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« Reply #525 on: Monday, March 1, 2010, 20:04:29 » |
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I don't know why but the name 'Andronikou' makes me think of
[url width=450 height=534]http://www.thegreenhead.com/imgs/robby-the-robot-1.jpg[/url]
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RobertT
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« Reply #526 on: Monday, March 1, 2010, 20:18:01 » |
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Nemo
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« Reply #527 on: Monday, March 1, 2010, 20:23:16 » |
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To be fair, Thaksin passed and he was probably the least fit and proper person on earth.
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jonny72
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« Reply #528 on: Monday, March 1, 2010, 20:45:26 » |
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Consensus on the radio was that the administration being sanctioned was a formality, and this was the HMRC firing an opening salvo in a bid to challenge the 'football debts first' ruling. They didn't elaborate on what the likely course of events would be though.
HMRC have challenged it before and lost, unlikely they'll try again. The rule doesn't actually say football debts first though does it? Doesn't it just say that all football creditors have to be paid in full? If nothing else, this move by HMRC suggests that exiting via a CVA seems a bit unlikely right now.
HMRC are and always were going to block the CVA when they get to that point - it is standard practice for them for all football clubs. Question is whether they can block it on their own or get the support they might need from other creditors. Though all a blocked CVA would mean is a bigger points penalty as they'd exit admin by another means. |
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Batch
Not a Batch
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« Reply #529 on: Monday, March 1, 2010, 20:53:01 » |
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The rule doesn't actually say football debts first though does it? Doesn't it just say that all football creditors have to be paid in full?
Surely that equates to the same thing. If you have £15 cash and football debts of £10 everyone else will be left to share the £5. Unless you are suggesting football creditors can wait indefinitely for the full wedge. |
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pauld
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« Reply #530 on: Monday, March 1, 2010, 21:58:15 » |
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HMRC are and always were going to block the CVA when they get to that point - it is standard practice for them for all football clubs. Question is whether they can block it on their own or get the support they might need from other creditors. Though all a blocked CVA would mean is a bigger points penalty as they'd exit admin by another means.
Quite. Which is what made Andronikou's blanket statement that they will exit admin via a CVA as if it was just a given so extraordinary. Although no more extraordinary than any of the other claims he made about points deductions/parachute payments/selling players, I suppose. |
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jonny72
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« Reply #531 on: Monday, March 1, 2010, 22:27:32 » |
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Surely that equates to the same thing. If you have £15 cash and football debts of £10 everyone else will be left to share the £5. Unless you are suggesting football creditors can wait indefinitely for the full wedge.
I think the point I was trying to make is that the FA rule (to pay football debts in full and exclude them from a CVA) isn't a law and nor is it binding on a club, its just something that has to be complied with if the club wishes to continue playing football. Which I believe is why the courts told HMRC to get stuffed when they challenged it - the judge said its a football rule and they can have any rules they want. If a club wishes they could ignore the rule and pay everyone an equal share, they would be able to exit administration via a CVA but they wouldn't be able to play football under the jurisdiction of the FA anymore. |
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reeves4england
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« Reply #532 on: Tuesday, March 2, 2010, 00:43:55 » |
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HMRC have challenged it before and lost, unlikely they'll try again. The rule doesn't actually say football debts first though does it? Doesn't it just say that all football creditors have to be paid in full?
HMRC are and always were going to block the CVA when they get to that point - it is standard practice for them for all football clubs. Question is whether they can block it on their own or get the support they might need from other creditors. Though all a blocked CVA would mean is a bigger points penalty as they'd exit admin by another means.
IIRC, they are owed a significant percentage of the total amount and thus have the power to block the CVA on their own. |
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Power to people
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« Reply #534 on: Tuesday, March 2, 2010, 14:01:15 » |
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AS it is now adjourned until March 15 surely this means that the courts feel there is a validity to HMRC's concerns ?
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pauld
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« Reply #535 on: Tuesday, March 2, 2010, 14:18:31 » |
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Andronikou and Chainrai took a bit of a kicking didn't they? AS it is now adjourned until March 15 surely this means that the courts feel there is a validity to HMRC's concerns ?
Yes. The new hearing is to further investigate the relationship between the club and it's various recent owners, between the owners themselves and whether Chainrai was entitled to appoint an administrator. Basically HMRC won on all points. I have information in my hands that the club are very close to agreeing a deal to secure the long term future of the club, this would deal with the CVA as well. It's brilliant news. I am championing the cause and something could be announced within the next three to four weeks.
Town's administrator is confident the payment of the outstanding £1.2million Company Voluntary Arrangement is now a formality, with wealthy Portuguese investors about to secure the club's long-term future. I am confident that the administration will continue once this issue has been resolved. It's not standard procedure but I'd imagine that HMRC are basically crossing their t's and dotting their i's. Seems he has a bit of a problem being over "confident" on "formalities" |
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« Last Edit: Tuesday, March 2, 2010, 14:32:34 by pauld »
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STFC_Gazza
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« Reply #536 on: Tuesday, March 2, 2010, 14:24:19 » |
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did Andronikunt ever sign off our CVA after it was completed. Thought I read somewhere that he had yet to do so?
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pauld
Aaron Aardvark
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« Reply #537 on: Tuesday, March 2, 2010, 14:37:29 » |
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did Andronikunt ever sign off our CVA after it was completed. Thought I read somewhere that he had yet to do so?
Nope, this is from the Companies House website as of a few mins ago: Name & Registered Office:
SWINDON TOWN FOOTBALL COMPANY LIMITED
COUNTY GROUND
COUNTY ROAD
SWINDON
WILTSHIRE
SN1 2ED
Company No. 00053100
Status: Voluntary Arrangement
Date of Incorporation: 26/06/1897 Which will of course be adversely affecting the club's credit ratings etc. Maybe Fitton should look at filing a formal complaint against him for dereliction of duty. Or maybe even a little light legal action of his own. |
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Nemo
Shit Bacon
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« Reply #538 on: Tuesday, March 2, 2010, 14:40:27 » |
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Or at the very least a strongly worded letter to the Court, copying in HMRC and the various newspapers. Stick the wind up him a bit.
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STFC_Gazza
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« Reply #539 on: Tuesday, March 2, 2010, 14:40:30 » |
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Nope, this is from the Companies House website as of a few mins ago:Which will of course be adversely affecting the club's credit ratings etc. Maybe Fitton should look at filing a formal complaint against him for dereliction of duty. Or maybe even a little light legal action of his own.
Absolutely. Perhaps someone should let the Pompey fans know and warn them?  will hit national headlines then! |
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