Are CCFC now debt free? (2 Viewers)

dionsmagnificentknob.com · Aug 2, 2013

Just wondering if the fact that CCFC Ltd has been liquidated mean that all the debt loaded into the company has been written off?

Also, are we are blaming the wrong people in the FL? their main responsibility is to get a team that can play tomorrow, otherwise the whole league would be in jeopardy.

1 more thing, is it legal to liquidate a company in order to break contracts which is effectively what SISU have done?

Noggin · Aug 2, 2013

No we are still going to owe everything that was in CCFC holdings, I bet it's still over 50mill. OSB can answer better I'm sure.

ccfcway · Aug 2, 2013

not at all.

We will be still 70 million in debt at least

We are as much "debt free" as we were when TF said so last year !

bigfatronssba · Aug 2, 2013

The debt will have just moved.

As for the football league, they are there to uphold the integrity of the game. I don't think breaking their own rules constitutes that.

lordsummerisle · Aug 2, 2013

Of course we are.

Again.

SkyBlueBlood · Aug 2, 2013

CCFC will never be debt free with the SISU ball and chain round their neck.

SkyblueBazza · Aug 3, 2013

Chambers dictionary..."What one becomes liable to do or suffer"

The words "liable...to...suffer" = yes

WiganSkyBlue · Aug 3, 2013

Ask tsb - he'll know for sure

DazzleTommyDazzle · Aug 3, 2013

lordsummerisle said:
Of course we are.

Again.

"Again", suggests that we've been here before.

We've never been here before.

cloughie · Aug 3, 2013

bigfatronssba;508354[B said:
]The debt will have just moved. [/B]

As for the football league, they are there to uphold the integrity of the game. I don't think breaking their own rules constitutes that.

Hate to correct you, but THE DEBT HAS BEEN MOVED

Still on the back of the football club in which ever guise Sisu fc are calling themselves

Nonleagueherewecome · Aug 3, 2013

DazzleTommyDazzle said:
"Again", suggests that we've been here before.

We've never been here before.

Think on..what did Ranson say about us?

Deleted member 5849 · Aug 3, 2013

DazzleTommyDazzle said:
We've never been here before.

Nonleagueherewecome said:
Think on..what did Ranson say about us?

tbf, at the very least he has a point in the literal geographical sense!

DazzleTommyDazzle · Aug 3, 2013

Nonleagueherewecome said:
Think on..what did Ranson say about us?

My comment was referring to the wider context.

mark82 · Aug 3, 2013

So was the debt never in Ltd? If so why was it even a consideration in the admin? If it was in limited surely the only money they will get is from the liquidation of limiteds assets (not a lot).

woody11462 · Aug 3, 2013

I thought as part of the CVA, SISU were writing their 'debt' off. ACL will only get a fraction of their debt back. So are SISU now gonna say that their debt still remains?

Sky Blue 22 · Aug 3, 2013

The way i understand it....the debts relating to any assets that were moved to holdings will be moved to holdings also, things such as players wages, income tax and national insurance.
The debts relating to limited such as VAT and the rent owed to ACL will be written off on liquidation of limited.
So certainly a portion of the debt will be gone.
For what it's worth....That's my take on it.

SonOfSnoz · Aug 3, 2013

All yesterday achieved was the rental agreement between Sisu & Acl being terminated!
Sisu did not get their money back thanks to Acl so are still in big debt!
Sisu played a blinder!
Interesting comment by George Boeteng on Talksport, Acl will claim their money back through insurance, so not real loosers!
The real loosers are us fans!!

steveo1987 · Aug 3, 2013

Always thought ltd had no assets or income hence the admin.The "debt" surely must still exist somewhere in some alleged reduced form to various offshoots of sisu linked companies.

italiahorse · Aug 3, 2013

Bit complicated for me. But if I had to guess.

If Ltd is liquidated owing AVRO etc £60M then is it not written off.?
Avro etc are down £60M but the debt is out the club.

If Holdings were owed £60M (they weren't) then that would be different as holdings would be down £60M and would have to have this debt on there books.

If the CVA had been signed would Optium have paid CCFC Ltd debts off (at a %) and then what they paid would be on there (CCFC) books.
However all that is on the books now is what Optium paid for Ltd during the bidding process, which is 1.5M?

Therefore CCFC debt is only £1.5M at the moment.

If this is the case would SISU funds like AVRO be pi$$ed off because the money they are owed has disappeared with Ltd liquidation.
Is this why TF is unhappy.
Someone please tell me so !!!

Are CCFC now debt free? (2 Viewers)

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