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Thursday, December 18, 2014

Hereford United's Bank Account


On Friday afternoon, Hereford United will be back in the High Court for another episode of their winding up petition saga.

By 4.30pm club chairman Andy Lonsdale is supposed to satisfy the Registrar that he has deposited £1M into an account from which creditors can be paid out.

However the Hereford United Bank Account is currently frozen, so if the money is forthcoming, what account will it go into?

And even if it does reach a bank account can the Registrar impose any conditions to ensure it stays there unless it is used to pay out creditors?

BN understands that the Hereford United bank account can be unfrozen but that costs money, something Lonsdale usually tries to avoid.

In any case to unfreeze the account, an application has to be made to the court.

Some supporters think the £1M might be deposited in an account controlled by Gambrill and Co, the accountants involved in producing the recent CVA. It's understood that some recent payments on behalf of Hereford United have come from an account at Gambrill.

Where ever it goes there's little doubt that Lonsdale will do his utmost to ensure nothing gets paid out expect, perhaps, to HMRC.

This process appears to have already started with some creditors sent letters by recorded delivery asking for proof of what is owed to them.

However a source reminded BN that no objections were made to the creditors list when the CVA was produced. He felt it was nothing other than a delaying tactic.

"We will be back in the High Court in January, and almost certainly for several more months to come," he said.

"They won't pay out a penny more than they need to.

"Their aim will be to prolong it so that creditors get fed up trying to get their money back and will give up."