OK, so 75% of Creditors need to agree to a CVA.
The official site reported that £22m of the £35m debt consists of amounts
loaned to the club by Astor Investment Holdings, Krato Trust and Forward Sports
Fund. All three of these companies are believed to be controlled by Bates, but
£22m is only 62.9% of £35m. So am I right in thinking that Bates won't be in a
position to manipulate the forthcoming creditors meeting and insist he keeps
control of the club? Presumably this leaves the way open for any other
consortium, provided they can offer the administrator a higher bid to buy the
club.
I do hope Ive got this right.
Tim W.
Brian Hamilton <[EMAIL PROTECTED]> wrote:
Under a CVA (Company Voluntary Arrangement) it needs 75% of creditors to
agree to the arrangement being put in place. If 75% dont agree then the CVA
is more likely to result in liquidation which is forced through when a
winding up order is granted by a court when a petition is presented by a
creditor.
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