winding up petition

Winding Up

9
Jul

Martin Dawn PLC Facing A Winding Up Petition

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 The BLUES chairman Ron Martin’s main UK business owes the taxman more than £96,000, it has been revealed.

Martin Dawn PLC, a property development company, is facing a winding up petition from Revenue and Customs.

It means even if Southend United avoid being placed into temporary administration over a £200,000 unpaid PAYE bill at the High Court on Thursday, Mr Martin faces yet another tax showdown in November.

Martin Dawn is pivotal to the Blues as it is the parent company of South Eastern Leisure UK Limited, which owns 76 per cent of the shares in Southend United.

An Echo special investigation last week revealed a wind-up petition had been filed against Martin Dawn, but neither Revenue and Customs nor Mr Martin would disclose the amount of unpaid tax involved in the case.

However, yesterday at the High Court, Mr Registrar Nicholls agreed to an application by the Echo to inspect the petition on grounds of public interest.

The document filed last July states: “The company is indebted to your petitioner in the sum of £96,367. Notwithstanding such application, the company has failed and neglected to pay or satisfy the said sum or any part there of. The company is unable to pay its debts.

“In these circumstances it is just and equitable the company be wound up.”

The alleged tax debts relate to shortfalls in national insurance and PAYE and interest for its six employees since financial year 2001/01. More than £15,000 of it stems from 2009/10 It is understood Martin Dawn, set up in 1983 as Martin Homes (Essex) Limited, will contest the amount of money claimed to be owed. The company has successfully defended six previous winding up petitions since 1999 when the taxman made a previous bid to close down the firm.

The most recent petition is the second from Revenue and Customs, the others have been from companies or individuals.
Category : Winding Up | Blog
1
Jul

Another Football Club With debts Got A Winding Up Petition

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 Southend United face winding-up petition


Southend United Football Club has been served with another winding-up petition by Her Majesty’s Revenue and Customs over unpaid tax.
The League Two side owes around £200,000 from April and May this year.

The club, which has appeared several times in the High Court over unpaid tax debts in the last 12 months, is due back there on 8 July.


Chairman Ron Martin said: "I will ensure that the entire sum is settled before the hearing."
He added: "And I will continue to ensure that the necessary finances are in place in order to steer this ship into calmer waters.


"HMRC were quick off the mark as they are with football clubs and of course are entitled to be."
A statement on the club’s official website said: "Southend United has been subject to several winding-up petitions over the past 12 months but the club has always met their debt in full, albeit late."
The Blues have slashed their wage bill in recent weeks by releasing key players and are still under a Football League transfer embargo due to delays in paying staff salaries.
 
Category : Winding Up | Blog
3
Feb

Isle of Man Bay Festival boss faces Winding Up Petition For tax battle

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A LEGAL battle over unpaid tax bills will not bring the curtain down on the Isle of Man Bay Festival, organisers of the event insist.
Street Heritage Ltd is facing a winding up order in the High Court after failing to submit its tax returns on time.

But the company insists the move will have ‘no bearing’ on the staging of the Bay Festival in June this year.

>> Final two Isle of Man Bay Festival acts named
29 January 2010

A petition to wind up Street Heritage Ltd was submitted to the High Court by the assessor of income tax Malcolm Couch on January 15.

A date for the petition to be heard has been set for February 24 when creditors and others will be able to appear to support or oppose the making of a winding up order.

Street Heritage founder Jonathan Irving, who brought rock legends The Who as well as Madness and the Stranglers to Peel for the first Bay Festival in 2007, was unavailable for comment.

But a spokesperson for Street Heritage Ltd said the issue would have ‘no bearing whatsoever’ on the Isle of Man Bay Festival, which is run by a separate company.

She said the High Court petition would be contested but added: ‘We do believe this can be settled long before it gets to court.’

In a statement she said that the company had fallen behind on submitting its tax returns.

She added: ‘However, in December we appointed a firm of accountants to take over who are now dealing with it. This is a matter for Street Heritage Limited only and has no implications for any other associated companies.’

The spokesperson declined to give a figure for the amount of unpaid taxes owed by Street Heritage Ltd.

Boy band JLS and 80s legend Spandau Ballet will be among the headline acts taking to the stage at Noble’s Park during the three-day festival running from June 18 to 20.

Category : Winding Up | Blog
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
23
Dec

Winding Up Definition – legal

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The process of dissolving a partnership or limited company by collecting all the assets and outstanding money in order to satisfy the creditors claims. The proceeds of the sale of the assets may be distributed as cash or in kind, first to preferred stockholders, if any, and then to remaining shareholders, if any, pro rata. Winding up is in anticipation of a company’s dissolution.
Category : Winding Up | Blog