spanish flair
Well-known member
He didn't have any debts to pay, as the Goldstone was sold to pay of all our debts and therefore we had no debts to creditors.
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Palace
- Thread starter matthew
- Start date
He didn't have any debts to pay, as the Goldstone was sold to pay of all our debts and therefore we had no debts to creditors.
Se20
Banned
- Oct 3, 2012
- 3,981
Archer struck a deal with local businesses who were owed money.
So, as much as you think classy Brighton wouldn't do such a thing, they did.
Blue Valkyrie
Not seen such Bravery!
So why was this deal any different from any other business deal ?
Where is this proof that creditors were legally forced to accept a pence in the pound deal imposed on them ?
CPFC G
New member
- Dec 24, 2011
- 1,067
Sorted for you.
Stato
Well-known member
- Dec 21, 2011
- 7,351
True, but you also don't get to keep the £10 million Wilfried Zaha they have left in the loft.
Went into administration in January 2010, came out in August 2010. Gave Zaha a two year contract in April 2010 whilst in administration. They could afford to offer him a contract, but couldn't afford to pay their creditors. Later sold him for £10m +, so they would probably look at this as an excellent investment of other people's money.
Blue Valkyrie
Not seen such Bravery!
Bizarre.
Please provide the link to the court ruling, or newspaper article which details the CVA, or similar where albion creditors were forced to accept a pence in the pound deal ?
I don't believe this happened so won't trawl the net for it myself, but if it did the court papers at least will have a reference.
Green Cross Code Man
Wunt be druv
Hahahahahahahahahahahahahahahahahahahaha!
Easy 10
Brain dead MUG SHEEP
Not that I'd ever sing Archers praises, but there is a world of difference in using proceeds of a property deal to strike a deal to settle debts, to what your mob did, which was to have the entire amount written off and an offer of 1 or 2p in the £. TWICE
We also sold a goalkeeper in order to settle a bill with HMRC before they wound us up. Never saw that kind of emergency measure taken at Selhurst. Every business owed money just got completely shafted by CPFC, (along with a number of other football clubs).
CPFC G
New member
- Dec 24, 2011
- 1,067
Bizarre.
Please provide the link to the court ruling, or newspaper article which details the CVA, or similar where albion creditors were forced to accept a pence in the pound deal ?
I don't believe this happened so won't trawl the net for it myself, but if it did the court papers at least will have a reference.
@El Preisdente has confirm that Brighton only paid a percentage of debts owed on these very boards. A deal was struck with your creditors.
Brian Fantana
Well-known member
I wish I could get away with paying 1 or 2% of my mortgage, instead of the full amount. That would certainly make my life a lot easier.
For all their undoubted recent success on the pitch, the financial aspects of both administrations still absolutely stink.
For all their undoubted recent success on the pitch, the financial aspects of both administrations still absolutely stink.
Blue Valkyrie
Not seen such Bravery!
Still no proof of the court proceedings and the pence in the pound settlement imposed on creditors who voted against the deal.
Please provide the proof of your allegations that Brighton did the same as palace and legally imposed a pence in the pound settlement on unwilling creditors.
Green Cross Code Man
Wunt be druv
There seems to be a lack of understanding on behalf of the palace fan about the meaning of 'forced'.
Mr Putdown
Well-known member
Victor Moses was sold by the administrator as it happened.
I don't believe any football clubs were 'shafted' either, they were all paid in full. The 'Football Creditors Rule' ensured that. If Palace hadn't paid their football debts in full then the league would not have returned their "Golden Share" after they exited administration via a CVA.
Easy 10
Brain dead MUG SHEEP
That must've been before that particular loophole was closed then, as no creditors are supposed to have priority over any other. With CPFC's multiple adminstrations, I guess the authorities were still feeling their way as regards football clubs who rip off all their creditors.
Mr Putdown
Well-known member
That "particular loophole" remains open.
HMRC attempted to get the rule abolished by taking court action back in 2012. The High Court ruled that the football creditors rule was not a deliberate evasion of the laws of insolvency. What has happened is that HMRC has the power to move quickly against clubs in regard to tax arrears, and can potentially issue a winding-up petition early if they want to limit their losses as was seen recently with Bolton.
As someone who used to work in insolvency matters many years ago, I presume a lot of the creditors would have debt insurance wouldn't they? So it would have been the insurers who paid out to the 99p in the £. Of course HMRC wouldn't be insured though, would they?
spanish flair
Well-known member
In all the clubs history books I have read I have never seen any mention of these percentage payments he refers to, I would love for El Pres to point me in the direction where any of this is written, so that I can better understand these deals.
spanish flair
Well-known member
Has any other older Albion fan ever seen this percentage agreement actually documented, as I would love to know just how much we were supposed to have been let off by local businesses I was always under the impression that the sale of the Goldstone paid off all our debts.
Caveman
Well-known member
- Jul 14, 2003
- 9,926
I don't recall anything?
bobbysmith01
Well-known member
- Feb 6, 2015
- 806
Think we are taking about an earlier time when Barry Lloyd sold Mark Beeney for 450k to pay off Hmrc and other debts before we were forced into administration. Big difference was we chose to pay off our debt and believe there was some deals done with creditors which would have been better than a 1p in the £1 or what ever they would have got after an admin. I am sure someone else can confirm this. In summary we did the right thing at the time considering our situation and most of the creditors were board members anyway.