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
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:
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.
