Reading through some of that, I'm amazed a CVA was agreed by the creditors in the first place given the lack of accounts. It looks like if a CVA is to be renegotiated you have to reconvene a creditors meeting and everyone has to agree on the new plan. With the Consortium waiting in the wings I can't see the Council or the Revenue letting this board continue a minute longer as they'll surely want their dosh asap.
Yes, it underlines the need for the redevelopment to get the CVA agreed and the need for more investment. It also seems from that that if the HMRC are owed employees' PAYE contributions, then directors can be held personally liable for the bill, which can be recovered by, for example, seizing their property ! Not sure if thats the case here (is it VAT we owe ?), but if it was it would suggest that the board should actually be mightily keen to keep to the CVA, as opposed to their apparent status of not seeming too bothered about it.
