Reply to thread

Message

<blockquote data-quote="Bada-Bing!" data-source="post: 1098895" data-attributes="member: 70552">Any UK business (company or unincorporated - Sole traders/partnership) that have employees (whom they pay above the lower earnings threshold - about £6.4k) would be liable to collect Income tax and NIC&nbsp; - class 1 Primary (employees) and also class 1 secondary (employer&#039;s) via PAYE and pay it over to HMRC each month on players&#039; and staffs&#039; wages. In Worcester&#039;s case WRFC Trading Limited would be responsible if they are Worcester&#039;s players&#039; and staff&#039;s employers.So looks to me like they will get the receivers in, eventually, to see if they can salvage the PAYE debt owed, by putting the company&nbsp; into &quot;Administration&quot; i.e.&nbsp; a receiver is appointed by HMRC to run WRFC Trading Limited instead of the Directors.The receiver will see if they can rescue the company as a Going concern, get the cash/sell an asset(s) if they can and pay off the PAYE owed.&nbsp; And it they can&#039;t (after about 12 months or longer if court agrees) then HMRC would&nbsp; apply to the court for a Compulsory liquidation to wind up&nbsp; WRFC Trading Limited, which means selling off their realisable assets, pay off their creditors in a set order (secured creditors with fixed charges at the top and shareholders at the bottom). HMRC have recently become a preferential creditor for PAYE and VAT, so higher up the list of creditors to get their liability paid above other creditors.So WRFC Trading Limited, which means Worcester RFC until it&#039;s parent company gets sorted, are in deep **** unless HMRC get paid.</blockquote>

[QUOTE="Bada-Bing!, post: 1098895, member: 70552"] Any UK business (company or unincorporated - Sole traders/partnership) that have employees (whom they pay above the lower earnings threshold - about £6.4k) would be liable to collect Income tax and NIC - class 1 Primary (employees) and also class 1 secondary (employer's) via PAYE and pay it over to HMRC each month on players' and staffs' wages. In Worcester's case WRFC Trading Limited would be responsible if they are Worcester's players' and staff's employers. So looks to me like they will get the receivers in, eventually, to see if they can salvage the PAYE debt owed, by putting the company into "Administration" i.e. a receiver is appointed by HMRC to run WRFC Trading Limited instead of the Directors. The receiver will see if they can rescue the company as a Going concern, get the cash/sell an asset(s) if they can and pay off the PAYE owed. And it they can't (after about 12 months or longer if court agrees) then HMRC would apply to the court for a Compulsory liquidation to wind up WRFC Trading Limited, which means selling off their realisable assets, pay off their creditors in a set order (secured creditors with fixed charges at the top and shareholders at the bottom). HMRC have recently become a preferential creditor for PAYE and VAT, so higher up the list of creditors to get their liability paid above other creditors. So WRFC Trading Limited, which means Worcester RFC until it's parent company gets sorted, are in deep **** unless HMRC get paid. [/QUOTE]

Verification