Macclesfield relegated

Newport County natter & football chatter.
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Kairdiff Exile

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Re: Macclesfield relegated

Postby Kairdiff Exile » September 16th, 2020, 10:20 am

Some news to get wound-up about.

Macclesfield Town Football Club has been wound up in the High Court over debts totalling more than £500,000.

Judge Sebastian Prentis made a winding-up order during a hearing in the Insolvency and Companies Court after being told £190,000 was owed in tax.

In addition, a solicitor for former manager John Askey was told he was owed £173,000 and a financial lender was also owed the same sum.

The club's owner Amar Alkadhi had asked for a further eight-week adjournment.
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George Street-Bridge

Re: Macclesfield relegated

Postby George Street-Bridge » September 16th, 2020, 10:37 am

Shows how foolish the EFL was to cut them so much slack, IMHO.
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halfmoon

Re: Macclesfield relegated

Postby halfmoon » September 16th, 2020, 11:09 am

So does that mean they're kaput now, a la Bury?

Sounds like Southend are rapidly heading in the same direction: as of today they've been given 42 days to pay off nearly £500k in debts.
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UPTHEPORT

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Re: Macclesfield relegated

Postby UPTHEPORT » September 16th, 2020, 11:29 am

feel for the fans
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excessbee

Re: Macclesfield relegated

Postby excessbee » September 16th, 2020, 11:30 am

What a shambles. Their owner Amar Alkadhi must have been the only person in the country who welcomed the pandemic. HMRC stopped processing winding up petitions and he gained five months breathing space. This hearing followed eleven adjournments. Strangely, a week ago he was asking for 28 days extra, but was granted seven. However, today he asked for a further eight weeks, so the 28 days was just another delaying tactic. Someone on their forum actually wondered if they would still get the parachute payment!! Hmmm.... there is no club to receive it. They have always praised ex manager John Askey, but it seems he was a major creditor, although it was Sol Campbell who actually petitioned for the winding up at one stage, and HMRC took on that role this time around. I suppose the parachute payment is just a saving for the EFL, perhaps it goes into the pot to share out and League Two Clubs may each get a bit extra.
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jcb

Macclesfield

Postby jcb » September 16th, 2020, 2:02 pm

Would up in the High Court.
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jcb

Re: Macclesfield

Postby jcb » September 16th, 2020, 2:04 pm

WOUND UP.£500 ,000 debt.
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G Guest

Re: Macclesfield relegated

Postby G Guest » September 16th, 2020, 2:07 pm

It's an interesting point. The liquidator is likely to attempt to collect the parachute payment if he can on behalf of creditors. Much will depend on the wording of the EFL regulation governing these payments. If it has been drafted by a good lawyer it will preclude payment to clubs who do not compete in a recognised league the following season.

I am struck by how little money is involved. I guess counting for inflation it is rather less than we owed in 1989.
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NearlyDead

Re: Macclesfield relegated

Postby NearlyDead » September 16th, 2020, 2:48 pm

G Guest wrote:I am struck by how little money is involved. I guess counting for inflation it is rather less than we owed in 1989.


Our reported debt when liquidated was £330k, which is equivalent to about £825k today.
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