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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McGill
I was in the drivers’ cab of a big diesel train going past Carstairs. We stopped at a red. On the other side of the wire, a uniform walked up at the head of a straggly bunch.
“Whit’s the score?”
“2 – 0 to England”
“Och, f***. I cannae tell them that. They’ll go mental.”
.
Maggie..
It’s Not often l Laugh Out Loud.. But You got Me there..(Have you ever lol on a Beach) not a Good look.. Ha Ha..
Summa of Samaras Still Laughing..;0)
‘GG on 5 April, 2012 at 03:21 said:
ok I will not argue with anyone from Coatbridge. Its a part of my religion.
Jeg er Neil Lennon-Greeninbingley on 5 April, 2012 at 03:29 said:
Good one!
Jeg er Neil Lennon-Greeninbingley on 5 April, 2012 at 03:29 said:
Being a big steam train fan, I would love that to be true.
‘GG old anorak wearer.
Margaret McGill on 5 April, 2012 at 03:31 said:
I only attended school there, St Pat’s, but I am by birth a proud moss man.
‘GG
When the new patient was settled comfortably on the couch, the physiatrist began his therapy session, “I’m not aware of your problem,” the doctor said. “So perhaps, you should start at the very beginning.”
“Of course.” replied the patient. “In the beginning, I created the Heavens and the Earth…”
‘GG on 5 April, 2012 at 03:27 said:
I didn’t know that. I’ve lived in a few bits of the world and never come across Benfiquistas, but i’ve always come across Celtiquistas.
GG
This is my local, for the steam business…
http://www.kwvr.co.uk/
g er Neil Lennon-Greeninbingley on 5 April, 2012 at 03:36 said:
Neither had I. It’s because there is a large Portuguese community in Jersey.
There is also a fair few Brazilians particularly around Newark area.
Newarl itself has a host of Portuguese restaurants.
I spent a short stint in Jo’burg and the company had a couple of Portuguese running the operation. They were originally from Mozambique. They had no affiliations to Benfica as I remember.
‘GG
McGill
The God delusion. Which brings us neatly back to the Huns.
‘GG on 5 April, 2012 at 03:47 said:
That made me smile and when I showed the link to my wife she cringed.
We have a few steam lines around here and I love taking pics of steam engines.
https://www.newhoperailroad.com/index.cfm This is fairly close to me, but their steam engine is currently having a boiler repair.
There is also a fabulous RR museum out in Amish Country at Strasburg PA.
http://www.rrmuseumpa.org/ Kids took me there for my 60th birthday and I was in heaven for the day.
garbage needs taken out and time for bed.
be safe and be well Tims everywhere
‘GG
.
Mags..
Moss..? End..?
Summa
Summa of Sammi…. on 5 April, 2012 at 04:02 said:
Summa
Moss …? Neuk? as in Craigneuk?
Same kinda thing
But different
‘GG on 5 April, 2012 at 04:01 said:
Wonderful. Goodnight.
‘GG on 5 April, 2012 at 04:01 said:
I was in York last week we could have argued earlier and saved all this hassle I dunno say Lancaster PA
PSSSSHHHHH CHUFFCHUFFCHUFF CHUUUUFF CHUUFF CHUUUUUFF
That is steam loco no 4477 attacking the gradient out of Keighley towards Haworth. I know, it was almost like you were there, eh.
We need to trim the squad by about 8. What are the McGeoughs and the Twardziks and the other promising lads supposed to think when we are topping up the first team squad with guys who don’t even get a game (Brozec)?
We either have a youth policy or we don’t. I think we do, so stop with the scattergun stuff.
Scott Brown has been great this season. But we need two warhorses, one in defence, one in midfield, to move our talented young team on.
If we could get Seedorf, even at 36, i would be paying his mortgage myself. One year of Clarence at CP would be invaluable.
We have to be looking at players like him – we have a load of talent in the squad.
All that is missing is tuition.
wakey wakey Vmhan :-)
Morning Serge from a calm and soon to be sunny NW coast of engerlund que pasa?
This is my last working day until next Tuesday and it’s a short one,
Finish up at about lunchtime as I have physio this afternoon… Then it’s party time pour moi ….. Yippee!
Got visitors this weekend so I hope there’s enough bubbly to go round :>)
How long are you out in the middle east serge ?
V
Jobo you’re next.. Get up! Answer the bliddy alarm. Mrs Jobo, give him a nudge.
V
Vmhan
Morning mate, I thought your batteries in the alarm must have died haha.
Sounds like a good 1 hope it goes well, For tomorrow instead of Bethlehem i am going to Jordan River (Qasr Al-Yahud) where Jesus was baptised & then to the Colosseum so looking forward to that. I was in Madagascar for a year before coming here & did 2 & a half years in Saudi & Qatar. Hoping to be home by the end of the year for good. Got my wedding & family to start. HH
Joooooobo!!!
The CQN’rs are being called out haha
Serge I lost my 2 sons to the lure of Australia last year, the youngest just finished a spell working in the mines, he’s sleeping it off :>) the money was akin to footballers wages…. No pain no gain… He earned it alright.
Good luck with the wedding and family TAL.
V
Good morning fellow Celts from the 06:31 to Waterloo
Hose pipe ban started in some areas … And it’s raining for the first time in donks :)
Another request for info on the cycle run planned for July any help appreciated guys
HH
M
.
Saltires..
Hose Pipe ban in Some Areas..? Govan..?
Do you Know something we Don’t..?
Summa
Vmhan
Thanks mate, Hard going i’m sure but they will have a good future for it…will be well worth it. who knows maybe I will go away again in the future but i definitely need a good 2 to 3 years at home. Can’t wait to get back into Paradise! HH
Jobo
I know you love your tax.
We Q for you.
How does using a fuel card business/personal supplied by your company work with the tax man? I suspect ole Hector will supplement his income from the personal use but how does a citizen work out whether using fuel card is more beneficial or not?
MWD
BTW
Just worked out that CQN is being used as a Social experiment by some. Not by our host I will add.
MWD
Summa
Hehehe no hosepipe ban around there the tide is coming in too quickly for thems
I am reminded of the old Kells song..sung lustily by Terry in the Oul’ Lorne Hotel:
‘Oh the sea oh the sea has crept up on me and the water is rising up quite rapidly…says I to yer man get your hand off my knee….can’t you see we’re surrounded by water?’
The stupid huns…always up to their knees in it
HH
M
MACANBHEATHA 0135
A moving tale. Like a great many of us,I suspect,I don’t see my family nearly enough.
Thank heavens for mobile phones.
I hope you treasure the good memories of him,today especially.
Take care,bud.
MWD
So you are the man for cycling it seems
What’s the script mate?
HH
M
I dont wish to start it all over again but, in common with the vast majority of Celtic supporters, I abhor the whataboutery argument because I believe that, as a club of supporters, we are fundamentally different to thems.
When that idiot ran down to the front of the stand at Celtic Park to issue monkey chants to the otherwise vile Diouf, his actions were universally condemned by Celtic supporters and he brought shame to our club through his expression of racism towards a black man.
This is a Celtic blog so, when a Celtic supporter expresses racist views here, I would expect a similar universal condemnation. Ths didn’t happen yesterday and I dont understand why.
If we as a support stand united against racism (who opposes the ‘show racism the red card’ campaign?), it is our duty as Celtic supporters to condemn all racists, not just when it casts the club in a negative light !
He was at it again last night at 00.19 in the guise of the singing detective where, essntially, he defended his (kojo) position from the previous night.
And to those who may accuse me of attention-seeking, this will be my only contribution of the day!
I wish you all a Happy Easter and a league winning performance on Saturday!
Hail! Hail!
Morning all, how about a cheeky bid for Dortmund’s Kagawa, who has just turned down a contract extension.
Saltires
Planning a wee trip from Inverness to Glasgow via Fort William over 3 days. Dates to be confirmed.
First day Inverness to Fort William 64m
Second FW to Crianlarich 51m
Third Crianlarich to Celtic Park 62m
Obviously need to head up to Inverness night b4.
Everyone will need to arrange their own digs etc. once dates arranged.
Dates to be fixed.
MWD
Fassreifen
Must be a decent player to be at Dortmund. What position does he play?
Saltires.
Would also be looking to raise a little bit of cash for The Kano Foundation and The Celtic Graves Society.
MWD
.
Bhoys..
What Time does The Masters start GMT..?
Thanks in Advance..
Summa
MWD
That is a good stretch of the legs.
and sounds great way to get together and raise some cash for TKF.
I know Inversneck well and happy to help with raffle prizes etc.
Please count me in for the peloton or should that be Timaton :)
HH
M