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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Hate it when there’s a hundred empty seats on the train, and somebody parks beside you.
when is kayal due back from injury?
KKKojo.
Yer mediocre ramblins
Are just
A waste
Ae space.
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!
________________________________
I get a new IP every time my BTHomehub restarts (which seems to be quite often). If I wanted to hide, I’d use TOR as this will bounce the connection from country to country.
Kojo
I am not your pal and think it absurd that you should call me so.
I have made many comments concerning your since deleted racist post from last night at 00.34 BST.
Please refer back if you wish to ascertain my views.
I have no wish to enter into a dialogue with a unrepentant racist.
If you acknowledge what you have said and accept it was racist then I might reconsider.
I wont hold my breath!
BSR
Annnnnnnnnnnd its usually a nutter :))))))
HAIL HAIL
hun on radio.has a pennies in £ deal been done yet wi hmrc.
has a deal been done yet.
shug says thousands of them dont know whats happening?
STUPID HUNS,
Today in here is like watching a European game.
There are so many players in here holding up invisible yellow cards and asking the ref to send a certain player off.
It is a blog we all like to think someone is reading what we say. If we thought people were not we would either lurk because we enjoy the news and comments or we would move on.
SimplesCFC
Have we all been saying our bidding prayers today? :-)
My dear,dear,dear,friend..Miki67
My ,ye are a Harsh critic,pal.
Sorry, Ah canny manage tae Please ye ,
but, Ah try Ma best,
Ah guess it is no guid enuff , fur You.
Sorry, aboot that,pal.
Ah Promise , Ah wull try Even Harder tae Please ye’
in the Future.
Kojo
Yer pal.. who likes ye aloate
Still, Laughin’
From RTC
easyJambo says:
04/04/2012 at 5:34 pm
1 0 i
Rate This
BBC have Neil Patey on Sportsound at 6:10pm tonight so it will be good to get some sensible and informed comment for a change.
leftclicktic
Oh how he deserves it.
DEAL BEAN DONE WITH BUYER YET,2ND LINE.SOZ
I’m sure the Sock Puppets are well aware of the technical chicanery involved….
bournesouprecipe on 4 April, 2012 at 18:04 said:
Hate it when there’s a hundred empty seats on the train, and somebody parks beside you.
Xxxxxxxxxxxxxxx
Hello mate my name is Kojo pleased to meet you.
My Dear,Dear Kojo…
Buenos Dias,palomine..
Looking forward to NL unleashing our exciting young prodigies in the final games of the season…a heaven-sent
opportunity to ‘bring them on’ in proper
test conditions..results are unimportant.
Lennie should get cute,and not give any hint of his team selection and formation,
right up until the last possible moment..
Dalglish used to do that,in the latter stages of his time at Paradise…though that used to upset the ‘moaning minnies’
,many of whom probably post on here..
Yer Pal..Who thinks you’re the Cat’s Whiskers….. ;-).
BABASONICOS71 on 4 April, 2012 at 17:54 said:
>>>!<<<
aye,that was hilarious…my brother told me about it,and he's not even jewish.
he has,however,suffered much gingerist abuse in his time. lol !
A German bid in; the joke is too predictable and dangerously stereotypical.
HH
Aluko is scuttling off HMS Hun like a relieved rat- loyalty as deep as a puddle.
Big Maj wants to stay- aw naw!
Admins say a bid has been received from Germany.
Awe Naw, what have you been up to? :¬)
Well done young hoops
CELTIC Under-15s could be set to bring some silverware back to Paradise after reaching the final of the prestigious Nike Cup.
The 24-team tournament is being held at Warwick University, Coventry, with most of the teams being drawn from the Enlgish Premier League.
The young Hoops were drawn in a tough group alongside West Ham United, Bolton Wanderers, Stoke City and Chelsea.
It was Celtic and Chelsea who progressed to the knockout stage of the tournament. In the quarter-final, Celtic beat Newcastle United 2-0, and they repeated the same scoreline in the semi-final when they knocked out Liverpool. And it sets up a meeting in tomorrow’s final with Chelsea.
Under-15 head coach Michael O’Halloran told the official Celtic website: “It’s a fantastic achievement for the boys to have reached the final and we’re all looking forward to it.
“We know it’s going to be a tough match, given that we played Chelsea in the group stages, but I’m sure it will be a great final.
“The Nike Cup is a prestigious tournament at this age group, and for Celtic to be invited to take part alongside the best youth sides in England is a sign of the high regard in which the club is held in at youth level.
”And to have reached the final is an indication of the quality we have at our Youth Academy, and is a tribute to the players and coaching staff.
“Everyone’s worked really hard and the boys’ conduct on and off the park throughout the tournament has been a credit to themselves, their families and to Celtic Football Club.”
A surprise bid has emerged from Germany Hmmmmm
Hun on Hun action
In one of them moods, going home, train is empty so sat down next to the only guy in the carriage, just to annoy him.
job done, seems to be kidding on he’s important and typing away on his phone!
SSN……………. German bid for Ragers revealed as Club Nein
When’s the next deadline at poundland??
My dear,dear,dear,friend.. Merseycelt.
Well..
Ye soitenly Told Me.. Pal
Ah see that you are Far too Tough for Me tae ever
imagine that Ah could best You.
Ye mak me feel that Life is No Longer worth Living..
Ah think that Ah wull dae ye a favor.. and
End It..
Wid that Mak ye Happy?
Imagine it wid.
Ah must , gie it .. serious thought.
Kojo
Yer pal…who likes ye aloater..
Still, Laughin’
Ah…I see Wee Petec is on..
Just in time to defend the Honour of Israel against Bad-Bhoy Canamalar..
(Thumbsup?) Matthew 3:12.
I am a black ginger tranny who happens to be a gay irish jew in the West of Scotland: what kind of discrimination do you think I’ve suffered?
Karma is a real bitch!
googybhoy ♥ Celtic and Integrity on 4 April, 2012 at 18:08 said:
>>><<<
aye,you're probably right. i'm just a lonely Celt,ploughing a solitary furrow,far away from Paradise,and my missus,though she understands my love of Celtic and is supportive,just doesn't get the intensity it engenders.
Still talking about what is racist and what is not, I would wager 99% of yous don’t have a feckin clue what you are talking about.
Been oot for a couple of hours, had a few cold beers with my wife, my grand weans and half a dozen black amigos and a few of their weans.
Blessed I am.
Kojo
Keep the faith
H.H
ftsfa
No one in the world of football is more deserving than Neil , A GIANT OF A MAN .
When he gets over the line I will shed a tear then turn my thoughts to all those who tried to stand in his path. Yes he is still learning but whos not ROLL ON SAT BUD.
HAIL HAIL
wonkyradar on 4 April, 2012 at 18:16 said:
I am a black ginger tranny who happens to be a gay irish jew in the West of Scotland: what kind of discrimination do you think I’ve suffered?
~~~~none, coz you’d have to be so hard it’d be terrifyin’!
Michael O’Halloran becomes an amazing youth coach in Fitba Manager!
Is it true that Lidl have made a bid for Poundland?
Right thats it – One of these days I’ll post something funny on this Blog
Just you lot, wait and bloomin see.
Mon the Hoops
does any1 think Germans wanting to buy RFC*
are the same ones that investigated them few weeks ago?
then shut them down forever?
c4e
Merseycelt.
No point in trying to reason with you know who,,,absolutely pointless im afraid?
Hail hail