We didn't fail to "comply" with a CVA. What we didn't do was obtain a CVA at all. The CVA vote was won marginally but HMRC then challenged the validity of the voting and possibly one or two other items. Rather than try to win that challenge from HMRC, the CVA was scrapped altogether. The club was then put up for sale - in theory to the highest bidder.
It was a change in insolvency law (not court cases saying that it was unfair) which ended HMRCs position as a preferred creditor. The idea was to eliminate all preferred creditors (except those holding security). Football creditors do not have to be paid in full first. In fact it is the emerging club that has to pay football creditors in full in order to regain the golden share. We didn't come out of administration with a CVA which meant that we could not regain the golden share via the automatic established process (which requires a CVA to be agreed). _______________________________________________ Leedslist mailing list Info and options: http://mailman-new.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] MARCHING ON TOGETHER (There's it)
