Liquidation might be quicker and quieter! (1 Viewer)

[grego_gee]

from notes of the SBT meeting with FL
If the CVA is then agreed, there is a 28 day “cooling-off” period during which any unsecured creditor can challenge the terms of the CVA.

I think we would get a miserable 28 days with ACL challenging left right and centre?

It might be quicker too, I think there is no 28 day requirement with liquidation.

imp:

 

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[Voice_of_Reason]

My feelings are that some of Appleton's decisions might be open to questions, Joy Seppala's involvement as a "non director decision maker" in particular.

 

[oldskyblue58]

http://www.debthelpuk.co.uk/company-voluntary-liquidation-cvl/

This seems to summarise things ...... there does not seem to be a time limit. So CCFC Ltd could be in that liquidation process for months by the look. Perhaps why there is apparent desperation to get CVA signed...... could be under embargo a long time perhaps?

 

[Noggin]

we really should be under embargo the entire season anyway even if they sign the cva (assuming we play in northampton) as we will be breaking the ffp rules. not that the football league seem bothered about going against their rules.

 

[grego_gee]

It may be that FFP rules work OK for normally running clubs - but has any club experienced administration since FFP started?

It may be that there are grounds for some exceptions to be explored?

imp:

 

[stupot07]

It may be that FFP rules work OK for normally running clubs - but has any club experienced administration since FFP started?

It may be that there are grounds for some exceptions to be explored?

imp:

The FL will use their discretion I reckon.

 

[grego_gee]

http://www.debthelpuk.co.uk/company-voluntary-liquidation-cvl/

This seems to summarise things ...... there does not seem to be a time limit. So CCFC Ltd could be in that liquidation process for months by the look. Perhaps why there is apparent desperation to get CVA signed...... could be under embargo a long time perhaps?

Thanks for that ob, it looks a bit mickey mouse though, is it not likely that the process would be a little different if it stems out of administration?
I also got the impression that Appleton was saying before the last meeting that he would push through liquidation if the CVA was not approved at that meeting.
(implying that it was under his control?)

imp:

 

[Noggin]

It may be that FFP rules work OK for normally running clubs - but has any club experienced administration since FFP started?

It may be that there are grounds for some exceptions to be explored?

imp:

we wont be in administration when it matters. I'm saying as soon as we are in position for the embargo to be droped we should get another one (well remain in it) because we were breaking ffp rules. Our crowds of a couple of k won't support even our threadbare squad.

 

[oldskyblue58]

not sure who would control it ..... Alan Limb from BRI was quoted in CT as saying that ACL could be paying for liquidator in which case i would guess very unlikely PA will get the job. The process would be the same

"If CCFC Ltd goes into liquidation, the liquidator has a duty to investigate the assets. Any action would have to be funded by creditors, and ACL would be the most likely candidate, if it has the money."

- Liquidator would investigate if there had been assets shifted between CCFC Ltd and other entities
- were the values shifted at market value?
- was the trade shifted at nil value if so was that market value?

stuff like that would come up i would guess. Has to ensure all creditors were not prejudiced by transactions that affect the liquidation. All creditors must be treated alike. Thats what they mean about unravelling transactions. If he found evidence of wrong doing (even if innocent mistakes) he could seek to rectify the situation. That could include court action against anyone involved or connected. Owners, directors, connected companies, creditors, debtors actions come under the spotlight even the transactions with FL if he/she chooses

Would he find anything who knows but certainly we know assets were there in 2011 and are not now. There could be good reason for that and full value may have been received. Up to liquidator to investigate

 

[skybluesam66]

the punishment for breaking FFP is a transfer embargo - so it does not matter re admin . Either way nobody coming this way any time soon

 

[grego_gee]

If the embargo does not stop us from signing unattached players it is of little consequence!
Transfer fees are out of fashion.
Since FFP has bitten there is a wealth of players available for no transfer fee.

imp:

 

[stupot07]

not sure who would control it ..... Alan Limb from BRI was quoted in CT as saying that ACL could be paying for liquidator in which case i would guess very unlikely PA will get the job. The process would be the same

"If CCFC Ltd goes into liquidation, the liquidator has a duty to investigate the assets. Any action would have to be funded by creditors, and ACL would be the most likely candidate, if it has the money."

- Liquidator would investigate if there had been assets shifted between CCFC Ltd and other entities
- were the values shifted at market value?
- was the trade shifted at nil value if so was that market value?

stuff like that would come up i would guess. Has to ensure all creditors were not prejudiced by transactions that affect the liquidation. All creditors must be treated alike. Thats what they mean about unravelling transactions. If he found evidence of wrong doing (even if innocent mistakes) he could seek to rectify the situation. That could include court action against anyone involved or connected. Owners, directors, connected companies, creditors, debtors actions come under the spotlight even the transactions with FL if he/she chooses

Would he find anything who knows but certainly we know assets were there in 2011 and are not now. There could be good reason for that and full value may have been received. Up to liquidator to investigate

Didn't you say the the administrator has to investigate the last 3 years? The 2011 would fall in those 3 years so appleton would have investigated and if any wrong doing surely he has to report it?

 

[oldskyblue58]

he might well if he finds anything .... he hasnt done his report yet i believe.

 

[Noggin]

If the embargo does not stop us from signing unattached players it is of little consequence!
Transfer fees are out of fashion.
Since FFP has bitten there is a wealth of players available for no transfer fee.

imp:

The embargo prevents us signing anyone, I think you've been told this before.