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Title: Administration Post by: magicroundabout on Thursday, May 12, 2005, 13:29:01 Can i ask how going into administration helps a business i.e STFC??
Some one on the adver forum who has looked at the accounts state that at the end of 2002/03 season we were over £9m in debt. now i thought the administration gets rid of these debts?? or am i way off the mark here??? http://www.thisisstfc.co.uk/Forum_New/topic.asp?TOPIC_ID=21477 Title: Administration Post by: dogs on Thursday, May 12, 2005, 14:27:32 It may have been that, but yes because of going into admin, you only pay so much back to your creditors i.e. 10p of every pound you owe. That is why we entered a CVA agreement to pay back installments. We have one last one to pay next year or sometime in the near future. Can't remember how much it is, but between 500k -750k i'd imagine.
Title: Administration Post by: sonicyouth on Thursday, May 12, 2005, 18:27:07 I believe it's either this summer or the end of the year, not sure of the exact amount but I think you're in the right region.
Title: Administration Post by: Reg Smeeton on Thursday, May 12, 2005, 18:30:09 I think its 900K in 2007......if we get that far......one of the reasons for not offering 2 year deals, is that the Board may doubt we'll be around in the presenrt form in 2 years.
Title: Administration Post by: redbird on Friday, May 13, 2005, 08:20:00 Quote from: "Reg Smeeton" I think its 900K in 2007......if we get that far......one of the reasons for not offering 2 year deals, is that the Board may doubt we'll be around in the presenrt form in 2 years. Reg this is exactly what I have been thinking ever since I received the accounts and have been digesting Heywood's comments about only being offered a 1 yr contract. the signs do not look good at all. I think all us genuine fans will have to get together and try and raise the club some dosh to help them get through this...ohterwise there will be no club at all in the near future Title: Administration Post by: Boeta on Friday, May 13, 2005, 09:45:21 i haven't bothered to look through the accounts but they will be an interesting read when i get round to them
hardly surprising that we are in so much shit when we were playing spackers like bobby howe £2k a week Title: Administration Post by: Piemonte on Friday, May 13, 2005, 09:48:49 try £5k a week boeta.
Title: Administration Post by: Boeta on Friday, May 13, 2005, 09:54:23 where's that from?
ill ask my dad later but i thought he said 2 Title: Administration Post by: Piemonte on Friday, May 13, 2005, 10:01:43 I'm sure at the time it became public that our highest earner was on £5k a week. The general consensus was that the player was Howe, due to him being the 1 player remainng who was signed for money in the mcmoan era
Title: Administration Post by: Reg Smeeton on Friday, May 13, 2005, 10:19:08 Quote from: "redbird" Quote from: "Reg Smeeton" I think its 900K in 2007......if we get that far......one of the reasons for not offering 2 year deals, is that the Board may doubt we'll be around in the presenrt form in 2 years. Reg this is exactly what I have been thinking ever since I received the accounts and have been digesting Heywood's comments about only being offered a 1 yr contract. the signs do not look good at all. I think all us genuine fans will have to get together and try and raise the club some dosh to help them get through this...ohterwise there will be no club at all in the near future The whole situation rests on the outcome of the CG development.....it is here that the genuine fan can help the club by applying pressure to the politicians like Justin Tomlinson. If we get the green light, then St Modwen wil stay on board, and it should be possible to start to attract other investment in.....the Wills family will be haoppy enough to hang around in the medium term, and although we may have to go down, it should be possible to keep a club running. Without a green light, then I fear a Trust take over and AFC Swindon route. Its been a bit quiet lately after Holt stated some outline plans were due into public shortly. Title: Administration Post by: Boeta on Friday, May 13, 2005, 10:34:37 Quote from: "Piemonte" I'm sure at the time it became public that our highest earner was on £5k a week. The general consensus was that the player was Howe, due to him being the 1 player remainng who was signed for money in the mcmoan era Howe was definitely the highest earner straight after Donegan and Blatchley went Title: Administration Post by: Iffy's Onion Bhaji on Friday, May 13, 2005, 10:44:30 well the accounts dont look good thats for sure but its hardly surprising when the board doesnt have a clue about ticket prices. admin far from gets rid of debt its just a safeguard period instead of liquidation (winding up of the club)
Title: Administration Post by: Batch on Friday, May 13, 2005, 11:09:18 On the redevelopment, that last I remember was a "lovers tiff" with St Modwen. Was the "plans to be made public" statement after that?
If it gets the go ahead (a big if) may I suggest attempting a groundshare with Reading should one be needed during redevelopment. It would cut my journey time to games down! Title: Administration Post by: Simon Pieman on Friday, May 13, 2005, 12:21:56 Administration also ensures that businesses get 'fair value' for the sale of assets
Title: Administration Post by: Simon Pieman on Sunday, May 15, 2005, 21:13:52 Yup I looked at the accounts today and shareholder's funds are £9.3m in the red, about £2m less than the year before
Title: Administration Post by: Ben Wah Balls on Friday, May 27, 2005, 19:59:13 Some information on the CVA we entered can be found here:
http://www.uhy-uk.com/cgi-bin/hy_display.cgi?psid=2&sid=25&aid=1093 Quote The Company Voluntary Arrangement will run for five years and three months. The Club has undertaken to pay all football creditors and Crown debts, estimated to be £1.1million in value, in full. ‘Unconnected’ unsecured creditors will receive a dividend of approximately 24 pence in the pound. The ‘connected’ creditors, who include Sir Seton Wills and Willie Carson, are owed £3.4million but have waived their entitlement to participate in the dividend distribution. Also for anyone interested who hasn't seen the accounts they say about the administration: Quote The company went into administration in March 2002 following the failure of a company voluntary agreement. In August 2002 the company entered a new company voluntary agreement. To date, all amounts due under the arrangement have been paid In the event that this new arrangement succeeds then a substantial amount of liabilities will be written off The company has entered into a facilities agreement with Swindon Town F.C. Limited by which the company has unlimited access to funds for working capital until 30th August 2008. Sir Seton Wills has, within the same agreement guaranteed to a third party the obligations of Swindon Town F.C. Limited to the company and has confirmed his intention to use his best endeavours to provide financial support to Swindon Town F.C. Limited to enable it to meet it's obligations to the company under the Facility Agreement. Title: Administration Post by: Johno on Friday, May 27, 2005, 22:29:20 this is getting worrying. i know that times were bad for swindon as we were 20 minutes away from liquidation in 2000.
i think what all of us what is the club to come out tell us the truth, tell us whats happening so that if our help is needed, we can do it. |