Page 1 of 8 123 ... LastLast
Results 1 to 20 of 151

Thread: Waterford winding up order

  1. #1
    Now with extra sauce! Dodge's Avatar
    Joined
    Jun 2001
    Location
    Insomnia
    Posts
    23,575
    Thanks Thanks Given 
    663
    Thanks Thanks Received 
    2,674
    Thanked in
    1,453 Posts

    Waterford winding up order

    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
    54,321 sold - wws will never die - ***
    ---
    New blog if anyone's interested - http://loihistory.wordpress.com/
    LOI section on balls.ie - http://balls.ie/league-of-ireland/

  2. #2
    Reserves fionnsci's Avatar
    Joined
    Sep 2008
    Location
    Baile an Teampaill
    Posts
    648
    Thanks Thanks Given 
    86
    Thanks Thanks Received 
    97
    Thanked in
    43 Posts
    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.
    "If you don't work harder I'll pull you off at halftime,"
    “Crikey, at Manchester City all we get is an orange and a cup of tea,"

  3. #3
    First Team Partizan's Avatar
    Joined
    Dec 2003
    Location
    RSC
    Posts
    1,051
    Thanks Thanks Given 
    6
    Thanks Thanks Received 
    61
    Thanked in
    29 Posts
    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.

  4. #4
    Coach Longfordian's Avatar
    Joined
    May 2002
    Posts
    8,297
    Thanks Thanks Given 
    630
    Thanks Thanks Received 
    1,454
    Thanked in
    966 Posts
    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.
    "He mightn't always be right but he's never wrong"

  5. #5
    Reserves The Lilywhites's Avatar
    Joined
    May 2007
    Location
    Oriel Park
    Posts
    797
    Thanks Thanks Given 
    106
    Thanks Thanks Received 
    45
    Thanked in
    29 Posts

  6. #6
    Seasoned Pro White Horse's Avatar
    Joined
    Dec 2006
    Location
    Dundalk
    Posts
    3,575
    Thanks Thanks Given 
    247
    Thanks Thanks Received 
    1,036
    Thanked in
    539 Posts
    Sad to see, but on the basis of that article the prospects appear poor.

  7. #7
    Seasoned Pro NeverFeltBetter's Avatar
    Joined
    Apr 2012
    Location
    Gouldavoher
    Posts
    3,933
    Thanks Thanks Given 
    222
    Thanks Thanks Received 
    550
    Thanked in
    374 Posts
    Quote Originally Posted by fionnsci View Post
    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.
    Author of Never Felt Better (History, Film Reviews).

  8. #8
    Reserves
    Joined
    Mar 2008
    Posts
    832
    Thanks Thanks Given 
    19
    Thanks Thanks Received 
    158
    Thanked in
    97 Posts
    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.

  9. #9
    First Team Partizan's Avatar
    Joined
    Dec 2003
    Location
    RSC
    Posts
    1,051
    Thanks Thanks Given 
    6
    Thanks Thanks Received 
    61
    Thanked in
    29 Posts
    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.

  10. #10
    Seasoned Pro NeverFeltBetter's Avatar
    Joined
    Apr 2012
    Location
    Gouldavoher
    Posts
    3,933
    Thanks Thanks Given 
    222
    Thanks Thanks Received 
    550
    Thanked in
    374 Posts
    I assume that Waterford are simply not in a position to pay Henderson?
    Author of Never Felt Better (History, Film Reviews).

  11. #11
    Now with extra sauce! Dodge's Avatar
    Joined
    Jun 2001
    Location
    Insomnia
    Posts
    23,575
    Thanks Thanks Given 
    663
    Thanks Thanks Received 
    2,674
    Thanked in
    1,453 Posts
    Quote Originally Posted by Partizan View Post
    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
    54,321 sold - wws will never die - ***
    ---
    New blog if anyone's interested - http://loihistory.wordpress.com/
    LOI section on balls.ie - http://balls.ie/league-of-ireland/

  12. #12
    International Prospect Jofspring's Avatar
    Joined
    Sep 2006
    Location
    Limerick City
    Posts
    6,692
    Thanks Thanks Given 
    300
    Thanks Thanks Received 
    559
    Thanked in
    403 Posts
    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.

  13. Thanks From:


  14. #13
    First Team Partizan's Avatar
    Joined
    Dec 2003
    Location
    RSC
    Posts
    1,051
    Thanks Thanks Given 
    6
    Thanks Thanks Received 
    61
    Thanked in
    29 Posts
    Quote Originally Posted by Jofspring View Post
    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.

  15. #14
    International Prospect Jofspring's Avatar
    Joined
    Sep 2006
    Location
    Limerick City
    Posts
    6,692
    Thanks Thanks Given 
    300
    Thanks Thanks Received 
    559
    Thanked in
    403 Posts
    Quote Originally Posted by Partizan View Post
    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.

  16. #15
    Reserves gormacha's Avatar
    Joined
    Aug 2011
    Location
    wild west Waterford
    Posts
    476
    Thanks Thanks Given 
    23
    Thanks Thanks Received 
    170
    Thanked in
    96 Posts
    Going from memory, and I'm open to correction on this, I think he had a year and a half left on his contract.

  17. Thanks From:


  18. #16
    Seasoned Pro NeverFeltBetter's Avatar
    Joined
    Apr 2012
    Location
    Gouldavoher
    Posts
    3,933
    Thanks Thanks Given 
    222
    Thanks Thanks Received 
    550
    Thanked in
    374 Posts
    Quote Originally Posted by Jofspring View Post

    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?
    Author of Never Felt Better (History, Film Reviews).

  19. #17
    First Team adamd164's Avatar
    Joined
    Jul 2002
    Location
    Cork
    Posts
    2,346
    Thanks Thanks Given 
    137
    Thanks Thanks Received 
    226
    Thanked in
    126 Posts
    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.

  20. #18
    Football hure MariborKev's Avatar
    Joined
    Jun 2001
    Location
    Derry
    Posts
    2,752
    Thanks Thanks Given 
    10
    Thanks Thanks Received 
    212
    Thanked in
    90 Posts
    Quote Originally Posted by Jofspring View Post
    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.
    Tifo poles, sausage rolls and a few goals.

    The Brandy Blogs, back and blogging the 2010 season

  21. Thanks From:


  22. #19
    Reserves GCdfc's Avatar
    Joined
    Dec 2006
    Posts
    455
    Thanks Thanks Given 
    171
    Thanks Thanks Received 
    100
    Thanked in
    62 Posts
    Quote 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....

  23. #20
    Football hure MariborKev's Avatar
    Joined
    Jun 2001
    Location
    Derry
    Posts
    2,752
    Thanks Thanks Given 
    10
    Thanks Thanks Received 
    212
    Thanked in
    90 Posts
    Quote Originally Posted by GCdfc View Post
    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.
    Tifo poles, sausage rolls and a few goals.

    The Brandy Blogs, back and blogging the 2010 season

Page 1 of 8 123 ... LastLast

Similar Threads

  1. Wexford Youths winding-up order?
    By culloty82 in forum Premier & First Divisions
    Replies: 68
    Last Post: 08/02/2017, 11:10 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •