oldskyblue58
CCFC Finance Director
If anyone is interested here is the link to the actual judgement. Link provided to me by the Football League
http://www.bailii.org/ew/cases/EWHC/Ch/2012/1372.html
It is pretty lengthy and a cure for insomnia. So summary
Settlements of Football creditors and other unsecured creditors are considered after the settlement of secured creditors.
Football creditors rank before any other unsecured creditor
Football creditors are defined (section 19) in the document and are required to be paid in full to maintain the share/registration each club has in the League
"Football Creditors" are defined by articles 2.1 and 80 as the following:
"80.1.1 The League, The FA Premier League and the Football Association;
80.1.2 any of the Pension Schemes;
80.1.3 any Member Club and any Club of The FA Premier League;
80.1.4 any holding company of The League and any subsidiary company of that holding company;
80.1.5 any sums due to any full-time employee or former full-time employee of the Member Club by way of arrears of remuneration up to the date on which that contract of employment is terminated. This excludes for these purposes all and any claims for redundancy, unfair or wrongful dismissal or other claims arising out of the termination of the contract or in respect of any period after the actual date of termination;
80.1.6 any sums due to the Professional Footballers Association in repayment of an interest free loan together with such reasonable administration and legal costs as have been approved by the Board;
80.1.7 The Football Foundation;
80.1.8 The Football Conference Limited;
80.1.9 The Northern Premier League Limited;
80.1.10 The Isthmian League Limited;
80.1.11 The Southern League Limited;
80.1.12 Any member club of the League or organisations listed in articles 80.1.8 to 80.1.11 inclusive;
80.1.13 Any County Football Association affiliated to The Football Association; and
80.1.14 Any Leagues affiliated to The Football Association and any clubs affiliated to any County Football Association recognised by The Football Association."
Judges final comment ....
"The FL should not regard the result of this case as an endorsement of its approach to football creditors. It is, as I said at the start, a decision on a challenge brought on a particular legal basis"
Looks like it will be challenged at some point in the future
http://www.bailii.org/ew/cases/EWHC/Ch/2012/1372.html
It is pretty lengthy and a cure for insomnia. So summary
Settlements of Football creditors and other unsecured creditors are considered after the settlement of secured creditors.
Football creditors rank before any other unsecured creditor
Football creditors are defined (section 19) in the document and are required to be paid in full to maintain the share/registration each club has in the League
"Football Creditors" are defined by articles 2.1 and 80 as the following:
"80.1.1 The League, The FA Premier League and the Football Association;
80.1.2 any of the Pension Schemes;
80.1.3 any Member Club and any Club of The FA Premier League;
80.1.4 any holding company of The League and any subsidiary company of that holding company;
80.1.5 any sums due to any full-time employee or former full-time employee of the Member Club by way of arrears of remuneration up to the date on which that contract of employment is terminated. This excludes for these purposes all and any claims for redundancy, unfair or wrongful dismissal or other claims arising out of the termination of the contract or in respect of any period after the actual date of termination;
80.1.6 any sums due to the Professional Footballers Association in repayment of an interest free loan together with such reasonable administration and legal costs as have been approved by the Board;
80.1.7 The Football Foundation;
80.1.8 The Football Conference Limited;
80.1.9 The Northern Premier League Limited;
80.1.10 The Isthmian League Limited;
80.1.11 The Southern League Limited;
80.1.12 Any member club of the League or organisations listed in articles 80.1.8 to 80.1.11 inclusive;
80.1.13 Any County Football Association affiliated to The Football Association; and
80.1.14 Any Leagues affiliated to The Football Association and any clubs affiliated to any County Football Association recognised by The Football Association."
Judges final comment ....
"The FL should not regard the result of this case as an endorsement of its approach to football creditors. It is, as I said at the start, a decision on a challenge brought on a particular legal basis"
Looks like it will be challenged at some point in the future
Last edited: