Judicial Review (1 Viewer)

[Big_Ben]

Now that it looks an almost certainty that CCFC Ltd will be liquidated, it would appear to be a cast-iron certainty that the application fror judicial review by SISU against CCC will go ahead.

Does anybody know just what it would mean to CCC if the review was granted and CCC was ultimately found to be guilty as charged?

Is it likely to be a slap on the wrist or a massive fine or what?

I assume that a finding for SISU will be the start of a massive claim for damages against CCC, but that's just a guess.

 

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[Noggin]

I assume that a finding for SISU will be the start of a massive claim for damages against CCC, but that's just a guess.

We're unhappy you used public money, your punishment will be to give away lots of public money. Not saying your wrong just that would be hugely ironic.

 

[Roger Mellie]

I think a JR can specify a number of requirements, including the 'unwinding' the original transaction. This may be impractical though as I can't see any commercial lender would wish to advance ACL £14m to 'buy out' the CCC loan, especially as Yorkshire Bank were allegedly happy to sell the debt to SISU for half that (they probably had already raised a provision against it)
It may compel CCC to change the terms of the loan to a more commercial (I.e expensive) rate?

 

[sky blue john]

The judge hasn't even decided if there's a case yet !!!

 

[Big_Ben]

The judge hasn't even decided if there's a case yet !!!

You obviously didn't read the bit that said "Does anybody know just what it would mean to CCC if the review was granted and CCC was ultimately found to be guilty as charged?"

 

[italiahorse]

Bag of worms really.

A lot of councils support there club with either a peppercorn rent, loans etc.

I believe its 3% interest they are charging, hardly a misuse of funds.