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The Administration Thread


Boycie

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On 09/01/2022 at 12:17, Indy said:

Yes. The difference is that this doesn’t need to go to an investigation to cause us damage. The very threat of it is interfering with our takeover, and risking our liquidation due to the uncertainty. 

The Athletic reckon it will be impossible to get a CVA, so we'll need a court ordered agreement.  No club has ever exited administration that way, so the EFL will have to invent so new sanctions, just for us...what could possibly go wrong?

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15 minutes ago, CornwallRam said:

The Athletic reckon it will be impossible to get a CVA, so we'll need a court ordered agreement.  No club has ever exited administration that way, so the EFL will have to invent so new sanctions, just for us...what could possibly go wrong?

Why would it be impossible to get a CVA? And why would Efl impose sanctions just because some awkward creditor screwed it up for everyone else?

Edited by PistoldPete
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19 minutes ago, PistoldPete said:

Why would it be impossible to get a CVA? And why would Efl impose sanctions just because some awkward creditor screwed it up for everyone else?

I think they say that it's in relation to the major creditor being HMRC, and they're unlikely to accept a CVA, as they'll want every penny they are owed. I don't know the in's and out's, I'm just reporting on what the article says. 

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6 minutes ago, Maharan said:

I think they say that it's in relation to the major creditor being HMRC, and they're unlikely to accept a CVA, as they'll want every penny they are owed. I don't know the in's and out's, I'm just reporting on what the article says. 

They have to accept anything that’s better than liquidation there should be no need to go to Court to enforce that.

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8 minutes ago, PistoldPete said:

They have to accept anything that’s better than liquidation there should be no need to go to Court to enforce that.

well clearly the people at the Athletic think otherwise. I don't know enough about the legal framework to offer an opinion either way. 

(They talk about a court ordered restructuring plan which involves something known as a 'cross-class cram down'. Basically slightly more more than they'd get via liquidation.) 

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2 minutes ago, Maharan said:

well clearly the people at the Athletic think otherwise. I don't know enough about the legal framework to offer an opinion either way. 

(They talk about a court ordered restructuring plan which involves something known as a 'cross-class cram down'. Basically slightly more more than they'd get via liquidation.) 

But if they get offered more than they get in liquidation (which is nothing) why would you turn that down especially if the court has the power to enforce that?

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