I see Leeds United are being held up as a model for Rangers to liquidate and emerge as a new club. Leeds United’s circumstances are highly unlikely to bear any relationship with those at Rangers unless Duff and Phelps can agree a Creditors Voluntary Arrangement.
Leeds United AFC Ltd entered administration in the control of KPMG Restructuring on 4 May 2007 and on the same day were sold to a new company Leeds United Football Club Ltd subject to a Creditors Voluntary Arrangement (CVA) being agreed. Both Leeds United AFC Ltd and Leeds United FC Ltd were controlled by Ken Bates.
A CVA requires 75% of creditors (by value) to vote to accept a reduced percentage of the money they are owed. The company was forced to act as HMRC, who were owed in excess of £6m, had issued a winding up petition which was due to expire on 25 June 2007.
Before creditors voted on the CVA several other bidders came forward with offers for the club, however, the vote, on 1 June 2007, returned 75.02% of creditors accepting the CVA offer (75.20% after a recount).
Creditors can challenge a CVA within 28 days of the vote. On the 28th day, 3 July 2007, HMRC challenged. With the CVA subject to a challenge, KPMG asked for further offers for the company to be submitted by 9 July 2007. Despite the extended offer period, the administrators still accepted the offer from Ken Bates Leeds United FC Ltd.
With a CVA agreed, subject to challenge, the Football League transferred Leeds United AFC’s league share to Leeds United FC Ltd under its “exceptional circumstances” provision. The League imposed a 15 point penalty on the club for the 2007-08 season for failing to satisfy the outstanding legal challenge in time, necessitating the ‘exceptional circumstances’ rule.
HMRC withdrew their objection to the CVA the following month. Leeds United subsequently appealed against their 15 point penalty citing a CVA had been agreed and that the league programme does not allow time for spurious challenges to be dealt with. The Football League refused the appeal.
Believing Football League procedures were at fault, not their own behaviour, Leeds United served the League with a High Court writ to challenge the points deduction, however, both parties agreed to abide by the findings of an arbitration panel hearing.
The arbitration panel found against Leeds United citing the following two reasons:
A director of Leeds United FC signed an earlier agreement not to commence any proceedings against the League.
Leeds United waited 7 months before commencing the action, which brought unnecessary sporting consequences on other promotion chasing clubs, specifically Doncaster Rovers, who would no longer be in an automatic promotion spot if Leeds’ 15 points were restored.
In summary:
Leeds United AFC Ltd’s administrators achieved the necessary 75% support for a CVA.
They withstood the challenge from HMRC, paid creditors and concluded the transfer of assets, including League share, to Leeds United FC Ltd, according to the terms of the CVA before winding up the old company. No loose ends were left.
This is not a Liquidator’s Charter. Provisions in football only exist to transfer a League share from one company to another if creditors are satisfied, either by being paid in full or, as with Leeds United, with 75% agreeing to accept a diminished amount.
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My dear,dear,dear,friend.. Miki
Me a Racist?
Ye are Haverin’ Man!
Ah jist tell it like it is..
Ye hiv tae face facts,man..
Ye canny keep , ignoring whit is going oan.
Kojo
Yer pal.. who likes ye aloater
Octopus say Craig Whyte wants his Squid back.
Kojo
I’ve had a problem with your fascist drivel for quite a while.
However that point was specifically aimed at your hypocrisy on the teachings of the Christ you claim to follow.
Wonder what’s happening on KDS?
A football memory from last season
I broke up play and the ball broke to whittaker
he sped forward and slipped a great pass through to wee naisey
He rounded the keeper and slammed the ball home giving us the lead deep into injury time
I got so carried away I just ran and leaped into the crowd to celebrate .it was then that I realised, I’m in trouble here .
In all the emotion ,I had forgot to blow my whistle and award the goal .
hail hail
bournesouprecipe on 4 April, 2012 at 17:12 said:
So after a hundred years suddenly the Titanic was built in Belfast? ……………………………By Protestants only.
Why feed him???
Ignore ignore ignore!!
Hail hail
Canny believe Declan has been rumbled.
My dear,dear,dear,friend.. canamalar
Pal..
Ye canny talk aboot Religion…son.
Dae ye wanna start a Barney?
Talking aboot Religion or. Politics..is Taboo ..oan Here.
Don’t ye know that?
And.. anyting aboot Race.. as weell.. and
well.. No much left..?
How aboot Fitba’?
Sure..
Let’s talk aboot that..
Fur a CHANGE!!
Kojo
yer pal..who likes ye aloater
Still, Laughin’
ibleedgreenandwhite1 on 4 April, 2012 at 17:37said:
Why feed him???
Ignore ignore ignore!!
++++++++++;++.+
Who do you think the one bid is from??
Not ignore, divert and discuss other Celtic matters.
Phew, glad I missed all of what I assume was another Kojo event and the expected backlash.
I’ve only just signed in to see the ‘result’ of the bid process. I guess during the waiting period the time void had to be filled somehow!
I’m easily going to resist scrolling back.
Can anyone confirm the latest RFCIA news? Are they dead & buried yet???
So the one bid comes from TBK & Ticketus
What do you say to a ragers fan at an spl game next season?
Two pies and a bovril please!
PS:
bournesouprecipe on 4 April, 2012 at 17:32 said:
Octopus say Craig Whyte wants his Squid back.
I likie! LOL
Must admit im disappointed that Paul 67 that he has not taken a stronger stance on certain comments from a certain Attention seeking individual,,,a slap on the wrist and you know ho is back on here laughing at everybody while rubbing our noses in it!!
Not happy!!
Hail hail
Kojo
Yer rubbish at fitbaw
Just about every player you’ve condemned has made you eat humble pie.
When do the “Gers Saved” headlines start?
* take your time *
Imatim and so is Neil Lennon on 4 April, 2012 at 14:37
Thanks for posting this fantastic article. It is fascinating and definitely gives a unique insight into the way Barca have captivated the football world.
Can life get any better- I just knocked off on a weeks holiday- the hoops are a point away from the championship and I just had an £8 bid accepted for a Mickey Mouse outfit situated in Govan- still think I paid too much
Chief hairman of TBK Paul Murray: We are confident with the strength of our bid and consortium’s unique ability to return financial stability to the club
Ok folks thats the hun sorted back to kojo ;)
hen1rik,
agreed, was a quality character
Some people are just spoilers
Baldrick on 4 April, 2012 at 17:10 said:
Enough of your sensible and progressive ideas fhella. ;-)
As Paul Murray isn’t a fit and proper person to run a club, who is going to be the head knight?
Douglas Park? or the scaffold guy? or is there another velvet collared business type?
ibleedgreenandwhite1
I asked Paul about it earlier and he explained that banning acheives little because of the multiple use of IDs and the controversy that would surround such a decision.
He would certainly be martyred by his ‘fans’ and is more likely to gain sustenance from the vampiric blood-letting that might ensue.
Presently, he is all sweetness and light and faux ignorance about what has transpired.
He is an internet terrorist!
Ignore him!
HH
If der hun swans back into the spl,I say we buy a team that would hammer any team around as without moving out of 1st. gear,we pay no p.a.y.e,we pay no tax,we bribe the mibs sensless,we dive & blooter,we lie & whine,we do what we please. The authorities will be fine with that.
Oh,I forgot,to do that we’d have to move to Ibrox & call ourselves Rankers.
Unacceptable.
My dear,dear,dear,friend..canamalar
Ye are backing me intae a corner,pal..
According, tae whit ye say..
Ye jist don’t like whit Ah Talk aboot..
Well.. the obvious suggestion tae that wid be
Don’t Read any o’ My Submissions..
Right?
Ah wull read yours..of course..
Fur Ah am wan o they fellahs.. who Actually Believes that everywan
if entitled tae Say whit they like..
Free Speech.. ye know??
A Great Concept. but seldom ..
ALLOWED!
Kojo
yer pal…who likes ye aloater.
Still, Laughin’
merseycelt
I’m glad to hear you don’t think I’m ‘inherently racist’. I hope you don’t think I’m racist in any other way either.
I will not get drawn into a detailed debate on the subject of racism here, this is not the forum for it. Out of politeness, I will answer your direct question: it is not logically inconsistent to believe that races should be kept separate, while simultaneously not believing that one race is superior to another or deserves preferential treatment. I fully accept that in practice the two beliefs often go hand in hand, and have already made my distaste for that position clear. Even if your supposition regarding Kojo’s (or anyone else’s) views is correct, though, then so long as they remain private to the individual concerned, I believe they are, or should be, no business of ours. I suspect and hope that Kojo will not be inclined to tread anywhere close to this particular line again.
Late Club 9 – Gers Bid
I do not think I see enough non-pink faces around Celtic Park and we need to work a lot harder to attract the new immigrants to the field built by embattled immigrants.
Outwith Celtic, I had 3 sporting heroes growing up. Pele, Muhammed Ali and Ed Moses (who was in Scotland recently). If I thought there were large groups of Celtic supporters who would oppose their presence in a Celtic support, I would walk away from such a club as Celtic would have become. Thankfully I do not have to consider this anytime soon.
We are all mongrels. We have been mongrels since we walked out of Africa, interestingly enough. And we’re all the better for it. The Mongrel dog is smarter than any in-bred.
Even if you’re of the strict biblical persuasion and do not believe in evolution, it should be noted that Adam was reddish brown, coloured like a lentil. That’s what the name means. Now I’m pink- white, verging on sky blue, so obviously my ancestors were very committed to Miss Eggy Nation and I’d like to thank all my forefathers and mothers for their strenuous efforts in that regard.
You can stick your racial purity myths where light and knowledge do not shine.
That is all. Carry on!
Auld Neil Lennon heid on 4 April, 2012 at 16:49 said:
“Let life do the judging. It is extremely efficient, if often slow, at doing that.”
Amen to that.
On the subject of Jews,did anybody see the programme that was on BBC4,’Old Jews Telling Jokes’?
For those who missed it i would recommend trying to catch it somewhere,much hilarity to be had.
DEADSEAPEDESTRIANScsc
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 17:51 said:
>>><<<
uh uh….the multiple identity argument doesn't hold water. if you're banned,its your IP address that is rejected by the relevant server. you need multiple IP addresses to get around a ban. and if anyone's going to that length,then they truly have something to hide!
memories :)
http://www.youtube.com/watch?v=H64BOxqZh6Y&feature=related
HAIL HAIL
http://www.youtube.com/watch?v=2ilOSbu1Fjw&feature=related
Winning the title at Killie.
NeilR
Thanks for the measured response. You said:
“Even if your supposition regarding Kojo’s (or anyone else’s) views is correct, though, then so long as they remain private to the individual concerned, I believe they are, or should be, no business of ours. I suspect and hope that Kojo will not be inclined to tread anywhere close to this particular line again.”
How can you argue his views can remain private when he has published his opinion on the subject on this very forum?
And, as HT said, he has previous and the best predictor of future behaviour is..!
HH
My dear,dear,dear,friend.. Merseycelt
Hiya.. Pal?
Internet Terrrorist.. ?
Me..?
Ah am a Pussycat…
Ah seldom, get mad at anybuddy oan here.
Ah am jist Practising.. My right of Penning Ma Thoughts..
Like you, or.. everybuddy else who contributes tae this wonderful Forum.
That’s wit this is awe aboot..
Ye gotta live and Let Live..
Shucks..
Ah wid Nevah dream of Getting Mad at You,pal.
And calling ye names..
‘
Simply..
Because ye wrote something oan here, that Ah didnae agree wi’
Whit,kinda Guy dae ye tak me Fur?
My…
Go ahead ,kid..
Dae yer thing.. If ye wannta Ban Me jist Because Ah say things
that ye disagree wi…
Then.. go aheid and Say it.
That is you Right.
Ah dinna want tae Ban You.. pal..
Na.. that wid be no Nice..
But, If ye feel that Ah should Be Banned…
then.. Go Aheid a Say It.
That is perfectly O.K. ,by Me.
Kojo
yer pal.. who likes ye aloater.
Still , Laughin.
STV say 4 bids for the vermin
roy croppie
http://www.youtube.com/watch?v=1bHG1aX_dVs
Now its time for Neils bhoys
HAIL HAIL