Thetownend.com

It seems as if the Council are willing to re-negotiate they just have to actually do something… Over to you Mr Andronikunt

“If Swindon want to re-negotiate then that's fine, but they have to discuss the matter with the parties and the creditors involved.

"We've heard lots of statements in public about extending the deadline, but nothing has been discussed in private.

"To alter the terms of the CVA there would have to be a creditors meeting and I'm not aware of any of these meetings taking place.

I think Bluh was just very politely pointing out how things work in the real world for them.

And there is also the small matter of HMRC as well.

And they are definitely not known for fucking around :?

Although of course, if the board did want to renegotiate the CVA it might have been helpful not to have publicly gone off on one attacking the man they'd have to negotiate with.  :shock:

Can't argue that point

7 days to go!

Without being bothered to look it up, there's a notice period required for creditors meetings...and it's certainly more than 7 days

It's 14 days, says so in the CVA proposal.

It'd be interesting to know whether or not thats invalidated if the 14th day falls beyond the payment date.

I'd hate Andy A, after all he's done for the club, to be negligent.

Andronikou's most likely waiting to see if they can come up with the "investor" (and hence the cash) before Jun 30th before writing to creditors. But once that date passes he will be going out on a limb slightly (to say the least) if he doesn't then at least inform creditors as to what the situation is, how he intends to resolve it etc. It's not the case that come June 30th it all goes bang automatically, but once June 30th has passed if payment hasn't been made then we are wide open to any of the creditors collapsing the CVA as and when they choose. And then we go bang

wait a minute, the CVA collapses, I thought we then owe the entire amount?

as opposed to the £900,000 which is xxp in the £, we automatically owe 100p in the £ again?? is this right?

if so, and they then finally decide to fuck off, does that mean Power would have to pay the entire amount of original debt? which might change his willingness to buy the club I'd wager.

can anyone confirm how far off the mark I am? (to the nearest 100miles would be fine)

if the cva fails then we would owe the whole lot, ghence why failed CVA either end-up in a new one or liquidation.

I think that's right, something like £5 million.

Fantastic It just gets better and better!

great, so that even puts the rescue package into doubt.

This may be what Diamond Mike was referring to when he talked of taking the club down with him.

of course.

[edited before i get a phone call]

Sorry if this is obvious to everyone else but I'm easily confused. Once 30th June goes by(presuming no variation with creditors has been agreed or miracle investor turns up), the CVA fails and there's nothing Andronikou can do about it.  At that point we then owe the full £5 million regardless of any rescue package?

Yes. A CVA is an agreement between the company and its creditors.

As in "I would rather get x pence in the pound back rather than nothing".

If the agreement fails then the original amount is due.

Anyway, I don't think this applies to the Revenue, who I think had protected status at the time it was agreed. They get all of what was originally due, CVA or not.

Hence the timing of any third party intervention is crucial. It has to be before any winding up petition is converted into a winding up order by the court. At that point the full £5M kicks in, along with (presumably mega) current debts.

In which we case we need to be pushing for Andronikou to make alternative arrangements to meet the CVA deadline before the June 30th deadline, surely.

We need to apply pressure for this to happen now, both by contacting the club directly and through the press.

How is this happy? You trust lost seem to poison everything you touch into spiralling depression. You are the Radiohead listening, self-harmers of organisations. And I'm a member. Ace. You go girls.