bigfatronssba
Well-Known Member
At what point then will Ccfc Ltd have "broke" the lease? Presumably acl can't take any action until that point?
As I understand it other than liquidation, or with ACL's permission, there's no way to break the lease if CCFC Ltd survives. Even under new owners.
There might be scope to amend how much ACL are paid for a while, perhaps, but even then that would have to be voted on and because of the complexities of administration ACL would still get a chance to knock it back.
Even if everything went SISU's way, and they could push a vote through to exit via a CVA, ACL could challenge it in court if the deal could be considered unfair to them.
That's as I understand it - I've posted a legal case study earlier that I've drawn on for some of this, but I sense you don't fancy reading it. Can't say I blame you.
Hi Godiva, I've done a bit digging on this. The lease can be broken by liquidation, but not by Administration.
The Administrator is selling CCFC Ltd as a going concern, which is his primary duty where possible, so this isn't a voluntary liquidation as TF suggests it might be in that clip. It's not even a voluntary arrangement (CVA) yet as far as I can tell, because I don't think anyone has voted on it yet.
Forgive me if I've sent you this before, but the link below is the best case study I could find relating to the position that SISU and ACL find themselves in. It's not the most exciting read, but it does give an insight into the options available to ACL.
http://www.google.co.uk/url?sa=t&rc...=oly2_N4hDdslttBg2m6ICw&bvm=bv.47883778,d.d2k
So what sisu do next with Ltd will be interesting.
I said earlier today, they'll liquidate it. Maybe next week or maybe they have to wait till after the judicial review they launched.
Thanks for the link. I have skimmed the text and without digging in deep or having prior knowledge I think there may be major differences between the case study and the ccfc ltd case.
For instance - ARVO holds more than 3/4 of the total debts, so they alone may decide if the administrators proposal is acceptable.
I said earlier today, they'll liquidate it. Maybe next week or maybe they have to wait till after the judicial review they launched.
Doesn't ARVO just hold £10m on the floating charge?
Either way I think ARVO are a connected creditor rather than an unconnected creditor. 50% of unconnected creditors need to accept for a CVA to go through.
Even then, there's the thing about Unfairly Prejudiced. This is to do with how much ACL might expect to receive from CCFC Ltd for the whole of the lease. Obviously if SISU's plan is to move away from the Ricoh, then there's a clear scope for challenge.
Bite the bullet and read it through if you're really interested in how it works.
There's a ton more stuff out there, but this one looks like the most relevant to me, and I haven't seen anything that contradicts it.
For us thickos duffer does that mean it is good for sisu or those of us that want rid
These Scum will find a way DufferIf they plan to liquidate CCFC Ltd then SISU will have to go through this whole circus again and we'd lose the right to play in the FL I think.
You can't just liquidate a company like that, and liquidators are obliged to investigate directors' conduct. Not sure TF and others would fancy that!
But you are wrong regards contracts being null and void, just a hopefull guess. Like i said, you are a cretin and the best part of you ran down your old lady's leg. I suggest you get the DNA off her slipper and try and identify your dad
Pathetic. You can't argue so you show your true e demographic persona with a pitiful insult.
No doubt I have spent more in the last year on taxation than you have earned in your life.
Just to clarify Rupert, when are the Chinese taking over?
Yeh why don't you ask him how many games he goes to to Grendel, or if he is a ST holder? Anything other than a real arguement. And now a new low; 'I am considerably richer than you' You sad, sad bastard.
I have hardly ever paid tax, feckin mugs game that. But all i posess is mine, paid for with tax free money, mostly tax free.
Even now Grendo makes me chuckle. One of his gems from last season being:
'Thorn just worships at the temple of Seppalla waiting for his SISU paycheck'
Now he faces almost identical accusations. It's genuinely hilarious.
You aren't Prince Charles are you?
Sadly I'm still waiting for my paycheck.
I think you need to frequent the wold of BBC's rogue traders to understand the world he is more likely to frequent -- he does know the Chinese are buying us though -- in November 2012.
Actually considerably richer and clearly better educated would be a fairer assesment wouldn't you think?
You really are a grade A c**t aren't you?
If I am at least I made it to Grade A - given the level of contribution you make to this forum they probably had to develop a 27th letter of the alphabet to get your status correct.
you don't need no lessons tosser.I'm not saying that is what'd happen though, I'm saying I don't know and I'd like someone to explain it to be in lease contracts when in administration for dummies language!
I have hardly ever paid tax, fuckin mugs game that. But all i posess is mine, paid for with tax free money, mostly tax free.
Is there anybody on this board who *doesn't* resort to mindless abuse for no reason?you don't need no lessons tosser.
Is there anybody on this board who *doesn't* resort to mindless abuse for no reason?
Actually considerably richer and clearly better educated would be a fairer assesment wouldn't you think?
Then put pressure on the Trust to put pressure on the council. It's the only way to avoid the club moving out of Ricoh.
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