Podcast Episode 1

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Interesting exchange on twitter ============================================================================== cartuja ‏@cartujakds 55m @TheTributeAct My info: McCoist was …

Comment on Podcast Episode 1 by Mickleen.

Interesting exchange on twitter
cartuja ‏@cartujakds 55m
@TheTributeAct My info: McCoist was sent cap in hand (by desperate Easdales/Wallace) to King after Wallace London trip and was knocked back.
Sir Barold Hatchback ‏@SirBaroldMBE 53m
@cartujakds @TheTributeAct My info is the opposite- that the Easdale’s knocked King’s overtures back.
cartuja ‏@cartujakds 47m
@SirBaroldMBE @TheTributeAct Emergency payment to pay VAT bill. King was having none of it. The ‘overtures’ are entirely different.’
The killer here is if they can’t pay the VAT then they haven’t an earthly of paying the PAYE on the 22nd. Dare they wait on HMRC issuing a winding up order or are D&P packing their capes as we speculate?

Mickleen Also Commented

Podcast Episode 1
Brenda says:
February 13, 2014 at 12:12 pm
Apologies, tried to look back but can’t find the post 😥 why is 22 Feb relevant to sevco? Audited accounts? Or is that the final day for vat payments etc……. Sorry 😥
Brenda, VAT was due yesterday (if paid by DD) PAYE on a month’s salaries to 5/2/14 is due on 22nd.
I can only assume that the VAT has been paid or that fine upstanding businessman Mr Wallace would have walked already. There might not be enough left in the biscuit tin for the PAYE though.

Podcast Episode 1
Frankie says:

February 11, 2014 at 3:36 pm
For the VAT quarter ended 31st December 2013 HMRC must have cleared funds in their account on 7th February 2014. There is no extension on this.
Nope. Electronic return to be submitted by 7th. Direct debit taken tomorrow. I.E. three working days after 7th.

Not being a pedant here, just think if I was Wallace I’d be on my good foot tomorrow.

Podcast Episode 1
Campbellsmoney says:
February 11, 2014 at 2:12 pm
Mickleen says:
February 11, 2014 at 12:33 pm
VAT due tomorrow Brenda (three working days from last date for submission of return). IF the return was submitted on time and there’s no money to cover it then I wonder if Wallace can stay beyond tomorrow as he will know (and it will be demonstrable that he knew on this date if/when the company goes down the pan) that the Company is trading insolvent.
Failing to make payment on the due date for payment is not a test for wrongful trading (there is no such thing as “trading insolvent(ly)” as far as the law is concerned).

What matters is the earlier date when you knew that the company would not be able to make that payment.
I agree with your last sentence, but see my bit in brackets, there can be no wriggle room after tomorrow.

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