The company still exists and is entering into a CVA. The club is being run by a newco.

Seems an odd way to deal with the debts, have we paid off HMRC adn the players and this is a deal to deal with the council?

All the old liabilities are with the Salford Football Club ( 1914) Ltd
the CVA proposed was a complete payback of all creditors but over a 5 yr period , maybe some remaining creditors have knocked it back.


all current activity with Dr Koukash- Andrew Chalmers ( newco ) is under Salford City Reds ( 2013 ) Ltd.

And there doesn't appear to be any change in ownership of Salford Football Club (1914) Ltd - nothing registered at Companies House since 8th December when the accounts were filed - curiouser & curiouser said Alice!

A Newco usually is independent of the parent, the debts stay with the parent. This is usually after a club goes into administration and a buy out happens.
That's why Rangers NewCo didn't receive any money from players that left.

Was the petition dismissed today?

Not sure but I think all creditors have to agree and have to be treated equally but I could be wrong.
I assume the Wilkinson loans were converted to equity and are lost forever,unlike the creditors who will be paid over 5 years.
I think the carrot is to tell people that,if they don't agree to this,the firm will be liquidated and nobody will receive anything.
The CVA might well have been a RFL stipulation to allow the Rugby franchise to be transferred to a Newco.

Also to avoid a points deduction. I imagine there are benefits for Koukash here if he is indeed paying off the debt. For one, the newco doesn't inherit a bad credit history.

[url=http://www.thebusinessdesk.com/northwest/news/438677-debt-negotiations-go-on-for-salford-reds.html?news_section=4158Debt negotiations go on for Salford City Reds[/url