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Saturday, August 30, 2014

Case Number 19 On Monday


Hereford United (1939) Limited are back in the High Court on Monday.

They are listed as case number 19 on the Companies Court Winding Up List.

The hearing will take place on the first floor of the Rolls Building at sometime after 10.30am. Salisbury City are also on the list, as case 126, to be heard 'not before 11am'.

The last time Hereford United were in the High Court the case was adjourned to allow the club to produce a CVA. However creditors turned down the CVA at a meeting on August 14th.

A vote of 75% by value was required to pass the CVA but only 59.3% voted for it and that included £466,369 from Alpha Choice Finance Ltd who had taken on Tommy Agombar's 'claim' which accounted for about 34% of the Yes vote.

It's difficult to predict how Monday's hearing will go.

On the one hand it's claimed that the club is so short of money that some current players and staff are not being paid on time. If correct that would suggest they've run out of day to day money.

On the other hand the 'prize' of the leases could mean that the directors and/or ultimate owners might find enough cash from somewhere to pay off both Martin Foyle and Revenue and Customs.

However what is not certain is whether any other creditors might have attached themselves to the original winding up petition.

If so, even if Foyle and HMRC are paid up, then the directors might need to find another sum of money to pay out further creditors.

In these circumstances it's not out of the question that the Judge might allow a further adjournment.

There again he might have lost patience with the club and liquidation will be on it's way.