bridge too far

Is this referring to the reduced stadium debt? I think we've all been saying it might / will happen and we've found precedents, but it's the first time I've actually heard it broadcast.

No, I don't think so: What is a Company Voluntary Arrangement (CVA)? A company voluntary arrangement is a recognised legal procedure, under the provisions of the Insolvency Act of 1986 that enable a company to enter into a binding agreement with its creditors detailing how the company's debts and liabilities will be dealt with, and allows the directors to retain the control of the company. In essence a company voluntary arrangement allows a company with historical cash flow problems to repay its liabilities, either in part or in full (including the Inland Revenue and VAT) over a period of time. Once the company's liabilities have been restructured any monies generated by the company e.g. book debts can be used as working capital rather than paying its old debts. From: http://www.middletonpartners.co.uk/company_voluntary_arrangement.htm I do, however, think the difference is subtle Just heard on Radio 5 Live that Arlo White 'understands' that a deal might be struck with Aviva (Norwich Union) to write off half the stadium debt. He didn't give a source.

I think there's a difference between a CVA (Creditors' Voluntary Arrangement) and a CVA (Creditors' Voluntary Agreement). I think the latter applies to us: Company voluntary agreement A company voluntary agreement is similar to an informal arrangement but a registered Insolvency Practitioner (IP) - who specialises in advising failing companies - is brought in to negotiate with the creditors. The IP will call a creditors' meeting to present your repayment plan and if 75% (by value) of creditors vote for the arrangement, it is binding on all parties. Once agreement is reached, it is formalised by the court. From this article: http://www.lawyerlocator.co.uk/article/overview_of_insolvency_.html

I don't think that's right. I think the creditors have to agree in order for a CVA to be issued. The bigger the creditor the bigger say he has, surely? After all, the Administrator is appointed by the creditor(s).

Interesting that it's a Southampton office address but a Hedge End phone number :confused: Is the office address purely an accommodation address?

What - sort of like a reverse takeover, you mean

I thought WHI tried to take over Blue Oar :confused:

More than me, I'm sure. I suffer from chronic wirescrosseditis

And then the third objective comes into play if the first and second can't be realised. The point I was making is that his first obligation is to the creditors and not the well-being of the football club. I don't want him hounded out of town if he ONLY manages to sell off all the tangible assets but not the football club. That's all

I do - I imagine that everything I'm ironing is the face of someone I dislike. I derive enormous pleasure from that.

I think Darlington have managed to extend the administration period.

Hypo, I just posted this on the Channel Islands / Eastleigh thread: With regard to timelines I found this on the Companies House website: No later than 8 weeks after the company enters administration, the administrator must make a statement setting out proposals for achieving the purpose of the administration or explaining why they cannot be achieved. The proposals may include a voluntary arrangement or a compromise or arrangement with creditors or members http://www.companieshouse.gov.uk/abo...tml/gbw1.shtml Is that the sort of deadline you mean?

With regard to timelines I found this on the Companies House website: No later than 8 weeks after the company enters administration, the administrator must make a statement setting out proposals for achieving the purpose of the administration or explaining why they cannot be achieved. The proposals may include a voluntary arrangement or a compromise or arrangement with creditors or members http://www.companieshouse.gov.uk/about/gbhtml/gbw1.shtml

"What is ‘in administration’? Administration is when a person, ‘the administrator’, is appointed to manage a company’s affairs, business and property for the benefit of the creditors. The person appointed must be an insolvency practitioner and has the status of an officer of the court (whether or not he or she is appointed by the court). The objective of administration is to: rescue a company as a going concern; achieve a better price for the company’s assets or otherwise realise their value more favourably for the creditors as a whole than would be likely if the company were wound up (without first being in administration); or in certain circumstances, realise the value of property in order to make a distribution to one or more preferential creditors." This is an excerpt from this link found on the Companies House website: http://www.companieshouse.gov.uk/about/gbhtml/gbw1.shtml It's my view that the administrator's primary accountability is to the creditors (earlier in the link it talks about the 'holder of the floating charge'). It is for the administrator to see how best the creditors' interests can be served. He is not appointed by the club but by the creditor(s). If he doesn't get a good offer for the whole shooting match, he could get offers for individual parts e.g. JF, Staplewood, the football club etc. If the amount he raises is not acceptable to the creditor(s) the 'company' (SLH) can be wound up - although this means no-one gets a bean. That's how I understand it. Please put me straight if I've got it wrong.

Oops!

I've found you!

From Wikipedia: The Arena is run by Arena Coventry Limited (ACL) and is separate from the running of Coventry City Football Club who are the Arenas first tenants. It was funded largely by Coventry City council & the Higgs Charity, a charity (of which CCFC and ACL director Sir Derek Higgs was a trustee), and includes shopping facilities, a casino, exhibition halls and a concert venue.

I found this: "The club was taken over by businessman Marcus Evans in December 2007. He owns an 87.5% holding which he obtained by paying Norwich Union £6m for the club's £32m debt when the club went into administration." on this link: http://www.footballeconomy.com/stats2/eng_ipswich.htm I'm trying very hard to usurp Trousers in the research faculty

Now now boys [-X You're just being silly - aren't you?

I should have been less economical with my description. The Pinnacles I was referring to were all linked to property / development.

I googled Pinnacle last night - didn't find that one but found one in Reading (wasn't that new company Southampton Football Ltd in Reading too?). The other Pinnacles I found were all over the place, England, Wales, US - I wonder if it's a franchise :smt102 'Your' Pinnacle was only incorporated in June last year :shock:

Sir Philip Green's name has been touted on here. He's in retail. He lives in Monaco. Stuff that's been the subject of recent rumours. Oh and he's good friends with Bill Kenwright. It's supposedly a well-known fact that successful businessmen realise their success on borrowed money rather than on their own money. Could it be Sir Philip Green? Would the team have to have 'Burton' on their shirts? After all, we've gone for one

You mean they're taking RL's word for the state of the finances :shock:

Thanks for this. I think we'll probably use Bursledon as I know where the P & R is for the football. Do the buses run all the time, do you know? Just thinking ahead in case we want to leave early / it rains.