Question RE: Liquidation (1 Viewer)

I don't believe it will lead to the club being liquidated, just that part of the business that is in admin & to which the CVA was applied (and rejected)

The FL can then "offer" CCFC to come out of admin despite the CVA being rejected, provided they accept further sanction (such as -15 points etc.)

My question that I asked on several occasions over the last few weeks is can the club reject the FL offer to exit admin & remain in admin out of choice?

the only thing you are missing, is the new club in league 1, will be exactly the same as the old club in league 1 - ie SISU

the benefit of liquidation is there will be a much more thorough disection of the books
CVA, and it will be washed under the carpet

Because the football league have agreed to sisu still running the club but via CCFC holdings.

If ACL reject the CVA all that happens is CCFC ltd will be liquidated, including the Ricoh lease. CCFC Holdings will continue, be granted the Goldem Share and exit administration with -15 to -25 points next season. ACL will receive nothing and will effectively cost council tax payers £590k they would receive via the CVA. ACL can conditionally accept but demand full investigation but unlikely to be effective. Either way SISU remain in control and we play at Northampton. Pretty pointless of ACL to push for admin in first place IMO.

Fletch said:

If ACL reject the CVA all that happens is CCFC ltd will be liquidated, including the Ricoh lease. CCFC Holdings will continue, be granted the Goldem Share and exit administration with -15 to -25 points next season. ACL will receive nothing and will effectively cost council tax payers £590k they would receive via the CVA. ACL can conditionally accept but demand full investigation but unlikely to be effective. Either way SISU remain in control and we play at Northampton. Pretty pointless of ACL to push for admin in first place IMO.

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But that's what Leeds tried to do and were told by the League told they couldn't. My understanding is that the Golden Share must come out of Admin and it's non transferable when in Admin.... Otherwise if CVA was rejected then how could we have the 15 points deduction as we won't be in admin. Some other company will be!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

just a couple of thoughts

As ACL is 50% owned by the council how does that mean rejection of the CVA loses the council taxpayer £590k?

If ACL were to try and get their own investigation done of the events at CCFC then how much might that cost in accountants, legal and barrister fees? If they refuse the CVA then the liquidator is duty bound to investigate properly and in depth and is paid out of the £1.5m deposited with PA by Otium.

Given that ACL know they cant go back to the original lease, are operating without the £590k, just how much do they lose from this point forward in this dispute by getting someone else to fund a thorough investigation of the figures? They have already taken the hit on the lost rent last financial year and this.

Would liquidation stop ACL having to fund legal fees etc to the same levels in respect of CCFC Ltd and the lease?

Would liquidation free up stadium bowl space and other space like hotel rooms and allow marketing of the site?

Things are not always what they seem

Les Reid ‏@Lesreidpolitics1m
BREAKING: I'm told #CCFC Ltd creditors' meeting just ended. Looks like adjournment. More to come asap

what a surprise

Our new nickname should be the bloody Adjourners!

Another small victory for the lawyers.

Perhaps these questions of CVAs, liquidation yes or no, what happens if this or that or t'other should be put on the Portsmouth websites. I am certain someone on there will quote chapter and verse the different scenarios and possible outcomes, every so called expert who comes on here seems to have differing views