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Thursday, 18 November 2010

Sheffield Wednesday given time to pay taxes. Lucky them!

Sheffield Wednesday have been given 28 days to pay their tax bill by the High Court. The Judge said that the company had been trading whilst insolvent but had allowed the stay of execution due to exceptional circumstances.  What circumstances?  Other companies, if they are trading whilst insolvent and a winding up petition is being heard, are not usually so lucky.  I suspect that the learned judge believed, as many others do, that a rich investor will step in at the last minute! However, this does not mean that other companies should rely on such unlikely outcomes.We often find that companies delay taking action because they believe that a big contract is on the way. However, even if that hope is there this should not prevent the directors taking advice.

The co-operative bank, to whom the club owes £23.5m, has been very patient throughout and is the main reason the club has survived for so long.

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