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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Afternoon bhoys from a warm hun free mountain.
Very interesting views on what Kojo said.
As I have told the blog on more than one ocassion, I have more coloured friends than I do white friends.
In general I find them more reliable, honest and would trust them with my life.
Not a single one of them have a problem with words that I can’t use on here, it tells me more about who posts on here.
Just saying like.
Off oot, a few cold beers in the sunshine awaits.
Jon Daly might be 29 but plays like a 20year old!!
Sixteen roads to Golgotha
That is not an argument.
You dont like Liverpool, I recall!
Come on, let’s spew out your other prejudices, you vile creature!
Insulting someone is easy.
Try backing up your insults with an argument!
What is it about jews and scousers you dont like?
jock steins celtic on 4 April, 2012 at 14:47 said:
I do not doubt that the police have an input into kick off times.
However, the major players in this particular issue are the television companies and their advertisers. Along with others, when the deals are signed, Celtic PLC are all too well aware of the implication for folk travelling from Ireland etc., of not only inconvenient kick off times, but kick off times and match days that can be changed at a moments notice.
O.G.
Apologies if I am getting ahead of myself but sometime in the (near) future are we likely to see referees implicated in all this “favouratism for one team”?
Are thems getting offers or pledges??? <o):)
Neil canamalar Lennon hunskelper extrordinaire
BULLSHIT
It was a complete and utter and very dangerous generalisation
Surprised to hear you defend Kojo
I hope it was based on illiteracy rather than you aligning with such a dangerous and abhorrent generalisation.
Hail Hail
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 15:07 said:
I don’t like the way Liverpool folk speak,sound like mice on whizz. e e e e e e e e
day do dough don’t day dough e,e,e,e,e,e,e…
Now the thing that bothers me about whats going on across the city , is the blatent attempt at ALL COSTS to save these tax dodgers . If that link a few pages back is correct and the government are secretly helping them ,(which i posted a couple of days ago ,i thought was happening) couple that with the SFA,s assistance then we are better going back to writing about all things celtic. There is not a hope in hell of them going down . It will render scottish football a joke ,but as long as they are allowed to continue intact it will be seen as a price worth paying , and the laptop loyal will tell all in sundry that nothing was as bad as it seemed and gloss over the pitfalls . I would like to hear a stance from our club though , are they keeping their eye on the ball here . Is dermot desmond STILL AT THE CLUB ? . This man must have an army of legal eagles i hope he has them working on every scrap of evidence that is out there through the RTC. ALEX THOMPSON. PHIL . PAUL. AULDHEID, and many others who have the savvy to understand the dirty tricks being perpetrated to keep them afloat . If he isnt then celtic f.c are just a rich mans plaything .
jimtim
Neil canamalar Lennon hunskelper extrordinaire
He was stereotyping a diverse group of people in a negative way.
A common method employed by racists.
Why dont you get a grip?
Sixteen roads to Golgotha
provide us with the list so that we can avoid upsetting your sensibilities :-)
Hail Hail
quonno
I realise Sky are not going to give us ‘prime time’ ahead of the EPL but I’m sure they’d be happy to give show our games on Friday nights or Saturday evenings. I believe the Police won’t allow this.
alex thomson@alextomoReply
Coming up tmrw on http://channel4.com/news the state of Glasgow’s “succulent lamb” media straight from the horse’s mouth.
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 4 April, 2012 at 15:12 said:
Too many to mention mate.I don’t even particularly like myself,believe it or not!!!
Sixteen roads to Golgotha
re-scousers
WTF? beggars belief!
What in your esteemed opinion represents an acceptable regional accent?
How old are you?
Why dont you like jews?
jimtim on 4 April, 2012 at 15:10 said:
Did you ever really think that there was ever a hope in hell of THEM beinng allowed to go down the stank.
For months now I have been posting tha too many folk on this forum are obsessed by THEM and taking their eyes of what should be the main event for us. That is Celtic and what plans, if any, have DD and PL for strengthening current side. And before anyone jumps in with ‘some folk are never satisfied’, to recognise a need for improvement is not always heedless carping and criticising.
Sixteen roads to Golgotha
You need to make clear that it´s a sweeping generalisation … you bring us all down by doing so Imho
Hail Hail
hen1rik on 4 April, 2012 at 12:58 said:
@CelticNetwork11: SNP in Secret talks with Rangers* ? – http://t.co/8OE3EZbs via @CelticNetwork11
=============================
There is an argument that any special arrangement with HMRC to allow Rangers a preferential repaymant period amounts to state aid. I’ve passed this link on to the author (and others) as a comment.
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/264&format=HTML&aged=0&language=EN&guiLanguage=en
Breeny, 15:09
There are many pieces to this jigsaw but some more important, at this stage, than others
You can’t make them up.
Good friend has just informed me that he has been given a final warning for questioning someone’s sexual behaviour,
Quote” It has come to your line manager’s that during a team briefing that you inquired if a member of your team indulged in “dogging”? This member of staff, and other members of your team, including your line manager found this remark offensive and humiliating.
I am therefore informing you that a formal investigation will now be conducted as per the allegations made against you.”
He only asked a girl if she had dogged school. Guess the make up of his “team”.
One good guy, 8 w****!
Poor guy, doesn’t know how to tell his wife.
I hate this country,
Line managers attention!!
jock steins celtic on 4 April, 2012 at 15:12 said:
quonno
Saturday and Friday night games. Maybe Aye maybe Naw. Personally don’t think so.
Sheepdog, standing in the rain
Bullfrog, doing it again
Some kind of happiness is measured out in miles
What makes you think you’re something special when you smile?
Child-like, no one understands
Jack knife, in your sweaty hands
Some kind of innocence is measured out in years
You don’t know what it’s like to listen to your fears
You can talk to me
You can talk to me
You can talk to me
If you’re lonely you can talk to me
Big man (Yeah), Walking in the park
Whigwam, frightened of the dark
Some kind of solitude is measured out in you
You think you know me but you haven’t got a clue
You can talk to me
You can talk to me
You can talk to me
If you’re lonely you can talk to me
Ehh.
Rowww, row row!
Hail Hail
Jimtim.
That advice I gave you was for a different country,but you should ask Zbyszek when he comes on,he’s clued up on these things.
He works for the Scottish Governmen, I kid you not.
Hate the people who run this country
Re Kojo. His post early yesterday morning was unlikeable, nasty in parts, and self serving. But that’s Kojo. Take him or leave him. He’s trying to be a shock-jock like Keevins, and he’s better at it. Taking away his right to speak is not an option.What did Hubert Humphrey say?—“The to free speech does not also mean the right to be taken seriously”—or words to that effect.
Folly Folly’s mention of the Tate Modern earlier reminded me of a visit I made there a few years ago to see a Frida Kahlo exhibition on (not going all arty, but had seen the film & wondered if she really was as weird as was made out – answer emphatically yes).
After coming out of the Kahlo exhibition I was wandering around & found myself in the “Body” gallery. The first room you come into is full of paintings & photos of female nudes & I was having a look at these – purely from the point of view of examining the form & nuances of light & shade you understand – when I realised that I was accompanied by a group of French schoolgirls, around 14/15 years old & all in uniform, which (for some deep-seated reason) was a little unsettling.
Rather than give the mistaken impression (yes, I said the mistaken impression) of being an old perv I moved on into the next room only to find I was in the male nude room with even more French schoolgirls. More to the point, I found myself caught up in a group of girls who were looking at a painting of a man who was very well endowed in the penile department. Having put that mental picture in your mind I am now going to take it away again, because when I say “well endowed” I am talking quantity – not quality. To put it bluntly, the guy had 3 dicks…… plus 3 sets of everything that goes with them. Being modern art, I daresay the female artist was making a point about male attitudes but all it did was give me a growing sense of inadequacy* – maybe that was the idea.
There was a lot of whispering, giggling & sideways glancing going on & as the only guy in the room I think I was probably included in the joke somewhere. I considered explaining to them that the painting was a metaphor & that they shouldn’t expect to find men in the real world with similar attributes (think of the disappointment waiting for them in years to come) but as my French has gotten a little rusty (what is the French for 3 meat & 6 veg?) I thought better of it. Probably just as well as the prosecution might have put a different slant on it when the case came to court.
.
* Inadequate because I only have 2, of course.
I read you old fella . cheers
Can I have….
Which country are you referring to?
Have we not just sent Danny Murphy out on loan!!
merseycelt lmfao as the big house door slams shut on 4 April, 2012 at 15:16 said:
I like the Devon & Cornwall regional accent,it’s good how they say cider.
As for the Jewish people? No interest in them whatsoever – Can’t say that i like,or dislike them.I have had dealings with one,or two of them,nothing out of the ordinary.
I take people as i find them,on an individual basis.I do not revert to sweeping generalisations and stereotyping.
I am not keen on that Goyim word though – it sounds nasty and horrible.
Thank you sir.
O.G.
thanks I understand there is a process and that must be prioritised but I am so desperate for that one to be exposed as it is “in our face” almost every week.
Can I have a Raspberry
They don’t dog school any more they patch school nowadays, your friend must be getting on a bit.
Dick, Dick, Dick Byrne
Awe_Naw_No_Annoni_Oan_Anaw_Noo on 4 April, 2012 at 15:18 said:
Wise up.
Scotland.
Not to old to know its still a stitch up.
quonno on 4 April, 2012 at 15:17 said:
If authority will not deal properly with THEM, then PL and DD will not be thinking about throwing good money at and after bad, so it is a major factor to be taken account of.
On your point about the team I was thinking at half time on Saturday how poor we were, especially up front. But then Sammy shows us that form does indeed fluctuate and that when not on form there is room for much improvement, but when on form we are a pretty decent footballing outfit. I pick Sammy as an example of good players not showing up for a while.
I have concerns that Anthony Stokes all round game takes away more than he adds and have seen better players at Dundee Utd than he. Hooper is capable of much more.
With some contracts coming to an end I’m sure Celtic will strengthen in the quality rather than quantity department, but my God have we needed quantity to get us through this season.
And to continue the sad retrospective of a life once blessed by the sunshine of promise but now a mere echo of a jail door being slammed, we must once again return to the disturbing impact of a nightmare that becomes real….sucking the life essence from the soul and leaving a shell of a man to shiver forlornly on what he thought was a beach full of bathing beauties but turned out to be ……..well a picture does indeed paint a thousand words.
I thought I had just dreamt that Lafferty was stalking me, when I woke up in Picton on South Island to this…..
T can’t believe my Donald Duck – It’s Kyle O’Brute
Hail Hail
Estadio