Twitter rumour re administration

Whilst it isn't nice to see, if confirmed i'd happily take the straw of a second chance.

Let's be honest though, £30 million in the fourth tier is a ridiculous amount of debt, no matter if it is primarily to their chairman - not as if they haven't had a fair crack at it.

Quoted from Poojah

Not that I'm giving any particular credence to the rumour, but I believe any deduction would be applied in the season in which it would have most material impact. If a club was mid-table for example and a points deduction would have no effect on their league status, the deduction would apply next season. If however it would relegate them, it would apply this season - see Wigan in the Championship last season.

This is to deter clubs from reaching a point of safety, or conversely finding themselves in an irretrievable league position, and avoiding any meaningful punishment for entering administration.

After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.

Quoted from GollyGTFC

After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.

But HMRC  don't necessarily have to be involved,as i know from bitter experience!

Quoted from GollyGTFC

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.

Cowling's business (the creditor) is in financial trouble and may be obligated to call in assets, such as the loan in the club.  As per the rumour, of course.

Quoted from GollyGTFC

After a certain date in April the points are only applied during the current season if it directly effects which division they will be in next season.

So the points deduction would need to mean the club would either miss out on promotion or be relegated as a result of the deduction.

The deduction would only be applied after all matches have been completed.

I doubt it’s true because the HMRC have stopped issuing winding up orders during the COVID crisis.

You don't have to have a winding up order against you to go into administration. Administration is (very simplistically) a way of holding your hands up and admitting "this business is f*cked". A winding up order is HMRC telling you you're f*cked!

The 2 are regularly intertwined because struggling businesses often hold on to tax payments to keep the business going and eventually HMRC step in to demand the tax the business owes. At that point HMRC often issue a winding up order and appoint administrators.

HMRC appointed administrators are basically told (by HMRC) extract the money we are owed from the business and the rest can be flogged off for whatever you can get and we don't give a sh*t what that looks like. If the business goes to the wall, so be it.

Quoted from RichMariner

I wouldn't take any glee from staying up at the expense of another club, but I'll take those straws and clutch tightly because I just can't see us picking up the four wins we need to stand a chance of surviving.

I remain hopeful that we'll at least make a fist of it, and perhaps take it into the last day. I've said all along that if we can't get ourselves out the mire, we can at least try and make 23rd because you never know what might happen off the field.

And let's not forget, if it did happen it would be the second time under the Principle Funder that we have avoided relegation from the EFL because of another club having points deducted.

Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.

Quoted from BobbyCummingsTackle

And let's not forget, if it did happen it would be the second time under the Principle Funder that we have avoided relegation from the EFL because of another club having points deducted.

What wonderful ambition from our beloved...pray on others to fail rather than prepare to succeed...

Quoted from aldi_01

What wonderful ambition from our beloved...pray on others to fail rather than prepare to succeed...

I think you are massively overstating the Principle Funder's planning ability. More luck than judgement.

Quoted from ginnywings

Is the timing anything to do with the new financial year starting over Easter?

Asking for a financial dunderhead.

Not a financial expert either but their chairman stated recently that they had paid their tax liabilities and PAYE for this year, rather than deferring them until next year like most other clubs (presumably including us) have.  So I don't expect this to be anything tax-related, at least at the club.  More likely that the group of businesses that Cowling owns has hit the rocks and adminstrators will look to liquidate part of the £26-30m held in Colchester, effectively putting the club into adminstration.  This could all just be horsewhack yet, is this ex-agent fella at all reliable?  I saw that someone posted the rumour in the #gtfc hashtag earlier in the morning so it might have legs.