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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1,227 Comments- Pages:
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philvisreturns on 4 April, 2012 at 22:41 said (re Kojo)
Your posts remind me of Hugh McDiarmid…
For pity’s sake, Phil, go and read some McDiarmid. You chump.
Been reading backtoday and well kojo’s disgraceful attack last night on the principle of equality of all men being created equal (As said in the bible, whehter you care for that book or not) was absolutely abhorrent. He deserved condemnation. I was resaured by Margret Mgill’s response, by the response of shimmies, and a few others who condemed his behaviour.
I was shocked by Neil R trying to say his comment was NOT racist as ” sepration” is apparently not a pseudonym for “racism”. Yeah well your pseudo intellectual posturing is fooling no one save those with a subconcious soft spot for inequality. By definition if one group of people is stoped from mixing socially or sexually with annother group of people (and we are refering here to adults) then at the very least BOTH groups are being discriminated against by whoever deems it an acceptable policy to segregate.
Segragation is apartheid and it goes hand in hand with racism. There can be no “begin segregation” nor is there a distinciton between segregation and racism one is the other by defintion. Anythink else is apologist claptrap. Glad the first guy this morning also called NeilR out on it.
And for auld neil Lennon head or others saying we should ignore him or let him judge himself, ever remember the phrase “evil only triumphs when good men do nothing?”. Finally I seen SFTB condem racism (which is nice to know that he does disagree with it) but he said it like this:
setting free the bears on 4 April, 2012 at 23:04 said:
” Zbyszek
I do not rush to judgement.
Kojo is entitled to tweak the noses of anyone he considers a professional leftie or any other schoolyard term. He is entitled to be right wing and unrepentantly capitalist. All that is just knockabout froth.
He will provoke justified reaction if he gives the impression of being racist and does nothing to correct that impression. An honourable person, whilst admitting to harbouring prejudices and irrational thoughts, as we all do, would be ashamed, and should be ashamed, to be thought racist.
Some narcissists think it is a sign of weakness to say sorry and to make amends. For me, it is the mark of a man that he is able to do so.”
My contention with him is this, why is it ok for the rightwingrs to degrade and dehumanize the left wingers but not ok for the lefties to put their point across?
You seem to me to have sympathies to the right wing of politics would I be correct in that assertion?
Is the Tribunal deliberating or are they dribbling?
Surely an open and shut case?
Duff and duffer and there 4 bids fo ra gers.
Any bidder will have time to do due dillagence the same as whyte and he only paid a £1 .
Plus he found the small tax bill.
Then they will also have to settle up with whyte and the ticketus group.
All this just does not add up.
What else could turn up when the bid winner does the due dillagence ?
Youmustbecrazytobuythehunsforapound csc
merseycelt lmfao as the big house door slams shut Deserves Great Praise for his defence of humanity as does quickdraw. Half point to Hamilton tim (as he appeared to vaguely entertain Neirl R’s comments) Full point to Neil Cannamalar and Awe no no annoni (but he nearly lost half a point for later conversing with Kojo). Also Margret Mcgill, BMCUW, Ernie Lynch, Liviboy. Dishonourable mention to Invercelt who defended Kojo’s views and attacked Neil Cannnamalar….
Incidently how many Nome de plums does kojo have?
Summa of sammi
Kojo
Kojak
The Singing Detective
Dunshane Billy Boy
Any I have missed?
I will continue to find those who stood up to fascism and those who defened it or said ignore it
Thirty six years ago today I left the house and went on a “journey”
which led to my not seeing my father for eight years,and that for a very brief 30 mins.The next time I saw him, two years later he was in his coffin and before we placed the lid over him I put a little home made Easter Lily in his hand .It was the only thing of any value I possessed and had been carrying it around on my “journey ” for years.
Seo duit a athiar
http://www.youtube.com/watch?v=exu9WEoF7TY
Likely scenario (and we free Tims will know that anything is possible in Scotland)
1) Orks win tax case
2) They escape outstanding tax liabilities through a technicality involving Mr Whyte
3) Mr Whyte is scapegoated and goes to jail
4) Sir David gets a second knighthood
5) Lennon gets banned for a season for kicking the ground at the touchline
Invercelt on 4 April, 2012 at 21:39 said:
“Hamiltontim @ 21.27,
Thanks for the info: it does make it a bit difficult, tho’.
Apologies BTW if I misnamed you Blantyretim earlier (was it you who posted a few weeks ago about Alec Burnett?).
I realise that Kojo isn’t everybody’s cup of tea, but I’ve never seen anything by him that merited deletion: there’s at least one Hunnish clown who is more deserving.”
HA HA HA. So Canamallar is more deserving of deletion than that Nazi kojo who believes a throughbred should not mate with a plough horse and that is what is holding the UK and US back? A man who Berated Aiden M’cgeady on numerous occasions and said Neil brings it on himself…..
Along with roccoboy and that Neil R and those 2 newposters (or at least infequent) who showed uptoday to right one post in support of kojo all should hang your head in shame. Celtic park is not the place for BNP-like views.
.
Antifa..
Lefties.. Righties..?
I’m a Leftie..
Summa of SamarasOnTheLeftWingCSC
If in doubt go left.
Margret are you there? Hows things? I am busy tonight trying to ridcule those who have defened kojo’s “Overt” racism, seen as NeilR did not think that it was overt enough or that indeed subtle racism is more preferable to overt racism….
The Singing Detective on 5 April, 2012 at 00:19 said:
So,Kojo,in discussing former US Senator Partrick Buchanan,mentions some opinions held by this politician….from his latest book ?
Well I learned something that I didn’t know…that Pat Buchanan was a Catholic.
When he ran for the Republican Presidential Nomination in 2000,he was doing well in the polls,until he sought the backing of a controversial evangelical Southern Baptist leader,Jerry Falwell.
Falwell was a well-known Anti-Catholic,who had recently made inflammatory remarks about the Holy Father….Buchanan ended up second in the race..
And as far as Buchanan’s remarks on micegenation are concerned,I believe these views are widely held over large areas of the globe..from the Middle East,to Pakistan,India,Japan,Malaysia ,and Indonesia..
I don’t notice folk rushing to criticise the society in these countries..
~~~~~~~ ~~~~~~~~~ ~~~~~~~~~~~
Miscegenation and associated resistance to immigration is likely to lead to the population shrinking in Japan by around ONE THIRD by 2050.
According to a report I read recently in TIME.
So it may be practiced in various corners of the world,as you say,but it is not for the common good overall.
Summa why today then did you start posting in kojo speak and make light of his terrible terrible comments from last night?
ANTIFA
I think you killed the blog!
Nae luck,mate-a few seconds quicker with your post,and it would have been my fault.
Anyway,duty calls-just popped back for a quick break……….
Antifa on 5 April, 2012 at 01:43 said:
Agree totally on your comments. I however wish that the minah birds post had not been deleted to illustrate an example that even Celtic supporters go astray.
..and some may say that with my next missive…..
.
Antifa..
Think You have Too Much time on Your Hands..
Me Too..
But I’m lying on a Beach with Not a Care in the World.. Listening to SuperScoreBoard (Panto)..
Are You in a ‘Dark’ room..?
Summa Who likes Ye Aloater
Politics today is all about who is and who shouldn’t get tax money or money from other sources.
This breeds racism. There is a hypocritical enforced self awareness going on in the American media today on the murder of Treyvon Martin (an unarmed 17 year old African American “hoodie”) by a Hispanic vigilante in Florida on Feb 26th. This may have been what triggered the appalling CQN posts from last night. All the prejudices are currently being examined in a liberal hypocritical way in the American media but the fundamental source of social inequity is not addressed in any way. All American media is Murdoch piss like it is in the UK
As for racism itself I am a great believer in evolution and scientific circumstantial evidence based on the accuracy of DNA markers. A convincing argument that we are all one family and races are younger
than 70,000 years old is the Toba Catastrophe Theory.
http://en.wikipedia.org/wiki/Toba_catastrophe_theory
The summary is that we are all family.
I am sure Henke would love the irony of it all.
The Kubler Ross model for grief is thoroughly discredited & discounted now. There ARE stages of grief;however,they are unique to the individual and do NOT follow a set pattern. For instance,the Kubler Ross model does not include laughter or celebratory nostalgia ( see the tradition of the Irish ‘wake’),or indeed many other manifestations of grief;an important one is being able to express a sense of relief when whatever has caused grief has passed.
I,for one,will experience mighty relief when this interminable saga of Rankers slow & lingering decline into obscurity has passed.
Summa of Sammi you have proved beyond unequvical doubt that you are kojo. If you weren’t you’d get annoyed by it and rebuff the allegation.
Anyway here is more of my hall of fame/shame from todays debaters:
SmashingMilkBottles,Magnificentseven, Miki67,harryhoodsdugbitme,The Comfortable Collective, Kilbowie Celt,hamiltontim, MWD, Kitalba : More members of the hall of honour
Pauloantonia: Hall of shame?
I want to know what Serenity, Estadio, and Estadio Nacional think on Kojo’s points of view from last night and indeed his non football stuff in general. I hope they are against it.
This is the last time I’m saying anything about Mad Dog Kujo’s self destruction : I grew up in Glasgow;my pals came from all corners,Glasgow being a port city & cosmopolitan. I don’t recall ANY racism,only the bigotry of the o.o.
No one is born racist. Racism is learned.
When my iPad finally died on me late last night, I had just looked up the meaning of miscegenation. Almost 24 hours later, with my grandkids safely tucked up in bed, and my deck stained, it is still the main topic on the blog.
Why do we waste our time on these petty feuds?
If someone offends you, scroll on past their posts.
Some of us have too little time left on earth to bear grudges and conduct feuds and personal attacks, especially during Holy Week.
There are a myriad of others things to rejoice and be happy about instead of wasting bits and bytes on circular arguments which will change nobody’s mind or alter their personal approach to life.
We, the Celtic worldwide family, are on the verge of having a memorable April and yet the joy we should be experiencing is swamped by bickering.
Neil Lennon has survived unprecedented personal physical and physchological attacks unprecedented in our history.
Yet he has risen above it and emerged triumphant.
We have a young team built on solid foundations which will improve and progress.
We have a youth system producing young stars eager to be promoted to the first team.
Meantime, our ancient rivals are imploding and drifting rudderless in iceberg infested waters.
They have become a laughing stock and their plight has been splashed to much merriment around the world.
We should be collectively rejoicing.
We are financially sound thanks to our prudent fiscal policies.
We should be expressing our thanks to everyone at CP, from the boot boys to the groundsman, the tea ladies, the management team, the board and the fans.
We should be preparing suitable desserts for Saturday lunch time.
We should be debating the immediate and long term future.
It’s bright. It’s green and white.
Put the squabbles aside and forgive those who disagree with us.
“Forgive them for they know not what they do.”
Happy Holy Week
‘GG
‘GG on 5 April, 2012 at 02:31 said:
“We should be debating the immediate and long term future.”
Yes we should.
What’s you’re take on Celtic’s long term future?
ibleedgreenandwhite1,Stefferano del Bhoyo (but you can call me Neil Lennon) fanadpatriot,greenjedi,Partizan,West Wales Celt,reilly1926: Hall of fame for condeming racism
Hall of shame:ASonOfDan suggesting that its ok cause many cultures accept theories on racial mixing…
GG I wonder what side of Kojo’s posts your on. Note I am not sure at all and sadly have an inclination that you are equally likely to be in favour or against his point of view because you have said nothing to prove your against him so I have nothing to go off so both outcomes remain on the table.
miki67 on 5 April, 2012 at 02:06
Are you still in denial?
Margaret McGill on 5 April, 2012 at 02:36 said:
With the management team in place we can only improve our domestic record as they gain experience matching themselves against the best in Europe.
On the playing front, we will be able to take the revenues from CL participation and invest in the team, the Celtic Park environment and our worldwide brand.
Our scouting syatem has already proved itself capable of identifying good prospects who can be attracted to play for us and this will improve with CL exposure.
Neil Lennon is capable of taking us back to the Stein era and regain our rightful European status.
I’m sure you can shoot holes in some of this, dismissing me as a happyclapper, but hey I believe in the Resurrection.
‘GG
2 mins spare….where´s the crack in Teneriffe? Christianos?
Are they no deid yet?
‘GG on 5 April, 2012 at 02:47 said:
Nope
I wholeheartedly agree with this sentiment. However, the custodians of Celtic need a vision that goes further than “what are the huns daein?”. Look at the Portuguese league…ok so they can only get to the quarter finals but every now and again a Porto pops up or an Ajax or a PSV. Yes Celtic cannot compete EVER w/the top 10 in Europe in the current financial structure. Something else has to change. Step 1: Nae huns!
Antifa on 5 April, 2012 at 02:37 said:
I do not come on CQN to judge or be judged.
I want to talk mainly about football, but mainly I try not to cause offence.
My father was a miner, who supported Abe Moffat and unlike myself, was able to align his communist views with his faith.
I cannot recollect him having a bad word for anyone, not for the rabid huns next door or the alcoholic hooligans who caused problems in the village.
My simple philosophy is to live and let live and rejoice in my family, Celtic and Jesus. But not necessarily in that order.
‘GG
Margaret McGill on 5 April, 2012 at 02:52 said:
maggie
The Iberian teams have an inbuilt advantage over us.
They can pick the cream of the crop from South America without having to pay exorbitant transfer fees. Argentina, Brazil are a cheap source of outstanding talent and players coming over have less problems settling due to the common language and culture.
Additionally I believe Benfica owns its own media and TV rights and with the extent of its worldwide fan base probably earn a lot more than we do. Not hard I know.
‘GG
gg
Me an you both son.
Night.
Alasdair MacLean on 5 April, 2012 at 03:02 said:
Loved your books when I was a teenager.
‘GG
.
Antifa
Don’t know How long you Have been on this Blog..?
Like You l took it All Seriously..
Howevvvvva..
I then Watched a Show on the Crime Channel..
It was About a Online Blog.. Can’t remember the Title..
Turns out the Owner of The Blog had 96 Different Yes 96.. Online Personalities.. To cut a Very Long and Intriging Story Short.. Most of His Made up Personalities conversed with His best Friend..
He Asked His best friend to Kill Him ( Himself the Blog Owner).. His Friend went ahead and Stabbed him a Few Times.. All the Online stuff came Out in the Police investigation..
So You will Understand why l don’t take words on a Screen Seriously.. Because that is All the are Anonymous Words on a Computer Screen..
I Remember Going into Babbity Bowsrers for My First CQN Meet up.. Pablo.. Oldtim.. BlantyreTim.. Jinkysboy.. And Many Many More..
I was So Glad in was Not Just Paul67 sitting Himself in the Corner with a Laptop..
001Bhoy
PS.. I have Only had Words on Here one Time.. Lasted about 4 Posts.. The Poster involved was One of the Nicest CQNers l have Met..
Yir Pal Who lik..(There l go Again) Just Words..;0)
‘GG on 5 April, 2012 at 03:01 said:
ok. Understood. And custodian vision? what say ye?
Summa of Sammi…. on 5 April, 2012 at 03:08 said:
youre Antifa arent you? come on admit it ya tinker!
Psychiatrist to his nurse: “Just say we’re very busy. Don’t keep saying ‘It’s a madhouse.'”
‘GG on 5 April, 2012 at 03:01 said:
I lived in Lisbon for a while. Benfica are nowhere near us in terms of local support, and light years away from us when it comes to support across the world.
Yes they own the rights to TV etc, but the income they get from that is small. They don’t have a big global appeal. We do.
Agree about the ease into South America – but we’ve not been doing too badly in that respect recently?
Margaret McGill on 5 April, 2012 at 03:09 said:
ok. Understood. And custodian vision? what say ye?
I have no issues with the board. I have never met any of them as directors.
However, I did attend school with Dr Reid, but that was over 50 years ago.
I believe Brian Quinn and Fergus before him set the tone for our investment strategy.
DD seems benevolent enough and lets the club run efficiently if maybe a wee bit too conservatively. I would like to see a far more aggressive media presence especially in electronic and social media communications.
I would also like us to be less passive with the media, SFA and SPL, and have better interaction with the fan base.
All in I would give our current management team a B+.
‘GG
Jeg er Neil Lennon-Greeninbingley on 5 April, 2012 at 03:20 said:
I think Benfica may have a bigger fan base worldwide than ourselves.
Benfica has more than 14 million fans and holds the Guinness World Record for the football club in the world with most members.[2] It is the most popular Portuguese club in the world and its supporters are often called Benfiquistas.
I was in Toronto a few years ago and a young Benfica side was playing in a tournament there and much to my surprise many fans were hanging around to cheer the team on to the bus. I see as many Benfica shirts around as I see celtic shirts but I live out in the boonies.
‘GG