So if it's Arvo... (3 Viewers)

Diehard Si · Mar 21, 2013

Rthat SISU have put into admin, what are the implications of this.

As I understand it (OSB need your help here ) Arvo is the company which holds the 'debentures' over CCFC's varous companies, so in the event of a wind up it is they who are owed the money.

So is this part of the master plan?

How on earth can this affect the admin procedure filed by ACL?

By the way I've only got Arvo from other posters, but I don't know if there is any substance in it at all or if they got confused and it's another Co.

usskyblue · Mar 21, 2013

The best way to describe it is...

...think of the club as a huge cake...

...that's it.

ajsccfc · Mar 21, 2013

Arvo is Australian for 'afternoon' = Harold Bishop to take over.

CJparker · Mar 21, 2013

Nobody seems to know. At a guess, the admin hearing will go ahead and it now becomes a battle of whose administrator gets appointed by the court, and what entity goes into admin / gets wound up

I presume I am not alone in thinking that this is going to get a tad complicated for us mere mortals to follow...

hill83 · Mar 21, 2013

I'm going to crack open a tin of Guinness draught and forget about it all until tomorrow.

SuperCov · Mar 21, 2013

I was going to start another thread...

Just thinking if it's ARVO (them having the loan/debt) that has gone into admin does this not mean the debt is wiped off (or even pay back creditors (SISU)? Would this not mean a clean slate for a prospective new buyer?

Tired and confused, just hope it makes sense.

Play Up Sky Blues!

Bluegloucester · Mar 21, 2013

This has nothing to do with arvo!!!

grego_gee · Mar 21, 2013

Yes, Its what I expected.
SISU made AVRO the bigest creditor so their claim dwarfs ACL's claim.
Avro are then in the driving seat rather than ACL.

imp:

Flying Fokker · Mar 21, 2013

But maybe a tad premature given that ACL applied to the court before SISU did. I wonder if there is a flaw in this SISU admin. Have they been to court? If so ACL's intent was made clear and may well stand up in court regarding who has first dibs at the bottom of the barrell.

psgm1 · Mar 21, 2013

SiSU are past masters of getting round bankruptcy loopholes. They may even get out of paying any debts, but it will be a phyrric victory. I strongly suspect that the FA will come down hard on the club if sisu stay in control - maybe even kick the CCFC entity out of the league.

For those who claimed only a this week that SiSU saved the club - oh how empty those words sound today!

grego_gee · Mar 21, 2013

I think its pretty straightforward.
when faced by a petition for administration from ACL, SISU have chosen not to contest it but have put CCFC holdings into voluntary administration with avro as the biggest creditor. This will give Avro the biggest say in choice of administrator.or maybe doing it voluntarily does that. The hearing tomorrow seems to be redundant if they are already in administration as has been said.

just my opinion.
imp:

Bluegloucester · Mar 21, 2013

grego_gee said:
I think its pretty straightforward.
when faced by a petition for administration from ACL, SISU have chosen not to contest it but have put CCFC holdings into voluntary administration with avro as the biggest creditor. This will give Avro the biggest say in choice of administrator.or maybe doing it voluntarily does that. The hearing tomorrow seems to be redundant if they are already in administration as has been said.

just my opinion.
imp:

it's not ccfch in administration

grego_gee · Mar 21, 2013

whatever happens tomorrow it won't decide the 10 pt deduction - that's up to the football league.
Since reports say CCFC have already discussed ground sharing and have agreement from the football league - its probably that they have already been given some word on the 10 points or not.

imp:

grego_gee · Mar 21, 2013

Bluegloucester said:
it's not ccfch in administration

yeh sorry my bad

imp:

SkyBlueBlood · Mar 21, 2013

Diehard Si said:
Rthat SISU have put into admin, what are the implications of this.

As I understand it (OSB need your help here ) Arvo is the company which holds the 'debentures' over CCFC's varous companies, so in the event of a wind up it is they who are owed the money.

So is this part of the master plan?

How on earth can this affect the admin procedure filed by ACL?

By the way I've only got Arvo from other posters, but I don't know if there is any substance in it at all or if they got confused and it's another Co.

Even with a debenture ARVO's debt comes second to all Football Creditors, but the reason for moving all the debt to ARVO was so SISU would have complete control over the insolvency. This has been planned for years.

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