Ospreys and WASPs - winding up?

http://www.justice.gov.uk/courts/court-lists/list-companies-winding-up

3160 /2012 London Wasps Holdings Limited
3211 /2012 Ospreys Rugby Limited

Anybody have details?
Haven't paid their bills in time?
Could be much ado about not very much and a similar thing happened to Cardiff Blues 2 years ago.

Is this a Wind Up

RubyGuby wrote:Is this a Wind Up

Probably just the Ospreys/Wasps just closing down that trading name and trading under a different name (Ospreys Sports Ltd or Cuddy's Limited Playtown)

Statement from Ospreys Rugby
28 May 2012 14:38pm

"The Region's position with HMRC is being resolved. In light of the discussions which have taken place with the Region, HMRC agreed to adjourn the hearing of the Petition in significant advance of the hearing. Both parties are confident that all matters will be resolved shortly."

http://www.ospreysrugby.com/news/5343.php

HMRC normally try for a winding up if the business isn't paying their taxes (normally PAYE dodging). The bill gets settled with interest paid and HMRC stops the winding up petition. Could be a bit of that as some limited companies view their PAYE account with HMRC as an option in times of cash flow issues.

formerly known as Sam wrote:HMRC normally try for a winding up if the business isn't paying their taxes (normally PAYE dodging). The bill gets settled with interest paid and HMRC stops the winding up petition. Could be a bit of that as some limited companies view their PAYE account with HMRC as an option in times of cash flow issues.

Similar to Cardiff Blues by the look of it;

Cardiff Blues in High Court shock
Mar 4 2010

Just weeks after a winding-up petition was served on the Blues’ landlords, Cardiff City Football Club, the capital city’s rugby side also appeared on a court list.
The matter related to an outstanding debt owed to Her Majesty’s Revenue and Customs that the Blues themselves had built up.
The company named in the petition was Cardiff Rugby Football Club Limited, the umbrella body which incorporates the Blues and the Cardiff semi-professional team that plays in the Principality Welsh Premiership.
The case was dismissed after the Blues made sure they had settled the debt ahead of yesterday’s hearing date.
But the very fact that the issue went to court will be an embarrassment for the Blues’ hierarchy.

http://www.walesonline.co.uk/rugbynation/rugby-news/2010/03/04/cardiff-blues-in-high-court-shock-91466-25959082/

Yep, that seems to be pretty common Dave. There's been a few football clubs that have done similar. If they refuse to pay then HMRC threatens a winding up petition that would put the clubs in the hands of administrators which would then have to settle as many of the outstanding creditors as possible. HMRC would feature high on that list. Obviously no board of directors want to lose control of their company so the money owed to HMRC gets paid up the day before the court date.

Kiwireddevil wrote:

RubyGuby wrote:Is this a Wind Up

I knew you'd appreciate that one Kiwi

That's the weekends winnings gone

http://www.bbc.co.uk/sport/0/rugby-union/18242977

Sheesh, does nobody in Neath actually pay any tax?

Wasps have to be careful they are on the edge of administration and to go into it would see them severly punished. The 20 point deduction encurred could possibly be back dated to last season and see them go down instead of the Falcons but if carried forward into the new season would leave them a massive challenge to avoid relegation. Then again LW could be in a whole lot of trouble if they get promoted so Wasps might escape.