Silverdell Share Discussion Threads

[alter ego] 26/2/2014 22:43

I'm waiting to hear from HMRC in response to a request for a valuation. Will post when I hear.

[pj 1] 26/2/2014 16:50

For info HSBC have written off my holding to zero.

I do not think the Inland Revenue can argue against that i.e. I have nothing to sell...!!!

[puku] 11/2/2014 19:39

I wrote to HMRC seeking negligible value status, enclosed the statement that said shareholders cannot expect any value, along with my contract-notes. no reply yet. In the past they have been reasonable, my portfolio still has 3 companies from over 2 years ago that theoretically exist but were granted no-value by HMRC.

[bookbroker] 03/2/2014 23:48

There's nothing left anyway, EDS sold to OCS, Redhills now owned by RCapital! Silverdell already liquidated effectively, so nothing left except possibly its name, and a few filing cabinets!

[alter ego] 03/2/2014 22:25

Bit confused by prev post - are they in administration or liquidation? The former implies being kept alive but the latter is simply salvage what you can.

[speedsgh] 03/2/2014 19:42

SILVERDELL PLC
Date Description
03/02/14 Appointment of Administrators

Liquidator Name: Antony David Nygate
Liquidator Company: BDO LLP
Office Number: 55 Baker Street
Address: London
Post Code: W1U 7EU

2nd Liquidator Name: David Harry Gilbert
Liquidator Company: BDO LLP
Office Number: 55 Baker Street
Address: London
Post Code W1U 7EU

Status Date: 28/01/14
Appointed:
Gazette Entry Date: 03/02/14
Gazette Page: 0000002135

[speedsgh] 03/2/2014 19:35

probably advisable to set up a google alert on 'sean nutley' so that, if he pops up again in the future, one can be sure to steer well clear.

[hippo] 03/2/2014 16:19

Yes Nutley cleaned this one out. All set to trade on under his new company.

[bookbroker] 03/2/2014 16:00

Heard on the grapevine that SID itself placed into administration on the 28.01.14., will show up soon the London Gazette. That's from official sources.

[muckshifter] 31/1/2014 08:37

bookbroker,
An alternative, perhaps more aggressive way, of establishing the tax loss would be to sell the rights to ownership of the shares to a friend (not a related person or work colleague - HMRC wouldn't accept that) for £1, with a signed and witnessed written agreement, which included details of who pays for changing the registration of ownership in the unlikely event that the share suspension is lifted and they recommence trading on the stock exchange.

I've always had this plan in mind for dealing with just such an eventuality, but never had to use it. It leaves, imho, HMRC in the position of having to challenge the right of an individual to sell a possession (in this case the right to any benefit to be gained if the shares survive and return to the stockmarket), if they dispute the deal. The fact that stockmarket trading in the shares has been suspended does not alter that right, I believe.

The main reason I prefer this to asking HMRC, is a lifetime of dealing with civil servants, many of whom have survived for many years without the slightest interest in taking any decision which isn't governed by rules, and have no sense of urgency.

In the single very nasty dispute I've had with HMRC (to do with overseas earnings not Capital Gains), over a huge tax claim, in the end sense prevailed and they dropped the claim before we even began to think of court actions, so I've always felt that the same would occur if I followed the above plan.
Regards.

[bookbroker] 29/1/2014 20:58

Probably for kiddyfiddling though, and nothing related to Sidney!

[phoenix1234] 29/1/2014 20:12

Nutley arrested?

www.shareprophets.advfn.com/views/3746/the-siverdell-scandal-has-sean-nutley-been-arrested-by-the-police-invoices-to-the-nt-and-college-group-not-assisting-with-enquiries

[bookbroker] 24/1/2014 16:31

Interesting, I will contact after the end of the month, rather busy I guess, but there is enough information in terms of the break-up that's taking place and statements from Marwyn Value Investors.

[rat attack] 24/1/2014 16:31

Unfortunately being in a sipp cannot claim losses

[alter ego] 24/1/2014 16:28

I'm in the process of asking HMRC to declare my holding in SID of negligible value. They've replied asking me to provide evidence in support as the company is not in liquidation or receivership. I've supplied a timeline and recent RNS's. Will see what they make of that.

[bookbroker] 24/1/2014 16:11

Ah, thanks for that, but I would be using it against gains in terms of the capital loss!

[pj 1] 24/1/2014 15:59

There remains an overall payment to HMRC and not a refund to you

[bookbroker] 24/1/2014 15:51

Your last comment 'p.s......', could you elaborate please, I'm slightly confused about the 'Not claimed in isolation, but within the year.....'.

[pj 1] 24/1/2014 15:37

p.s. Not claimed in isoLation buT within the year end Capital gains resulting in an Overall payment to HMRC

[pj 1] 24/1/2014 15:35

FWIW- I did speak to HMRC some weeks ago. The phrase reasonable assumption was used by them, as long as I can ''reasonably'' justify it then they would accept the claim.

Beware I do NOT have that in writing.......

[bookbroker] 24/1/2014 15:32

I'll have to speak to HMRC, as you see from above the statements suggest that shareholders will be unlikely to receive any return, especially if parts of the business are being sold off as we see above, and particularly as it has been de-listed, although technically the shareholders still exist in SID as a group holding co., I would welcome opinions of others in this situation with this co.

[roger-lawson] 24/1/2014 15:16

It takes some time for a company to be declared of negligible value by HMRC and usually the company has to go into administration, liquidation or be struck off the register before that happens. Silverdell has not got into administration.