net balance due to the club approaching GBP 2 million. We cannot see how they can keep the money and also continue with the embargo. We believe the embargo should be lifted immediately and that we should be receiving money from the Premier League. Today we have delivered a letter to the Premier League asking to pay back the money. We have called for a meeting tomorrow and if this fails or we don’t get our money back then we shall exercise the powers of arbitration. Once again we are being treated as the poor relations and the black sheep of the family. We would like them to use their discretionary powers in a positive fashion rather than negative fashion against the club."

Portsmouth and owner Ali Al-Faraj have been battling a financial crisis for some time now. The club has been late in paying players and staff thrice, its share of the Premier League TV money has been withheld and it is facing a transfer embargo. This current disagreement with HMRC may well be the most critical in terms of the club’s future.

Category : Winding Up Orders | Blog