Winding Up Order

[flammableBen]

Shall we have a demonstration?  Outside the back of the arkells.  Just after the usual statement friday?

Well I think we have to wait and see what the trust have to say. There's nothing on their site, and I can't find a link to their forum. Am I being blind?

[Simon Pieman]

A 2 year grace period wouldn't be up in August would it? Didn't Fitton takeover in December/January time?

Who knows what else is inaccurate.

[pauld]

A 2 year grace period wouldn't be up in August would it? Didn't Fitton takeover in December/January time?

Good point Si (Fitton took over mid-Jan btw). It's perhaps also slightly odd that St Modwen didn't see fit to mention this in their recent interim report
http://www.stmodwen.co.uk/docs/interim_report2009.pdf.

This press report has come from St Modwen - the court don't publicise this kind of stuff ahead of time and I'm damn sure the club haven't got on to the Guardian about it. So what we're seeing here is St Modwen taking a shot across the club's bows with some unpleasant publicity - there's certainly more to this. I'm going to wait to see the club's response before panicking but if the club were aware of this a few weeks ago, I'd have thought it might have been germane to mention it at the AGM. But let's see what the whole story is, all we're seeing at the moment is St Modwen's PR machine having a pop - standard tactics (along with the stat demand) to try to force a settlement of a disputed debt.

[RJack]

It's a good job the mongs on Thisisstfc website haven't got wind of thisit would be the end of the world for sure according to them 

What's the betting trhey'll be posts of sack Fitton there not good enough to run the club etc etc.

I'm pretty confident that is something & nothing and St Modwen don't have a leg to stand on. Fitton & Co are shrewd businessmen & didn't get the wealth they have by naivity.

[Ardiles]

So...Monday morning.  The Guardian article remains the only source reporting this.  Nothing from the club.  Nothing in the Adver.  I'm wondering whether there's a journo out there with his wires crossed.  We'll see.

[Fred Elliot]

As Paul stated, this is a disputed debt.

A company cannot be wound up over a disputed debt, end of.

Its posturing. I for one will not be throwing my toys out of the pram until I hear a few more facts

[Sippo]

So...Monday morning.  The Guardian article remains the only source reporting this.  Nothing from the club.  Nothing in the Adver.  I'm wondering whether there's a journo out there with his wires crossed.  We'll see.

But we all know what the adver is like for reporting stories.

[pauld]

So...Monday morning.  The Guardian article remains the only source reporting this.  Nothing from the club.  Nothing in the Adver.  I'm wondering whether there's a journo out there with his wires crossed. 

The Adver won't report it until they get something from the club. Apparently unlike the Guardian journo who would seem happy to print any old shit the St Modwen PR machine cares to throw his way.

[Ardiles]

True.  But it's the complete absence of reporting from any other source that seems odd to me.

http://newsnow.co.uk/h/?JavaScript=1&searchheadlines=&search=swindon

[Ardiles]

The Adver has picked up on the story now.  The final para claims that the club will be issuing a statement later today.


Swindon Town faces winding-up order
9:23am Monday 16th November 2009

Comments (0)   Have your say »


SWINDON Town fans are watching with bated breath today to see what will happen to their club.

Uncertainty surrounds Town's future following reports in the national press that they are facing administration.

According to the Guardian newspaper, the League One club faces a winding-up order from property company St Modwen over the non-repayment of a £2.45m loan dating back to 2005.

Swindon Town has gone into administration twice before and in 2005 was struggling to pay a VAT bill. It was then that St Modwen lent the club £1.45m to meet their tax demands.

When Andrew Fitton's consortium took over in 2007, a two-year grace period was agreed for the repayment of the loan, but that ran out in August.

Three weeks ago, St Modwen issued a statutory demand for repayment, but has heard nothing from the club. It is claiming the original loan of £1.45m plus £1m in interest.

Swindon Town this morning refused to comment but said they would be issuing a statement later today.

[Samdy Gray]

Yay! Statement Friday Monday!

[Summerof69]

Bloody holding companies !!

[Summerof69]

Yay! Statement Friday Monday!

Unless they dig out Baghdad Bob to read out the statement, I think we'll be alright.

[Ardiles]

I see the Adver has now added a question mark to its headline.  (Now reads 'Swindon Town faces winding-up order?')

[STFC_Gazza]

Oh dear not again