Friday, July 25, 2014

Update From Hereford United IP

Marc Landsman who is the Insolvency Practitioner appointed to produce a CVA for Hereford United has kindly given BN an exclusive update.

The proposal is now almost finished - there is just one section that needs a little bit more information.
We always expected that there would be differences between the list of creditors, that the company has given us and the final version that votes in a couple of weeks’ time – invoices get lost in the post, more interest is charged on a loan and so on.  To be honest, with a few groups of exceptions most of the claims have been pretty much what we expected to see but I know that just by saying that I’ll be putting a curse on the list!
The offer itself is a good one – everyone will be paid in full over three years, that part has been out there for a while, so we expect to see some people increasing their claims – we will just be looking quite carefully at the differences since any extra money the company pays a creditor means there’s less money to spend on the football. 
There have been specific types of claims that are hard to adjudicate, and we’ve tried taking a practical view – we’ve asked for any evidence someone can provide but to be fair there is still time for the claims to be received.  We haven’t uploaded the proposal and the Nominee’s Report and Comments onto the web, let alone sent the letters out yet saying the proposal pack with claim forms and proxies can be downloaded from – I expect to send those out on Monday when we know the position with the Winding Up Petition, we’ll also be sending out emails to everyone that emailed our office about debts or shares to make sure they know what’s happening.  There’s plenty of time to submit claims and proxies, but it’s a lot easier to deal with them at an early stage in case we need to ask for more information.  It also means that if someone puts in proxy to vote to accept it the proposal but with a change to something, there is time to see if that would work rather than make a decision at the meeting that might be regretted later.