| FORUMS > Salford Red Devils > Winding up notice |
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Wasn't the petition simply adjourned at the last hearing? Court appearances will continue until the petition is dismissed.
I get a little confused with this CVA stuff.
Is the former company (Wilkie and Clague) putting forward a proposal for a CVA? If so why, that business doesn't exist anymore.
If it is the new company, that's worrying, if we can't pay the debts how can we pay these stars?
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:d7dc4b20b2c2dd7b76ac6eac29d5604e_1055.gif |
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| Quote: Red Willow "Is the former company (Wilkie and Clague) putting forward a proposal for a CVA? If so why, that business doesn't exist anymore.'"
The company still exists and is entering into a CVA. The club is being run by a newco. |
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cartoons/WB35.gif
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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?
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"In his autumn before the winter comes man's last mad surge of youth." "What on earth are you talking about?":986.jpg |
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| Quote: Chico "That's interesting. Perhaps it was just a formality. I wonder if a creditor has declined entering into the CVA.'"
Quote: Chico "Quote: Chico "Is the former company (Wilkie and Clague) putting forward a proposal for a CVA? If so why, that business doesn't exist anymore.'"
The company still exists and is entering into a CVA. The club is being run by a newco.'"
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. |
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Knowledge flies you to the moon, religion flies you into buildings:1217.jpg |
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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!
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cartoons/WB35.gif
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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?
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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.
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| Rank | Posts | Team |
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| Quote: Bonita Red "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. |
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| Rank | Posts | Team |
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986.jpg
"In his autumn before the winter comes man's last mad surge of youth." "What on earth are you talking about?":986.jpg |
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| rlDebt negotiations go on for Salford City Redsrl
Quote: "SALFORD City Reds is still hammering out an agreement with its creditors, a month after the Super League club was rescued by Dr Marwan Koukash.
'"
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