The final COUNTDOWN

Well Chester City was wound-up just before the Cardiff case this morning but they were a dead duck anyway having been kick out of the Conference. Southend were given 35 days to pay their debt. So how did Cardiff City fair? Chairman Peter Ridsdale was hoping to make a part payment again but the taxman was not happy but lost out but get another chance to wind-up the Bluebirds in just 56 DAYS.

Cardiff paid half the debt today after they had promised to clear the debt the last time they were in court. The club should have paid off £1.85m of the original £2.7m leaving the taxman just £850.000 to collect. Nevertheless, it is never easy when you take on the taxman and Ridsdale has incurred more debt with the taxman the club had defaulted on its ongoing obligations to pay PAYE and VAT, incurring a further debt of £1.053m. We now have to pay £1.903m within the 56 days.

That the High Court Cardiff has 56 days to settle their debt or they will be wind-up so this ongoing pain will carry on until Monday 6 May. This looks to be a final chance now and come the 6th May the club will be winded-up so where is the money going to come from.

Counsel Matthew Smith, for the HMRC said the club were "plainly insolvent" and went on to say the club were “robbing Peter to pay Paul”.

In defence of the club Elaine Palser, point out the club had received £500,000 for an Asian investor and indicated he will invest another £6m. She told the court, "We are confident that these funds are coming in. This is not an insolvent company. There is £36m of net assets, and the players are worth about £30m."

Hearing the case, Mrs Registrar Derrett issued a warning to Cardiff City she was going to grant one last adjournment but the debt must the paid or the club will have a winding up order place on it. She said: "On the face of it this company is not able to pay its debts as they fall due. The only basis, I’m being told, on which there is a prospect of this being resolved is through a third party investor, but there is no evidence before the court.
"However, I take note that it is only the second hearing. I will grant an adjournment for 56 days and that is for settlement in full."

No comment from Peter Ridsdale was anyone expecting any, we will have to wait and see the official statment.

Cardiff did ask for the 6,000 season ticket holders yet to buy season tickets for next season but they have been very quiet on the uptake, which is rumoured to be next to none but they still have until the end of the month. Steve Borley is believe to be in Malaysia with the begging bowl let’s hope he returns with the £6m the court were told about.