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[Mick]

Not looking good for them

As stated elsewhere HM Revenue went to court this week and overturned the decision in June which allowed Chester to exit Admin........to exit Admin Chester had to agree a CVA with their creditors i.e an agreement must be reached whereby Chester repay their debt at a certain rate over an agreed time period.
To get agreement in the UK, 75% of the creditors (by value) have to vote in favour. The £1M owed to HM Revenue amounted to less than 25% of total money owed and hence attracted less than 25% of the votes.

Therefore HMR could not block any CVA proposals (no matter how derisory) provided the other creditors voted in favour

It will be interesting to see why HMR won their appeal - could there have been some creative accounting going on here so that HMRs vote was under 25% ?

Anyway, in the meantime let's hope everything is still ok for Bank Hol Monday

[Jezza]

Wasn't it a similar case with scarboro where they claimed the hmrc debt was 24.9% but it was really over 30% due to an admin error?

The fit and proper person criteria needs adhering to and barrow fans will be saying "we told you so"

[Alty Dave]

I notice the same management ompany is in charge of Vics. Neither looking healthy at the moment. Neither club appears to be well run finacially, or is it just me?

[Mick]

I notice the same management ompany is in charge of Vics. Neither looking healthy at the moment. Neither club appears to be well run finacially, or is it just me?

How 'Refreshing'

[Ballers]

I notice the same management ompany is in charge of Vics. Neither looking healthy at the moment. Neither club appears to be well run finacially, or is it just me?

Nothing gets past you does it Dave. 

[Alty Dave]

Ballers, I find it so frustrating that these clubs just reinvent themselves and are probably racking up debt as we speak.

[York Alty]

I understand all the frustration people feel about clubs running up debt, taking a CVA, and then carrying on.  Football is not a vacumn, these are businessess that have the same legal rights and responsibilities as the local dry cleaners or cheese shop.  It is legal to go into a CVA, it is legal to try and resuce the business...they provide employment.  Any system has to accept that legally the clubs concerned have every right to do what they are doing.  Local traders who are owed cash have every right NOT to trade with the newly rescued company.  It's capitalism.

It is fair to criticise the football authorities response to clubs entering into administration.  This continual docking of 10 points is becoming more confused each season - that is the area that needs to be defined, clarified and simplified NOT the laws of CVA.

[Mick]

I don't think that anyone has suggested that going into debt, and then somehow emerging from it relatively debt free without actually paying much back, is illegal.

York is correct, they are just working the system, but I think what gets peoples back up is the way that some businesses then continue as if nothing had happened. In effect just rubbing peoples noses in it.

The fault is firstly with the insolvency laws of the UK that allow the Walrus's of this world to rob people of their money whilst still being able to live the high life. Secondly the football authorities, who must truly believe that minus 10 points is a sufficient punishment to deter reckless spending, must sort this out (as York suggests)