SB,
Not from what I hear- organising committee will be sorting that.
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SB,
Not from what I hear- organising committee will be sorting that.
Good stuff. At least that will be one wolf away from the doorQuote:
Originally Posted by MariborKev
SB,
A temporary reprieve. Time to stop wasting time and prepare for the A League.
The craziest thing so far to me has been the following quote from the Journal:
If that's even remotely near accurate then its incredible DCFC have survived this long.Quote:
As it stands, all management and playing staff are owed eight weeks wages - understood to amount to a total of £200,000.
£25k a week?
Not the biggest wage budget the league has seen in recent times, I suppose.
Mr A, there will be plenty more craziness for you.
My guess is that Swifts have concluded that there's no way for DCFC out of their financial mess, and so are striking now to get their £30k before DCFC go bust.Quote:
Originally Posted by Mr_Parker
Otherwise if/when that did happen, they (Swifts) would risk getting "knocked down in the rush" by other creditors chasing what they're owed, esp preferred creditors (eg Inland Revenue).
And even if DCFC can somehow come up with Swifts' £30k and forestall the winding-up proceeedings, other creditors are bound to be very nervous and wondering whether they shouldn't be doing the same as Swifts.
I'm not sure prioritisation of creditors is a big deal when there are no assets, but they are trying to force a third party to bail us out.Quote:
Originally Posted by EalingGreen
Its how business works, Dungannon would be failing in their own duty to their shareholders not to pursue this (unless they believe there is no prospect of securing the claim).
On the other hand, HRMC don't even need to worry about whether the assets are there, their public interest/moral hazard remit means that they can wind things up even when its not of immediate economic benefit.
Yup; liquidator gets paid first...and that's all the cash spent.Quote:
Originally Posted by OneRedArmy
Dungannon are trying to force Derry to "find" the cash just like Cork and Shels "found" cash for the Revenue before.
And strictly, if there are no assets.......Quote:
Originally Posted by pineapple stu
Thats what I just said!Quote:
Originally Posted by pineapple stu
Oh yeah. :o
That's what you get for using big phrases like "public interest/moral hazard remit" :p
The only reason I mentioned that is because I believe HMRC must be the elephant in the room.Quote:
Originally Posted by pineapple stu
Elsewhere it has been estimated that our current wage bill is approx 400% higher than that declared our YE2007 accounts.
I struggle to believe that we are stealing gate money from Linfield and allowing ourselves to be dragged into a plethora of courtrooms by Dungannon, but are up to date with our payments to HMRC.
Whatever about an unsecured, non-preferential creditor like Dungannon, HMRC is a very different animal to the Revenue Commissioners in the ROI and takes its moral hazard responsibilities much more seriously.
We absolutely will not been given the latitude that Cork have received IF we owe HMRC money.
That's what I was implying when I posted "...if DCFC can somehow come up with Swifts' £30k"Quote:
Originally Posted by OneRedArmy
Anyhow, regarding your other (entirely valid) point about HMRC being "the elephant in the room", is it even possible to pay National Insurance on wages which have not been paid?
And whatever else company Tax may be owing, there is also the small matter of VAT on gate receipts, which DCFC often cite as putting them at an unfair disadvantage vis-a-vis other LOI clubs. I'd be highly surprised if those are up-to-date.
All of which prompts the question as to where exactly the money has gone from the Brandywell. I know they've got a big squad, on (presumably) big f-t wages; then again, they've also had decent crowds, Cup victories, good European runs, reasonable LOI prize money, the sale of McCourt and McGinn etc etc etc.
Or out of decency, should that question be put on hold until after the Last Rites have been delivered?
EG,
Getting answers from the board is about as easy as getting money.
At this stage, who cares where it went. It ain't there.
The thing with DCFC, is they are immortal, we know something will come up and save them. I can't see them not existing in a year/10 years time.
Kev, its obvious we have serious issues, possibly in debt more than we can imagine.. but do me a favour ? Can you resist from being the doom and gloom agent, not to mention feeding the 'Derry are a disgrace', 'Poor Dungannon' and 'We despise any club that dont stick to the 65% rule' band wagon for now !Quote:
Originally Posted by MariborKev
Lets see, before i get accused of supporting financial malpractice or indeed burying my head in the sand i would prefer not to speculate or debate the clubs situation 'until' we see the facts. To be honest reading this thread is really laughable considering nobody has any substantial facts or figures.
I will leave you with another rumour, there has been meetings with numerous businessmen in the City recently - Gosh, imagine all the debts were paid off or commitments made to pay, where would this thread be then ? Back to Bohs ? Will they be entitled to win the League considering their debts and lack of adherence to the wage policy ? I for one wont be stirring with a big stick then either.
Question: Any current posters on here ever been involved in real business from a football perspective, ex member of a board etc ? Curious ?
Would have thought a winding up order was a substantial enough fact. Or free transfers for all your players.Quote:
Originally Posted by dortie
Sorry, imagine wanting to treat other clubs with the respect I would like us to be treated with. Shame on meQuote:
Originally Posted by dortie
I am aware of those meetings when I am passing comment.Quote:
I will leave you with another rumour, there has been meetings with numerous businessmen in the City recently - Gosh, imagine all the debts were paid off or commitments made to pay, where would this thread be then ?
Its a round of applause from my perspective, we should have got rid of 80% of them years ago. We could still win a league cup with a bunch of locals, thats as far as they got us anyway.Quote:
Originally Posted by pineapple stu
Ah yes, the good old "The players deserve nothing because they lost a few games" argument. Very good.
Do you not think a winding up order is fact enough for you, if you refuse to acknowledge that players are entitled to be paid what they're told they'll be paid?