Waterford winding up order

**Dodge** · 19/06/2013, 10:52 AM

Waterford have a high court date of July 15th relating to money owed to former manager.

It's in a couple of papers today.

Clearly not good news, is there any chance of them pulling through? at this stage they must really be banking on that Man U friendly

**fionnsci** · 19/06/2013, 10:59 AM

I'd be surprised (admittedly not knowing the facts or much about winding-up orders in general) if they went under due to money owed to one person. Clubs have come through much worse than that.

**Partizan** · 19/06/2013, 11:12 AM

Court date for the petition for a winding up order to be issued will be on 15th July in the High Court. The total amount of monies owed are €50,000.

**Longfordian** · 19/06/2013, 11:33 AM

Just comes down to the creditor's willingness to do a deal with them. Forces the club to stop ignoring their requests (I'm not saying they were I'm just saying generally). Not much chance of the person getting paid if they're wound up though, they don't have any assets.

**The Lilywhites** · 19/06/2013, 11:34 AM

http://www.irishmirror.ie/sport/socc...tephen-1964685

Where's madblaa now??

**White Horse** · 19/06/2013, 11:42 AM

Sad to see, but on the basis of that article the prospects appear poor.

**NeverFeltBetter** · 19/06/2013, 11:48 AM

Originally Posted by fionnsci

I'd be surprised (admittedly not knowing the facts or much about winding-up orders in general) if they went under due to money owed to one person. Clubs have come through much worse than that.

Don't they owe money to a few players too? There was a story about medical expenses or something right? Gary Dunphy?

There have been warning signs of this nature since before the end of last season.

**Straightstory** · 19/06/2013, 11:50 AM

Berserk! Would be some story if a sacked manager ended up putting the club out of business. Judging from this, Henderson seems to be in the right. All rather shoddy from Waterford's end.

**Partizan** · 19/06/2013, 11:58 AM

Tweet from Brendan White of extratime.ie

Brendan White ‏@whitebrendan 33m

Just to clarify, a wind-up order has not been made against Waterford United. A petition has been made which the court will decide.

**NeverFeltBetter** · 19/06/2013, 12:04 PM

I assume that Waterford are simply not in a position to pay Henderson?

**Dodge** · 19/06/2013, 12:05 PM

Originally Posted by Partizan

Court date for the petition for a winding up order to be issued will be on 15th July in the High Court. The total amount of monies owed are €50,000.

How long left had he on his contract? That's an unreal amount. Seems like things are piling up for Waterford. Fingers crossed they pull through.

From my little knowledge of this type of owed money if they can come to a payment deal, I think they'll be OK. That it's got to this stage for Henderson (who'd clearly prefer anything but this) suggests it's not tht straight forward

**Jofspring** · 19/06/2013, 12:11 PM

Waterford have had 6 months to pay or even start making some kind of payments so it seems Henderson has ever right to go about it the way he has. If Waterford can pay players then they surely can pay some money to Henderson or at least cut loose some of the bigger earners to allow for the money to go to Henderson. It's a sacrifice Waterford would have to make but it needs to be made.

What happened the money from the Seanie Maguire move? I thought that was supposed to pay off what was owed to Henderson.

**Partizan** · 19/06/2013, 12:14 PM

Originally Posted by Jofspring

Waterford have had 6 months to pay or even start making some kind of payments so it seems Henderson has ever right to go about it the way he has. If Waterford can pay players then they surely can pay some money to Henderson or at least cut loose some of the bigger earners to allow for the money to go to Henderson. It's a sacrifice Waterford would have to make but it needs to be made.

What happened the money from the Seanie Maguire move? I thought that was supposed to pay off what was owed to Henderson.

Legal proceedings were wrapped up at the end of March but yes questions must be answered why it was let get to this stage.

**Jofspring** · 19/06/2013, 12:19 PM

Originally Posted by Partizan

Legal proceedings were wrapped up at the end of March but yes questions must be answered why it was let get to this stage.

My mistake so, I thought it was since December.

**gormacha** · 19/06/2013, 12:21 PM

Going from memory, and I'm open to correction on this, I think he had a year and a half left on his contract.

**NeverFeltBetter** · 19/06/2013, 12:30 PM

Originally Posted by Jofspring

What happened the money from the Seanie Maguire move? I thought that was supposed to pay off what was owed to Henderson.

The fee was never disclosed was it?

**adamd164** · 19/06/2013, 12:32 PM

Question that should be asked is why he was sacked in the first place!!

Hope they pull through, wouldn't like to see them go under.

**MariborKev** · 19/06/2013, 12:55 PM

Originally Posted by Jofspring

What happened the money from the Seanie Maguire move? I thought that was supposed to pay off what was owed to Henderson.

Deals with English clubs are rarely lump sums up front these days, at least in my experience.

As for the club not going under due to the one person, one only has to cast a glance north to Newry City for a very relevant recent example.

**GCdfc** · 19/06/2013, 1:32 PM

Originally Posted by Mirror

The court ordered Waterford United to pay Henderson a five figure sum plus costs – but he has yet to receive a cent.

Waterford then appealed that ruling only to withdraw it days after league licences for this season were issued.

Am I the only one that thinks that the quoted text above implies that they conned the licence system. They appealed it so that they wouldn't have outstanding debt to former staff? They then withdrew the appeal once they got their licence....

**MariborKev** · 19/06/2013, 1:37 PM

Originally Posted by GCdfc

Am I the only one that thinks that the quoted text above implies that they conned the licence system. They appealed it so that they wouldn't have outstanding debt to former staff? They then withdrew the appeal once they got their licence....

Depends, but could be read that way.

It would fall under IAS37, which is an accounting standard relating to provision. Dependent on what legal advice was etc, they may have thought it prudent to "provide" for this in their annual accounts, looks like they didn't.