Forest Facing Bankruptcy on Monday

[PREM-R]

Monday 28th July 2014 could see the twice European Champions declared bankrupt in an insolvency case brought by HM Revenue and Customs.  Having dodged a winding up petition in May for non-payment of catering fees at the city ground, the club then discovered that the petition had been taken up by HMCR who claim around 1.8 million pounds in unpaid taxes. 

 

    Players wages were delayed in May, seemingly because of a 'Bank Holiday' in Kuwait which delayed a cash transfer to the club.  Seems strange that the owner is having to pay players wages 'out of his own pocket' at a club the size of Forest.

 

Difficult times for the "Tricky Trees"

 

 

Petitions to Wind Up (Companies)

In the High Court of Justice (Chancery Division)

Companies Court No 2430 of 2014

In the Matter of NOTTINGHAM FOREST FOOTBALL CLUB LIMITED

(Company Number 01630402 )

and in the Matter of the Insolvency Act 1986

A Petition to wind up the above-named Company, Registration Number 01630402, of The City Ground, Pavilion Road, West Bridgford, Nottingham, NG2 5FJ, principal trading address unknown presented on 27 March 2014 by the COMMISSIONERS FOR HM REVENUE AND CUSTOMS, of Bush House, Strand, London, WC2B 4RD, claiming to be Creditors of the Company, will be heard at the Royal Courts of Justice, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL, on 28 July 2014, at 1030 hours (or as soon thereafter as the Petition can be heard).

Any persons intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioners or to their Solicitor in accordance with Rule 4.16 by 1600 hours on 25 July 2014 .

The Petitioners` Solicitor is the Solicitor to, HM Revenue and Customs, Solicitor`s Office, South West Wing, Bush House, Strand, London, WC2B 4RD, telephone 020 7438 7722 . (Ref SLR1646335/Z.)

04 July 2014

 

[PREM-R]

UPDATE

 

On Monday, 28th July 2014, Registrar Clive Jones gave Forest one more chance to prove they had settled their debt.

He adjourned the case until Thursday (July 31) after Forest's lawyers claimed that the tax debt is disputed, and may have arisen due to “confusion”  over amounts that had been paid.

Lawyers for HMRC  claim that, though the original tax debt was reduced from £1.8m to £999,003, further debts of around £1.29m were now owing.

 

The registrar ruled that due to the “unusual circumstances” of the case, and  “very large sums” involved, Forest should be given time to provide proof that the debt had been cleared.

The registrar called for Forest to return to court on Thursday.

 

In a related story, and you cannot make things like this up!!

 

Nottingham Forest will be the beneficiaries of a 500,000,000 GB pound, (yes half a billion pounds) 10 year sponsorship from Kuwait according to 'a relative' of Forest owner, Mr Al Hasawi.  It was tweeted that the Forest ground is set to be renamed the Kuwait City Ground Stadium (KCG Stadium).

 

So Forest will either be (1) In administration, (2) recipients of a bigger sponsorship than Etihad  provided for Manchester City or (3) Neither of the former.

 

We wait to see what happens.  I thought supporting Derby was a weird and wonderful experience but it is nothing when compared to the roller coaster ride that is being a Forest fan.

 

[SantiSuk]

Keep posting lower league guys.

 

Nice to keep in touch with what is going on in the potential future Prem clubs. Postings tend to be a lot more informative and cr"p free than those we post about the top 7!

[PREM-R]

FURTHER UPDATE

 

As of Friday 1/8/14 there is no further information that I can find on this, complete silence from NFFC.  One prominent Forest forum has gone in to meltdown with some members believing that "no news is good news"  while others think that the silence is ominous and the end of the world, for Forest, is nigh. Another Forest forum seems to be ignoring this completely and prefers to talk only about the 500 million pound investment that is supposed to be coming their way.  So we wait and see.  Strange that no information seems to be available, one way or the other, but I would assume that if Forest were in administration  there would have been some effect on the club by now.

[mrbojangles]

It's a ridiculous situation to be in. I mean, in this day and age £1.29m isn't that much is it.

[SantiSuk]

You, me Smokie and Chic could have scraped that together with the loose change in our pockets!

[PREM-R]

Forest Bankruptcy Resolved.... For Now

 

Forest’s High Court winding up ordeal is over (for now), after the club established that they had settled their petition debt.

Lawyers for HMRC requested a “compulsory order” winding up Forest claiming that, though the original tax debt was reduced from £1.8m to £999,003, an additional debt of around £1.29m should be taken into account.

 

Forest’s lawyers argued that payments of £1.2m had been made but not been taken into account. Moreover, the petition debt had been paid in full – something that the club had subsequently been able to prove.

 

At a previous hearing, HMRC took over a winding up petition initially brought by Le Bistro, a subsidiary of stadium caterers Elior. Le Bistro’s debt was paid, but HMRC successfully obtained an order for “substitution” as petitioning creditor.

 

It is interesting that the ‘petition debt’ has been cleared, does this mean that the “additional 1.29 million pounds” remains owing and another winding up order is just around the corner. 

Forest are clearly suffering from a huge cash-flow problem, which may be helped by the start of the Championship season next weekend. There is also an alleged 500 million pound investment from Kuwait that may or may not take place. The saga will surely continue.

[dabhand]

With Stuart Pearce also becoming the new manager of Forest during the close season their fans will not be short of column inches to read in the press during the coming season.

 

Watching a train wreck comes to mind...!!

[rijit]

as eggs are eggs pearce and forest r gonna end in tears

www.theguardian.com/football/2014/aug/05/nottingham-forest-stuart-pearce-fawaz-al-hasawi-jamaal-lascelles

[PREM-R]

Latest news from Nottingham seems to suggest that after the sale to Newcastle and  immediate loan-back of Jamaal Lascelles and Karl Darlow, Forest will now offload Simon Cox and Jamie Mackie to Reading.  Rumours are also persisting that midfielder Henri Lansbury will join Burnley in the next few days.  So there we have it, from 500 million pounds of Kuwaiti investment to having to sell players in order to comply with next years FFP, (it would appear that Forest have already failed this years FFP and are collecting cash for their fine/transfer embargo which will surely arrive in January).

[rijit]

,  http://www.bbc.co.uk/sport/0/football/28681698 from seemingly having to sell to comply with ffp to spending 5-5 mil on a striker

 

.                       totally bizarre

[naboo]

PREM-R may be thinking all is bright at D*rby's Retail Pride Park, but the squad at the City Ground this season is stronger than ever, the club is free of the Billies and Jim Price and I'd bet The Greatest Living Englishman's (Stuart Pearce) glorious left leg on Forest finishing the season above D*rby.

[wilai]

PREM-R may be thinking all is bright at D*rby's Retail Pride Park, but the squad at the City Ground this season is stronger than ever, the club is free of the Billies and Jim Price and I'd bet The Greatest Living Englishman's (Stuart Pearce) glorious left leg on Forest finishing the season above D*rby.

Hope you got his permission for that comment? No-one else seems to ask..(especially his owners)

[naboo]

I would have asked for permission had I considered losing the bet a remote possibility. $_$

[PREM-R]

PREM-R may be thinking all is bright at D*rby's Retail Pride Park, but the squad at the City Ground this season is stronger than ever, the club is free of the Billies and Jim Price and I'd bet The Greatest Living Englishman's (Stuart Pearce) glorious left leg on Forest finishing the season above D*rby.

 

"....the squad at the City Ground this season is stronger than ever..."

 

I would agree that the Forest squad this season is stronger than the one that finished 10th in the Championship last season.

 

Billy has been replaced by Pearce, who was a legend as a player at Forest, but has not had a huge amount of success, at club level, as a manager.  "Jimbo" has not been replaced and that, in the view of many Forest fans on their forums, is the reason behind the several winding up petitions and various other 'unpaid bills' as the club has been operating without a 'rudder' by not having a CEO in place. 

 

Give it a week or two and we will be able to see how things pan out, Forest away to Bolton and Bournemouth, Derby away to Sheffield Wednesday and Charlton may give an indication of how the season will go for both teams. 

 

 

[PostmanPat]

PREM R.....or rather, NOT premr after the very amusing 96th minute goal for QPR in the Championship final seems to be obsessed with hoping that Forest fail! Well, he would because hes a Direby Sheep, and Direby Fans have been jealous of the great club Nottingham Forest seemingly forever.

 

Well, heres the big news Mr. Sheep, all debts cleared at Forest, new signings coming in all the time, money no object from our wonderful Chairman Fawaz Al Hasawi, a great season in prospect, and we still laugh and laugh at your fans crying at Wembley, that was so amusing!

 

Instead of obsessing about the big club up the A52, why dont you concentrate instead on your own crappy club in your own crappy stadium in one of the crappiest towns in the whole of England!!

[PREM-R]

PREM R.....or rather, NOT premr after the very amusing 96th minute goal for QPR in the Championship final seems to be obsessed with hoping that Forest fail! Well, he would because hes a Direby Sheep, and Direby Fans have been jealous of the great club Nottingham Forest seemingly forever.

 

Well, heres the big news Mr. Sheep, all debts cleared at Forest, new signings coming in all the time, money no object from our wonderful Chairman Fawaz Al Hasawi, a great season in prospect, and we still laugh and laugh at your fans crying at Wembley, that was so amusing!

 

Instead of obsessing about the big club up the A52, why dont you concentrate instead on your own crappy club in your own crappy stadium in one of the crappiest towns in the whole of England!!

 

I would like to congratulate you on a well reasoned and eloquent post, when you make one I will certainly do that. 

 

[PostmanPat]

 

PREM R.....or rather, NOT premr after the very amusing 96th minute goal for QPR in the Championship final seems to be obsessed with hoping that Forest fail! Well, he would because hes a Direby Sheep, and Direby Fans have been jealous of the great club Nottingham Forest seemingly forever.

 

Well, heres the big news Mr. Sheep, all debts cleared at Forest, new signings coming in all the time, money no object from our wonderful Chairman Fawaz Al Hasawi, a great season in prospect, and we still laugh and laugh at your fans crying at Wembley, that was so amusing!

 

Instead of obsessing about the big club up the A52, why dont you concentrate instead on your own crappy club in your own crappy stadium in one of the crappiest towns in the whole of England!!

 

I would like to congratulate you on a well reasoned and eloquent post, when you make one I will certainly do that. 

 

So funny, you took great glee in what you hoped was Forests downfall, only to be disappointed again just as you were at Wembley in May, and as you will be again this season. All you Direby sheep have never recovered from your untold amounts of jealousy that the great Brian Clough achieved most of his glory at the home of East Midlands finest club Nottingham Forest.   

 

[PREM-R]

With Forest being drawn away in both League cup rounds so far, it means that they will have had just two homes games from the start of the season until the home match versus Derby County on 14th September.  With the fragile state of 'cash flow' at the (Kuwait?) City ground it will be interesting to see if the players receive their wages on time at the end of the month. 

[PostmanPat]

With Forest being drawn away in both League cup rounds so far, it means that they will have had just two homes games from the start of the season until the home match versus Derby County on 14th September.  With the fragile state of 'cash flow' at the (Kuwait?) City ground it will be interesting to see if the players receive their wages on time at the end of the month. 

 

Heres a good tip. Why dont you concentrate on the fortunes, good or otherwise of your own club instead of constantly and jealously obsessing about the great club which is Nottingham Forest?

 

Dont worry about us, we re not going bankrupt, the wages have been paid, the revenue are happy, we just signed a new striker for 5 million, paid up front in cash by the way, so please toddle off down to the pasture where your sheep dip is and stop obsessing about your much bigger neighbour up the road!

 

OK? Thanks a lot !!
 

[SantiSuk]

Looks like it's safe for Forest fans to come out from behind the sofa   ......now with all their new-found bravado

[PostmanPat]

Looks like it's safe for Forest fans to come out from behind the sofa   ......now with all their new-found bravado

 

Watch it Santi Suk,  Arsenal is my second team after Forest, both clubs should be admired for having a tradition of trying to play good football.

 

Unfortunately, in Forests case it hasnt always worked but at least Stuart Pearce is giving us cause for optimism!!

[Jip99]

With Forest being drawn away in both League cup rounds so far, it means that they will have had just two homes games from the start of the season until the home match versus Derby County on 14th September.  With the fragile state of 'cash flow' at the (Kuwait?) City ground it will be interesting to see if the players receive their wages on time at the end of the month. 

 

Why is it that I find it difficult to trust the motives of a Derby fan who spends more time posting about his more successful neighbour than his own club.

[Jip99]

As Forest did not suffer the fate of bankruptcy it would appear that this gratuitous thread has run its course.

[wilai]

 

Looks like it's safe for Forest fans to come out from behind the sofa   ......now with all their new-found bravado

 

Watch it Santi Suk,  Arsenal is my second team after Forest, both clubs should be admired for having a tradition of trying to play good football.

 

Unfortunately, in Forests case it hasnt always worked but at least Stuart Pearce is giving us cause for optimism!!

 

"Decent football"........"Stuart Pearce"!!! Dunno whether City lads will agree with that one

[PostmanPat]

 

 

Looks like it's safe for Forest fans to come out from behind the sofa   ......now with all their new-found bravado

 

Watch it Santi Suk,  Arsenal is my second team after Forest, both clubs should be admired for having a tradition of trying to play good football.

 

Unfortunately, in Forests case it hasnt always worked but at least Stuart Pearce is giving us cause for optimism!!

 

"Decent football"........"Stuart Pearce"!!! Dunno whether City lads will agree with that one

 

 

Careful, Wilai, I ll get Psycho to come and tackle you then you ll know youve been tackled !  He got the Man City job way too early in his post playing career and didnt make a very good job of it. I think hes learned a lot and maybe, just maybe, now is his time with his very favourite team....we ll see, but no doubt our Derby supporting poster will be having a go if we lose a couple of games. Stuart Pearce has almost totally rebuilt the Forest team which was woeful at the back end of last season, and it wont necessarily come together immediately, as Nigel Clough found out at Derby. At least Forest have a manager we all respect, unlike the nightmare that was Billy Davies !!!

 

[Boo]

Thread run it's course. Closed