Why did Appleton rush the CVA through ? (6 Viewers)

[Voice_of_Reason]

With more and more evidence being revealed since the CVA (which Appleton could, and should, have been aware of) why did he present the CVA to the creditors at that time when evidence now shows that players registrations (assets) were with CCFC Ltd and not Holdings ? mmmmmmmmmmmmmmmmmm !

 

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[italiahorse]

Just remind me where we are and what the next steps are ?

 

[Voice_of_Reason]

Just remind me where we are and what the next steps are ?

Appleton due to present his findings on 19th September followed by application to liquidate CCFC Ltd (unless Appleton decides to re-run the Administration Process and present a new CVA, maybe even open the bidding again - I doubt none of these will happen)

 

[Godiva]

With more and more evidence being revealed since the CVA (which Appleton could, and should, have been aware of) why did he present the CVA to the creditors at that time when evidence now shows that players registrations (assets) were with CCFC Ltd and not Holdings ? mmmmmmmmmmmmmmmmmm !

Players registration (in terms of assets) were mostly with Holdings - only a few were with Limited.
Players registrations were all in Holdings in the FL register.

It was paramount the administration was done with speed to start the new season out of administration. This didn't happen and is not the fault of Appelton.

In the early days of the administration there was a cry for action from Appelton and a demand for a speedy resolution.
Now you ask why he didn't take longer as the outcome was not what you expected or desired?

 

[Voice_of_Reason]

Players registration (in terms of assets) were mostly with Holdings - only a few were with Limited.
Players registrations were all in Holdings in the FL register.

It was paramount the administration was done with speed to start the new season out of administration. This didn't happen and is not the fault of Appelton.

In the early days of the administration there was a cry for action from Appelton and a demand for a speedy resolution.
Now you ask why he didn't take longer as the outcome was not what you expected or desired?

Don't care if the Football League registered the players in the Moon, LEGALLY they were contracted to CCFC Ltd, their employers -- more than enough evidence already shown on here. I did expect a speedy BUT THOUROUGH resolution, this has not been the case.

 

[shmmeee]

Players registration (in terms of assets) were mostly with Holdings - only a few were with Limited.
Players registrations were all in Holdings in the FL register.

It was paramount the administration was done with speed to start the new season out of administration. This didn't happen and is not the fault of Appelton.

In the early days of the administration there was a cry for action from Appelton and a demand for a speedy resolution.
Now you ask why he didn't take longer as the outcome was not what you expected or desired?

Source on all players being in Holdings?

 

[fernandopartridge]

With more and more evidence being revealed since the CVA (which Appleton could, and should, have been aware of) why did he present the CVA to the creditors at that time when evidence now shows that players registrations (assets) were with CCFC Ltd and not Holdings ? mmmmmmmmmmmmmmmmmm !

It was hardly rushed through tbf.

 

[Mary_Mungo_Midge]

Players registration (in terms of assets) were mostly with Holdings - only a few were with Limited.
Players registrations were all in Holdings in the FL register.

It was paramount the administration was done with speed to start the new season out of administration. This didn't happen and is not the fault of Appelton.

In the early days of the administration there was a cry for action from Appelton and a demand for a speedy resolution.
Now you ask why he didn't take longer as the outcome was not what you expected or desired?

Why was this aspect 'paramount'?

 

[jesus-wept]

Appleton due to present his findings on 19th September followed by application to liquidate CCFC Ltd (unless Appleton decides to re-run the Administration Process and present a new CVA, maybe even open the bidding again - I doubt none of these will happen)

Which could incur another points deduction if a revised CVA was rejected again, scuppering any prospect of promotion, the way we are playing getting to at least the play offs looks a possibility. IMO SISU do not want us in a higher division, with the increase in costs, wages etc. Struggled financially at the Ricoh not a hope in hell of being viable at Sixfields even with 7000 gates. Engineering another points deduction then blaming ACL/CCC ? Don't rule that out.

 

[Hobo]

Where the FL messed up was they viewed Holdings and Ltd as one and applied their rules to the whole as in Coventry City FC.

Unfortunately once things were in Administration you are talking Company Law where their rules don't mean jot!

They could have stood up to SISU no you can't compete....tough on Coventry fans.

So they were happy when Otium brought all the elements back together.

It does illustrate how slack the FL administration systems are, how ineffectual their rules are and how they haven't got the finances to take on multi national companies.

This should be worrying for every football fan.

I suggest Bob Ainsworth is right they are not fit for purpose.

 

[Warwickhunt]

Which could incur another points deduction if a revised CVA was rejected again, scuppering any prospect of promotion, the way we are playing getting to at least the play offs looks a possibility. IMO SISU do not want us in a higher division, with the increase in costs, wages etc. Struggled financially at the Ricoh not a hope in hell of being viable at Sixfields even with 7000 gates. Engineering another points deduction then blaming ACL/CCC ? Don't rule that out.

Engineered the points deduction! come on where would the sense in that be? The reason ACL did not sign the CVA was purely to maintain the Investigation and hold the Rental agreement in place on their books. They turned down £590K for a poultry 10p in the pound they would get when the company is liquidated and then and only then the Rental agreement is dead so all they have done is delayed the inevitable got us a 10 point deduction anf threw money away that they will desparately need come the year end accounting. What they did is totally illogical.

 

[blueflint]

Engineered the points deduction! come on where would the sense in that be? The reason ACL did not sign the CVA was purely to maintain the Investigation and hold the Rental agreement in place on their books. They turned down £590K for a poultry 10p in the pound they would get when the company is liquidated and then and only then the Rental agreement is dead so all they have done is delayed the inevitable got us a 10 point deduction anf threw money away that they will desparately need come the year end accounting. What they did is totally illogical.

the fa insisted they get the full amount or otium wouldn't get golden share this was posted by other sources not mine.

 

[edgy]

. Engineering another points deduction then blaming ACL/CCC ? Don't rule that out.

Your user name is apt. I am saying it right now. :facepalm:

 

[Sutty]

Which could incur another points deduction if a revised CVA was rejected again

I think you're mistaken here. The 10 point deduction came about because Holdings became the football club after the golden share was moved there. Anything that happens to limited now, whether it's liquidated or not, is irrelevant.

 

[Voice_of_Reason]

Source on all players being in Holdings?

I would have thought that the first thing an "Insolvency Expert" would be to look at the employees Contracts of Employment to see which Company they were legally contracted to work for, pay NI Contributions and PAYE !!

 

[RegTheDonk]

I think you're mistaken here. The 10 point deduction came about because Holdings became the football club after the golden share was moved there. Anything that happens to limited now, whether it's liquidated or not, is irrelevant.

Hope you're right Sutty. Trouble is, the FL make the fucking rules up as they go along.

 

[skybluetony176]

I would have thought that the first thing an "Insolvency Expert" would be to look at the employees Contracts of Employment to see which Company they were legally contracted to work for, pay NI Contributions and PAYE !!

sounds too easy doesn't it VOR

 

[italiahorse]

Why was this aspect 'paramount'?

I thought you only get points deducted if you come out of administration without an agreed CVA.
Does this have to happen before the season starts or can you start in administration and it be renegotiated during the season?
We have already been deducted points for going into administration.
Would SISU accept a rent of 150K if ACL agreed the CVA?
So many questions not satisfactorily answered.

 

[italiahorse]

I think you're mistaken here. The 10 point deduction came about because Holdings became the football club after the golden share was moved there. Anything that happens to limited now, whether it's liquidated or not, is irrelevant.

Couldn't we just left it as it was in Ltd so we could sort the CVA out ?