The will rent Nene Park before buying it !
Administation's costs will be settled from the assets of the business, it's ongoing income, or from it's purchase; I understand
And let us remember - before the hysteria starts again - that ACL's directors are legally obliged to act in the best interests of the company they represent. They are faced with a no-win situation. Refuse to sign the CVA and they're accused of all sorts on here, and I hate to think what's happen on GMK. Sign it and they may not be conducting themselves according to their terms of their office
Is whoever puts a company in administration liable for the costs of that administration or is it the company being put into administration that is liable for it?
Absolutely no idea myself.
(My next question is not intended to scare anyone but needs to be asked)
Can someone clarify that if we do not find a ground to play in before the first game are we not expelled from that competition?
This all proves - if anyone was in any doubt - that SHITSU / Odious are nowhere near as stupid as TF sometimes make them appear. An unplayable ball is now, seemingly, in ACL's court:- refuse to sign off on the CVA and they consign us to a 15 point deduction and (almost certainly) League 2 or accept it and allow SHITSU / Odious to strengthen their grip on the club and to take it god knows where
The long term aim of SHITSU has always looked like it was to force ACL out of business or into a fire sale and it looks like they are going to succeed, ultimately, in one or both of those objectives
I'm afraid that whatever way one looks at it SHITSU have won / are winning and in due course, having paid lip service to "fit and proper" requirements the FL will rubber stamp and endorse that victory. God its depressing!
I agree - the inference from the article could be read as a less than 100% settlement for 3rd party creditors.....
I imagine you forefit if you can't play but I'm not sure if that triggers immediate expulsion or you have to miss certain number of games before you're thrown out.
(My next question is not intended to scare anyone but needs to be asked)
Can someone clarify that if we do not find a ground to play in before the first game are we not expelled from that competition?
Knowing what we do; I can't see how this can happen. Move aside the rights and wrongs of any given rent level for a moment; ACL have a contract they should have been paid against. They haven't. Their position vindicated in court.
Every sinew in the body of it's directors would have to - simply have to - make them protect the best interests of their business with regards their settlement from administration; and as such when they should agree or refuse to a voluntary arrangement.
How can they agree if it financially disenfranchises them?
My understanding is that all arrears to ACL will be paid under the terms of Optiums takeover, can't see that ACL can have any busienss case for not agreeing to that.
Administration only covers up to a certain date so I'm not sure they could reject it on the grounds that CCFC may no longer play at the Ricoh. That would be a seperate issue and if the lease hasn't been terminated by going into administration and the club walk away ACL would have to pursue them for the balance of the contract as a seperate action, possibly putting us into administration for a second time.
More likley, if the lease is still valid, Optium will liquidate Ltd and unless the lease is tied to the Golden Share ACL will be a creditor of a company being liquidated with no value or assets.
How does it financially benefit them not signing it?
Do you have any evidence of that?
Looking at the totality of ACL's position; they're what - 15% - into a 50 year lease. And SISU have stated intention to move and break it.
What if one of the other bidders, who Appleton has deemed as non-preferential - had a stated aim whereby they would contract to the Ricoh for the balance of the agreement - i.e. over 40 years?
Could ACL not declare the SISU's exit plan, whilst clearing arrears, wasn't as good an exit as others on the table? I'm asking the question here; I hasten to add....
Wouldn't have thought so, could always play just actual "away" games first until something sorted.
It happened the first season at the Ricoh when it wasn't ready for the season kick-off.
It may bring others buyers into the arena, as above?
They are a minority creditor so that is highly unlikely the administrator has I believe calculated their losses to be £600,000.
By not signing a CVA it means nothing financially. It just means the club has minus 15 points and plays elsewhere.
Is SHITSU like SISU and Odious like Otium?
All these different company names confuse me.
Do you have any evidence of that?
Looking at the totality of ACL's position; they're what - 15% - into a 50 year lease. And SISU have stated intention to move and break it.
Are you sure? I know 75% of the creditors need to agree, but is this by value, or number of 'votes'?
Are you sure? I know 75% of the creditors need to agree, but is this by value, or number of 'votes'?
No I am not sure but there must be a ceiling surely or someone could be owed 10 pence and refuse CVA. I assumed the debt piling was to create a monopoly vote on CVA exit and to avoid the scenario.
Of course they are not fit and proper is this a fit and proper way to run a football club or any fooking business
Football League custodians of the game my arse:jerkit::jerkit:
the way football is run in this country needs to be examined in a Public Enquiry its Fookin shamefull
Are you sure? I know 75% of the creditors need to agree, but is this by value, or number of 'votes'?
Are you sure? I know 75% of the creditors need to agree, but is this by value, or number of 'votes'?
If football was run as a proper business there would probably be only about three teams in the whole football league.
What the hell , this is all just a load of bollocks that will just end with probably the same crappy outcome ."we believe otium pass the fit and proper test " yes maybe in communist Russia they would've but come on .
the whole situation is getting on my nerves
The Wanderers, Royal Engineers and Newton Heath.
If the season didn't start till October I wouldn't mind.
If football was run as a proper business there would probably be only about three teams in the whole football league.
And whose fault is that mine or yours no the people who regulate the game same as it was the fault of the regulatory bodies who let the banks go into lunacy overdrive.
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