Lebowski
The CVA can be renegotiated, but it takes a specially convened creditors meeting, where 75% of the creditors (by value of debt owing, not numerically) need to approve the move. So far no meeting has been convened and , one of the largest creditors, SBC, have stated that they WILL NOT renegotiate.
If the board took the decision tomorrow to clear the decks so to speak then whilst the legalities of any take over would take us past the deadline, if creditors and the FL were aware of the rescue package/takeover deal then I am sure that with clear and concise negotiation that a period of grace would be extended to us to produce the relevant payments etc.
Hope that helps.
I certainly dont see us as fucked at all, quite the contrary.
I have said in other threads that no High Court judge will liquidate a company that has a viable rescue package to satisfy the creditors ready to implement, be it hostile or non-hostile
This is where (in my opinion only) that AA's proffessional integrity comes into question.
I have spoken to many proffessionals about the situation and I am staggered that AA is not recommending the Consortiums offer to the club, as it is his duty to look after the interests of the creditors within the agreement.
To swipe this to one side without such a "by your leave", is in my opinion bordering on negligence and I am surprised that creditors have not kicked up a stink thus far
so really what we want is
ACP Promotions- £150.000
Multi sport promotions £117.500
Ntl- £29.476
Swindon council - £411.998
Synchro systems- £27.250
Wilts police- £37.295
If all of these say they do not want to renegotiate then the board are fucked or there abouts..
Is that right
