THIS IS WHAT I BELIEVE IS GOING TO HAPPEN

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

annis, have you got enough well heeled mates/business contacts to put together a consortium to put a deal forward to the board?

Ridsdale honest?? Why break the habits of a lifetime?

company voluntary agreement

Because he is a liar and a thief thats why he will never be totally honest with us

annis, have you got enough well heeled mates/business contacts to put together a consortium to put a deal forward to the board?

Cass Pennant must be worth a few quid now, get him on board. Can you imagine....?

annis, have you got enough well heeled mates/business contacts to put together a consortium to put a deal forward to the board?

Jamie, Yes but no one would be daft enough and stupid enough to take the current debts of £30 Million on, the CLUB IS FUCKED, Yes if we were in Admin, but you would have to be a fool to pay RIDSDALES DEBTS ON.

that would be interesting as under a CVA you can terminate employees and directors contracts at no cost! If he is going down this path it could well be his end

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

CVA is basically administration. Just a form where by voluntarily going into it, you've somewhat more control.

Think that's what the Jacks did. Needs 75% of creditors ( based upon amount owed ) to agree to it, so it's not a certainty. if creditors think the wool is being pulled over their eyes, can always vote against it.

Thinking though, something seems utterly wrong.

We've heard Mr Borley is off to Malaysia. I don't for one second believe that's to get investment to pay the tax. It makes absolutely zero sense to leave that so damn late when the HMRC date is so close - I doubt the financial situation has dramatically worsened over the last few weeks.

I fully suspect any "deal" Mr Borley is working on will be taking the club on after administration. That's the only sensible conclusion - why would any businessman continue investing, keeping club afloat, eventually taking on the debts?

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

So I was right He is not paying the taxman on Weds

annis, have you got enough well heeled mates/business contacts to put together a consortium to put a deal forward to the board?

Jamie, Yes but no one would be daft enough and stupid enough to take the current debts of £30 Million on, the CLUB IS FUCKED, Yes if we were in Admin, but you would have to be a fool to pay RIDSDALES DEBTS ON.

Financially for the board/creditors it would be better to do a deal with you where they get their money over a certain amount of time than for the club to go into admin and they get very little back.

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

CVA is basically administration. Just a form where by voluntarily going into it, you've somewhat more control.

Think that's what the Jacks did. Needs 75% of creditors ( based upon amount owed ) to agree to it, so it's not a certainty. if creditors think the wool is being pulled over their eyes, can always vote against it.

Thinking though, something seems utterly wrong.

We've heard Mr Borley is off to Malaysia. I don't for one second believe that's to get investment to pay the tax. It makes absolutely zero sense to leave that so damn late when the HMRC date is so close - I doubt the financial situation has dramatically worsened over the last few weeks.

I fully suspect any "deal" Mr Borley is working on will be taking the club on after administration. That's the only sensible conclusion - why would any businessman continue investing, keeping club afloat, eventually taking on the debts?

yes it needs 75% of creditors but think about it, who are owed most of the debt?? Guy, Sam, Borley - those 3 alone should make up more than 75% of debt?? If thats the case then it should be a formality

that would be interesting as under a CVA you can terminate employees and directors contracts at no cost! If he is going down this path it could well be his end

That's what I was thinking. We'll have to see what happens I guess.

Makes sense though, and is a better option that administration in my opinion

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

So I was right He is not paying the taxman on Weds

Correct, just a portion and then going for CVA.

PR is arranging for some money to go the the Tax Man and then arranging to hopefully pay the rest at a later date.
All the other debts, they are then going to ask them to back off and agree I think its called something like a CVA,That means they will get a large % of their money in 6 months time or if they dont agree, they get nothing and we go under.

A MATTER OF FACT I DONT BELIEVE, I VIRTUALLY KNOW, SO PR WHY CANT YOU JUST BE HONEST TO US ????

CVA is basically administration. Just a form where by voluntarily going into it, you've somewhat more control.

Think that's what the Jacks did. Needs 75% of creditors ( based upon amount owed ) to agree to it, so it's not a certainty. if creditors think the wool is being pulled over their eyes, can always vote against it.

Thinking though, something seems utterly wrong.

We've heard Mr Borley is off to Malaysia. I don't for one second believe that's to get investment to pay the tax. It makes absolutely zero sense to leave that so damn late when the HMRC date is so close - I doubt the financial situation has dramatically worsened over the last few weeks.

I fully suspect any "deal" Mr Borley is working on will be taking the club on after administration. That's the only sensible conclusion - why would any businessman continue investing, keeping club afloat, eventually taking on the debts?

That only needs Sam eerrmm, Langstone I mean, to agree doesn't it?

Could we see the jovial white haired messiah ridding in from the sunset to save the club at the last second then monkey facing Riddler before shooting him between the eyes Clint Eastwood style?

Take that Punk ,ha, ha, ha ,ha ha...

from wikipedia:

Company Voluntary Arrangement (CVA)

An insolvent company is bound by the regulations of the Company Voluntary Arrangement. The CVA is a form of composition, similar to the personal IVA (Individual Voluntary Arrangement), where an insolvency procedure allows a company with debt problems or insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period of time. A Company Voluntary Arrangement (CVA) can be applied for by; the agreement of all directors of the company, the legal administrators of the company, or the appointed company liquidator.

can the club be deducted points if they enter into a cva ?

Annis regarding Borley's trip, are we safe to assume the best possible outcome is investment (not a takeover which we really are desparate for) from the Malaysians?

Also does that mean they have loosened their stance on 45p a share?

Well done for orgainising the march yesterday, was great to show these bastards how much we care about our club

Do we get the points deduction with this CVA

But even if they go for CVA, surely the club still do not have any money to pay them at a later date? What then?

Annis regarding Borley's trip, are we safe to assume the best possible outcome is investment (not a takeover which we really are desparate for) from the Malaysians?

Also does that mean they have loosened their stance on 45p a share?

Well done for orgainising the march yesterday, was great to show these bastards how much we care about our club

At this moment only more investment.
No they will only pay 12p a share.

It was great yesterday

But even if they go for CVA, surely the club still do not have any money to them at a later date? What then?

thats the point of it really, they need to prove it is a viable business experiencing short term problems. The payments are made from future profits so it is sort of Ridsdale gambling on the future to sort out today - would he really do that??

I am not sure about points deduction as I don't know the FL rules regarding it but if I was a gambler I would say that there would be no deduction as it is not actually administration. The big difference with this is that youa re still committing to paying your creditors whereas with administration you arent.

can the club be deducted points if they enter into a cva ?

Bloody good question because a CVA doesn't half sound like administration.

If there is no points deduction then why hasn't another club tried this before?

That only needs Sam eerrmm, Langstone I mean, to agree doesn't it?

I assume Sam is already on board because of that agreement the club has with him to pay £83,000 p/m

Here is your answer

Football League Rules

The Football League Rules covering insolvency procedures state the following :

12.3.1 With effect from 10th May 2004, if any Club shall :-

a) have a manager, administrator, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets;

b) have an administration order made in respect of that Club;

c) have a winding-up order made in respect of that Club;

d) pass a resolution for the winding-up of that Club;

e) enter into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 ort Scheme of Arrangement under the Companies Act 1985; or

f) have an proceeding or step taken or any court order in any jurisdiction made which has a substantially similar effect to any of the foregoing;

that Club shall be deducted 10 points.

can the club be deducted points if they enter into a cva ?

Bloody good question because a CVA doesn't half sound like administration.

If there is no points deduction then why hasn't another club tried this before?

Tony, I have just been told this by someone close at hand in the Club,but I know its true as they have started to put it in place, if they can once again get away with it.

can the club be deducted points if they enter into a cva ?

Bloody good question because a CVA doesn't half sound like administration.

If there is no points deduction then why hasn't another club tried this before?

another difference is that under a CVA you are still incontrol on a day to day basis whereas under administration you aren't, an administrator takes over. Its a good question as to why nobody else has done it though.

Here is your answer

Football League Rules

The Football League Rules covering insolvency procedures state the following :

12.3.1 With effect from 10th May 2004, if any Club shall :-

a) have a manager, administrator, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets;

b) have an administration order made in respect of that Club;

c) have a winding-up order made in respect of that Club;

d) pass a resolution for the winding-up of that Club;

e) enter into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 ort Scheme of Arrangement under the Companies Act 1985; or

f) have an proceeding or step taken or any court order in any jurisdiction made which has a substantially similar effect to any of the foregoing;

that Club shall be deducted 10 points.

Thank you for that but it states there on c) have a winding-up order made in respect of that Club; would suggest that we should have already had a points deduction.

Here is your answer

Football League Rules

The Football League Rules covering insolvency procedures state the following :

12.3.1 With effect from 10th May 2004, if any Club shall :-

a) have a manager, administrator, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets;

b) have an administration order made in respect of that Club;

c) have a winding-up order made in respect of that Club;

d) pass a resolution for the winding-up of that Club;

e) enter into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 ort Scheme of Arrangement under the Companies Act 1985; or

f) have an proceeding or step taken or any court order in any jurisdiction made which has a substantially similar effect to any of the foregoing;

that Club shall be deducted 10 points.

So more spin CVA = Administration = 10 point deduction.

It's disappointing considering we are in a great position and there again it would be a relief to get it over with.

can the club be deducted points if they enter into a cva ?

Bloody good question because a CVA doesn't half sound like administration.

If there is no points deduction then why hasn't another club tried this before?

another difference is that under a CVA you are still incontrol on a day to day basis whereas under administration you aren't, an administrator takes over. Its a good question as to why nobody else has done it though.

CVA is basically another form of admin.

The Jacks went the CVA route from memory - most football clubs have gone that route.

Until shown wrong, fairly certain we'll be docked points for it.