markust wrote:
Northwich Victoria News wrote:
markust wrote:
Northwich Victoria News wrote:
The biggest difference was the fact Jim wrote off nearly £500,000 in his CVA his ex-partner wrote off over £350,000. The total debt of the club after write off's was $405,000 approx which gave £150k at 37p in the £.
Can you double check your figures please. I may be wrong but I believe HMRC alone were owed more than your stated amount.
Yes I think this is were most of the confusion is over the actual final debt.
In any CVA the owners of the company don't usually ask for their money back as it would be a contradiction in terms. Therefore usually any HMRC totals are reassessed so in this case HMRC final figures were reduced.
The key area is the £150k as this is the only money that was to be repaid in the CVA, giving all creditors 37p in the £ and this was dictated by the HMRC.
This is were it gets interesting. The HMRC asked for the FA money to be ring fenced to go straight to the CVA fund. This should have meant most of the CVA would have been paid and a lower monthly amount set to clear the rest.
Instead as can be seen on the last CVA figures the administrator paid himself and his company in excess of £50k and solicitors as well eating up the FA money. That is why Jim will fight the administrator as that money should have gone to the creditors.
Jim may have made mistakes on the CVA but most businessmen do because the trust the administrator. You should never do that as they are only in it for the money this CVA shows that.
Most of you would have heard of IVA'S thats the personal version of a CVA. There are presently thousands of people who have problems because the cowboys who run IVA's are the same one's running CVA's and they all make millions while the creditors get buttons. I hate them myself.
I hope that clears it up.
The other figures going around are probably a mixture of ones of the creditors lists the only one that counts is the £150k over 5 years @ £2500 per month. Once it goes back to court or they settle outside of court it will become clearer.
Nvn, thanks for at least letting us into what Jim's argument is. It's more communication in one post than has come out of the club in months.
Unfortunately in my opinion I don't believe he has a leg to stand on, as what has gone on may be immorral on behalf of the administrator, but I don't believe it is illegal. Of course this is only my opinion and I agree with you that it will probably end up in court.
You are right it isn't illegal but false accounting is and if I'm right there will be no paper trail to cover the work needed to charge the figures involved in the administrators charges.
This is where it changes in a court room Judges look at whether an administrator has discharged his duties as an officer of the court. I don't believe any Judge will look kindly on this administrator.
I think he will also have a go at Jim for not dealing with the CVA in the correct way by checking on the administrator or keeping up with the payments but the basic situation is the creditors should have been paid out something via the FA money and the total debt restructured over the following years with lower repayments.
Jim is right about the FA money but also wrong at the same time in terms of payments but not to the point he doing it on purpose as some have put on this forum
The administator can get away with his charges outside of court due to the lack of decent complaints procedure but in court it is different Jim will be able to make a case and get another administrator with hopefully some clawback from the administer for the creditors to be paid with straight away.
This club has been hit by several damaging issues in one go but it is still alive and will continue due to the backing of Northwich Victoria Supporters Club and the supporters either members or non-members.
I said in another post people need to stop looking for vengeance against Jim Rushe for whatever they think he has or hasn't done and get on with keeping the club going as that is the only way the Fans will own Northwich Victoria FC in the future.
This doesn't mean paying the CVA or any other debts people think the club have, as that is the job of the owner but we can help with the day to day costs in the future through the assistance fund which will also allow the owner to pay historical debts as is his duty.
I do hope people who want to set up their own club will start to look at what we are doing as a better route forward than the one they wish to take.
