Thetownend.com

It's been suggested in the 'Devlin Resigns' thread (on the Adver site) that the current board may announce on Thursday that they have negotiated the rescheduling of the CVA with HMRC. I know we are not privy to the dealings that may be taking place behind the scenes, but I would be amazed if HMRC would be prepared to accept a rescheduling of the repayment if they were aware that Bill Power was sitting in the wings with a credible takeover proposal. This would enable HMRC to receive their cash on time and negate the need for a rescheduling exercise.

Would someone from the Trust be able to confirm the following points?

1. Has there been any communication with HMRC to notify them of the current situation at STFC? Is HMRC aware of the takeover bid and is it aware that STFC would be able to settle its liability on time (negating the need for a rescheduling of the repayment) if the takeover was successful?

2. Has there been any communication with the Football League? Is the Football League aware that a successful takeover would result in STFC having a viable future at the County Ground (negating the possible ‘need’ for a relocation to Chippenham)?

If the current board can be wrong footed on these two points, their business plan could be severely weakened...and we might just be treated to the delightful spectacle of the board begging Bill Power to take over. I just hope those in the know have done their homework.

http://www.thetownend.com/forum/viewtopic.php?t=17626

Have a read here Ardiles old chum

Interesting.  I knew some of this already, but my first question comes at this from a slightly different angle.

I'm not really asking what would happen if HMRC agreed to the rescheduling of the CVA.  I'm asking whether HMRC is aware of the Bill Power/Phil Emmel bid - because this would most probably persuade them not to agree to the rescheduling in the first place.  The current board would then be screwed.

For a start I am sure that both HMRC and the FL are aware of the current situation as it is so much in the public domain.

My personal feelings are that the situation is being "viewed from afar" to see how situation develops.

MY dad has been to a council meeting and posted the following on the trust site.

With the club declaring that they are trying to renegotiate the CVA payments, I asked the question at the Council Cabinet meeting tonight, if the council had been approached about this. The short answer is NO! And according to Councillor Nick Martin, lead Member for finance, they would not countenance any change in the payment due.

They stated that the payment for 2006 has been missed and that Hacker Young are meeting with the club tomorrow (8/2/07) to discuss this. The Council are due approx £100,000 in the last CVA payment due in June this year.

Tony N

Cheers Tails.

Would that have any bearing on the situation if HMRC accepted the renegotiated CVA?

Does it work on a majority vote system or do all creditors have to agree to the new terms?

Even still the phrase pissing on your own doorstep springs to mind.

 Well Martin has previously stated he'd like to close the club down....here's his chance.

75% Dazza

If the council won't consider renegotiating because it is public funds that are due then I think you can guess what HMRC's attitude will be...

so we're fucked then unless the current board have a million quid hiding under the table?

 :nod:

Unless somebody else comes along with it.

Fred, is that 75% of the creditors or 75% of the debt total?

maybe thats where Bills original missing million quid is going....

Board tell us they have raised the funds, when really they've jusy ripped off Bill Power

...and fuck sake....they are leaving it a bit late for a decision surely, doesnt leave much time for a plan B

Its proportional to the amount owed Dazza, so its based monetary and not number of creditors

noooooooooooo   that's long gone DV

Bob Holt said in September (and IIRC repeated at the AGM) they don't have a Plan B - just pinned their hopes on a fantasy of renegotiating which isn't going to happen. If only there were a well-financed consortium waiting in the wings who did have the money to pay the CVA and ensure the club's survival beyond the summer ..... oh.

See on the Trust board that portion would be 10% so if the boys at HMRC accept a deal presumably that would then force the council to accept the deal?

So much for poor Bowden's charm offensive then.  

It’s all a bit mad.  Proposing to our largest creditor to restructure the CVA on the foundation of a future development yet by the same process pissing off the very people who hold the key to the development actually taking place.  :shock:

I’m not one for conspiracy theories……

Maybe it stands for Chippenham Voluntary Agreement

HEAD NAIL HIT !