From the KM about the meeting last night

[Frankie100]

Margate set for points deduction

 

by Martin Jefferies

 

Struggling Margate look set to be forced to enter a Company Voluntary Arrangement next week in a bid to pay the taxman.

 

Directors of the club told fans at an open meeting at Hartsdown Park last night there "seems to be no alternative" - but also warned there's "no certainty it'll be accepted".

 

Under league rules, Margate would be stripped of 10 points.

 

The club says the money would be paid back once re-development of the stadium gets underway next year.

 

Chairman Keith Piper speaking to kmfm today said:" I told the fans about the club's position and unfortunately we haven't been able to secure funding to pay off our HM Revenue and Customs debt.

 

"At this stage, a CVA seems to be the only way of securing the future of the club.

 

"A few years ago, when we travelled away under our ground share arrangement,we racked up a

[BlueGate Alan]

Thanks for that Frankie

[michael]

My question that maybe someone can answer is:

 

making a big assumption that HRMC accept the CVA;there are other creditors aswell, and i thought the acceptance of a cva relies on 75% of all creditors accepting the cva,so is it not entirely feasible that 26% of other creditors do not accept it,and the club are thus stumped that way ?

 

Up the 'Gate

[blue balls]

Just logged on expecting to see loads of posts re the future of the club but so few! Maybe we are all drained beyond caring any more after all we've been through in recent years - a catalogue of broken promises and dreams - the demise of this once great club has been quite dramatic!

[dannyriding]

At the meeting KP stated that HRMC are the only creditors MM.

[michael]

Interesting-thanks for that DR -i'm shocked/amazed and assuming correct-in a way -delighted .

 

Must be easier for KP/Langleys deal with one party only.

[dannyriding]

Bearing in mind that the club dont own anything the only way I can see them getting their monies is through CVA - so although not preferable still hopeful.

[Iris's Tea Hut]

And if we've given them the choice of entering CVA (thus paying a reduced amount), or as originally requested paying the whole lot in May once development is underway (if that is correct) instead of January, a clause surely would be built in to the CVA that it must be settled early in May?

[dannyriding]

There does seem to be more to all this than meets the eye though.

[Jeff Hamnett TSF]

sticking my nose in, I know but the revenue could close a company and pursue the directors, or shareholders for the money, assuming margate is a ltd co.

 

 

[Margate Don]

Just listening to KMFM - particulalry galling that after the miserable news about MFC it was immediately followed with good news from Dover where Jim Parmenter is rewarding fans loyalty with free admission to a game in December. Rightly or wrongly I've always felt JP had a major hand in Margate's demise so really great to hear that - NOT!

[dannyriding]

He was a smarmy G it and I wish him nothing Don

[BlueGate Alan]

Yea I just heard that on the radio, very annoying after what he did to us with the ground.

[Frankie100]

What you mean tearing it down when he thought he could force the councils hand then bugga off when it did not work.

 

 

Should have changed his name to Jimmy!!!!!!!!!!!

[Guernsey Tom]

Surely there is a simple solution of someone with capital lending the club the

[dannyriding]

with no assests to speak of would you or do u know of any finance company that do that - the simple answer is NO

[Guernsey Tom]

Not talking about any finance company more thinking of a wealthy Thanet based supporter, the only risk as I see it is if the plans are not approved

[dannyriding]

True - but like the rest of us in these times even the wealthy r holding onto their money.

[Guernsey Tom]

Agree with that just looking for a simple remedy from a willing benefactor unfortunately not many of them around but having said that there are many wealthy people in Thanet shame we cant impress upon them the desperate need of this club, but perhaps I am in dreamland, and of course that has gone as well!!

[Frankie100]

Hang on a minute I know someone who has